News Archive

Last week, the Republican-led Pennsylvania legislature sent Gov. Tom Wolf (D) a budget bill that he refused to sign. But unlike the Republicans’ budget package Wolf historically vetoed last summer, this one automatically became law this week, and won’t include pension or liquor reform. The budget... READ MORE

The Illinois Supreme Court has struck down the measure enacted in 2014 to help address the poor financial condition of Chicago’s public pension plan. In Jones v. Municipal Employees' Annuity and Benefit Fund of Chicago (2016 IL 119618 (March 24, 2016)), the Court said that Public Act 98-641 is... READ MORE

Most advisors are concerned that the Department of Labor’s (DOL) fiduciary proposal will have a negative impact on how they do business, according to a new survey.The survey of 485 advisors by Fidelity Institutional found that three-quarters expect to reevaluate the types of clients they serve, and... READ MORE

Despite taking a beating during a tumultuous period in the markets, America’s retirement confidence proved to be resilient, if not its level of preparation.According to the 26th wave of the Retirement Confidence Survey, the percentage of workers very confident about having enough money for a... READ MORE

Following federal tax law changes that went into effect in 2002, public schools and 501(c)(3) nonprofit organizations may offer their employees more than one type of defined contribution plan — but not all of these plans follow the same Internal Revenue Code limits. In MarketBeat, Linda Segal Blinn... READ MORE

At the 180th meeting of the ERISA Advisory Council on March 16, Department of Labor (DOL) Assistant Secretary for Employee Benefits Security, Phyllis Borzi updated the Council on the DOL’s activity since their last meeting in November and kicked off a new year of business for the group of industry... READ MORE

The Board of Governors of the Federal Reserve in its latest quarterly report about U.S. financial accounts, provides information on how state and local government defined benefit and defined contribution funds — 403(b) and 457 funds — fared from a variety of perspectives during the fourth quarter... READ MORE

The Securities and Exchange Commission (SEC) has formed the Office of Risk and Strategy (ORS), a new office within the Office of Compliance Inspections and Examinations (OCIE). It is intended to consolidate and streamline the OCIE’s risk assessment, market surveillance and quantitative analysis... READ MORE

The IRS on March 11 updated its web page on the Employee Plans Compliance Unit (EPCU) Non-Governmental 457(b) Plans Excess Deferrals Project. Section 457 plans may allow participants to make ‘catch-up’ deferrals during the three-year period immediately preceding the year in which they attain... READ MORE