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The largest city in Florida and its Police and Fire Pension Fund have been mired in controversy for at least two years now, but the state legislature may help Jacksonville to resolve at least part of it.The Jacksonville Police and Fire Pension Fund has a $1.6 billion unfunded liability. The city...
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Employees of the Windy City face the same circumstances as their counterparts who work for the government of their state: a pension system with huge funding liabilities. Chicago is third among U.S. cities in population, but it may be first in pension fund shortfall.Two of Chicago’s pension funds...
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Presenting a budget he said was “honest with the people of Illinois,” new Illinois Gov. Bruce Rauner (R) has proposed massive cuts to balance the state’s budget, with state pension plans bearing the brunt, The New York Times reports.“Our top priority for financial reform must be our pension system...
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It may not be largest city in Ohio or even on the Ohio River, but Cincinnati can lay claim to something enormous — its unfunded pension liability, which amounts to more than $860 million. A deal to address it is close to being struck, but that could be months away.According to WCPO, the fund, which...
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The pension system of Philadelphia, the 5th largest U.S. city, is an issue in the city’s Democratic mayoral primary, which will be held in May. This is in even sharper focus since two of the candidates are the incumbent, Michael Nutter, and former City Councilman James Kenney, who sponsored...
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A bill that would create a self-managed DC plan as alternative to the DB plan that currently serves Illinois public school teachers is before the Illinois House. Rep. Thomas Morrison (R-Palatine) introduced HB 0426 on Jan. 30.The bill would allow school districts to choose to enter the DC plan for...
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The Virginia House of Delegates on Feb. 6 passed a measure that would allow school districts to establish and administer their own 403(b) plans, and also would allow voluntary and matching contributions under the Commonwealth’s DC plan to be directed to those locally adopted 403(b) plans. HB 2178,...
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It’s not unusual for questions to arise about options for the beneficiaries of 403(b) accounts, including non-spouse beneficiaries’ ability to “stretch” the distributions from the deceased’s account over the beneficiary’s lifetime. In this week’s MarketBeat, Ellie Lowder reviews the basics of...
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There are rules for how to handle inherited IRAs and 403(b)s, but that doesn’t mean questions don’t still arise about that. In this week’s Tech Talk, Ellie Lowder answers further questions regarding inherited IRAs and 403(b)s and the regulations that are the basis for how they are treated.
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The states just got a report card on their teacher pension systems, and many states have work to do. The National Council on Teacher Quality (NCTQ) in “Doing the Math on Teacher Pensions” reports that collectively in 2014, state teacher pension systems had unfunded liabilities amounting to $500...
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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...