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If life gives you lemons, make lemonade. And if the constitution prevents pension reform, make the constitution work for it. That appears to be the message of Illinois Gov. Bruce Rauner (R), whose office suggested as much as soon as the Illinois Supreme Court upended the state pension reform law....
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The Form 5500 is part of the bread and butter of the federal government’s information gathering concerning employers and employee benefit plans. But authority to use it is not eternal. The Department of Labor’s Employee Benefit Security Administration (EBSA) has asked the Office of Management and...
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The effect of the Illinois Supreme Court’s May 8 ruling already extends further than the heightened fiscal challenge facing the state finances and pension plans. Standard & Poors wasted no time in putting the state of Illinois on credit watch.S&P’s current ratings for Illinois are an A- Go...
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The Oregon Supreme Court’s ruling that it was unconstitutional to apply cuts to pension cost-of-living adjustments (COLAs) to those who were state employees and retirees before the 2013 law was enacted will do more than restore those funds.Due to the ruling, for those who were state employees and...
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You have a client who began to draw Social Security at age 62. He has a part-time job and participates in a 403(b) plan. He knows he’ll lose some Social Security benefits due to how much he earns at his job. In Tech Talk, Ellie Lowder tells us whether pre-tax deferrals to his 403(b) plan will...
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The Illinois Supreme Court was of one mind on May 8, unanimously ruling in In re Pension Reform Litigation v. Quinn (No. 118585, May 8, 2015), that the state’s 2013 pension reform law that went into effect on June 1, 2014 violates the state constitution.Lawmakers approved the overhaul to address...
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“The current retirement system in the private sector works well for those to have access to it. The challenge is to expand the availability of retirement savings in the private workforce.” That was the core message of American Retirement Association Congressional Affairs Manager Andrew Remo in his...
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On April 14, the DOL released a proposed fiduciary rule that expands the definition of who a fiduciary is and attempts to broaden the scope of its fiduciary oversight. In MarketBeat, Mike Webb makes some observations regarding the impact of the proposed rule.
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The IRS has put in place new ways to correct elective deferral errors in 403(b) and 401(k) plans. The IRS on May 6 updated its webpage concerning these corrections; it also included coverage of these changes in Issue 2015-5 of Employee Plans News.These methods are contained in Revenue Procedure (...
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Cyber attacks, and the threat they pose to firms that provide finance-related services and their clients, prompted the recent release by the SEC’s Division of Investment Management of some steps that can protect against them. The SEC intended the tips for financial services firms and advisors, but...
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Recent Comments
Does the roth requirement for catch-up contributions for people who earned $145,000 apply to 457...
Hi Ed,
I really liked this article and I think you make a lot of sense. And I had no...
I believe there's a misstatement in that last quote - it should refer to governmental and...
Working with several medical providers as clients, I note that the high-end earners tend to push...
Congratulations to NTSAA for landing a good one. Nathan's breadth of experience and...