Nevin Adams
By Nevin Adams 6/16/2015
A new report by the Congressional Budget Office (CBO) confirms that in the years to come the U.S Treasury will receive “significant” tax revenues from retirement plan withdrawals.In fact, the CBO’s extended baseline projects that revenues as a share of GDP are projected to climb by about 0.3...
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By Nevin Adams 5/20/2015
More than a quarter of the U.S Senate — including the ranking members of the Senate HELP and Finance Committees — have asked the Obama administration to act quickly to remove “any potential uncertainty” regarding the legality of various state-based retirement programs.The letter, addressed directly...
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By Nevin Adams 2/23/2015
President Obama has thrown his support behind the Department of Labor’s (DOL) controversial fiduciary rule reproposal — but the details of the proposal remain elusive.The president touted the reproposed rule at a Feb 23 speech at the offices of AARP in Washington, where he was joined by Sen....
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By Nevin Adams 1/14/2015
Illinois Attorney General Lisa Madigan (D) is arguing that the Land of Lincoln has “police powers” that allow it to change a contract in extraordinary circumstances, including changes to the state’s public pensions contained in a 2013 pension overhaul. Madigan is appealing a lower court ruling...
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By Nevin Adams 11/11/2014
In a settlement agreement described as “miraculous” by the federal bankruptcy judge that approved it, and made possible because of a pension settlement and a “grand bargain,” the City of Detroit now begins its exit from bankruptcy. For Detroit’s Police and Fire Retirement System (PFRS) retirees,...
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By Nevin Adams 11/11/2014
The IRS issued a clarification Nov. 10 on the application of the one-per-year limit on IRA rollovers. In Announcement 2014-32, the IRS said it had received comments about the “administrative challenges presented by the Bobrow interpretation of §408(d)(3)(B).” In the announcement the IRS...
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By Nevin Adams 10/24/2014
Plans interested in providing lifetime income alternatives via target-date funds that include deferred annuities just got some much-needed clarity from the IRS. In Notice 2014-66, the IRS provides a special rule that enables qualified defined contribution plans to provide lifetime income by...
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By Nevin Adams 10/7/2014
Differences in workforce composition — not costs — appear to be a primary cause for the lower rate at which small employers sponsor retirement plans, according to a new report. As a group, the characteristics of small-firm employees differ substantially from the characteristics of large-firm...
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By Nevin Adams 9/29/2014
If you work with a plan in, or with certain connections to, the state of Florida, you may have a compliance problem with your plan loans.An update from Bryan Cave, LLP notes that under its revenue laws, Florida imposes a document tax on loan transactions that are made, signed, executed, issued, or...
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By Nevin Adams 9/26/2014
Americans held $6.6 trillion in all employer-based DC retirement plans on June 30, 2014, of which $941 billion was held in 403(b) plans, and another $255 billion in 457 plans. Those figures are up from $6.4 trillion, $922 billion and $248 billion, respectively, as of March 31, 2014, according to...
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By Nevin Adams 9/5/2014
The Federal Reserve’s 2013 Survey of Consumer Finances (SCF) shows mixed results concerning 403(b) plans. The SCF finds that overall, while retirement plan participation remained relatively flat over the past three years, the median and average value of those retirement plan accounts rose “...
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By Nevin Adams 8/28/2014
The U.S. District Court of the District of Minnesota in its ruling in The City of Farmington Hills Employees Retirement System v. Wells Fargo Bank, N.A., Civil No. 10-4372 DWF/JJG (U.S. District Court of the District of Minnesota) has granted final approval of a $62.5 million settlement in a...
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By Nevin Adams 8/26/2014
Fitch Ratings says a recent decision by the board of the California Public Employees' Retirement System (CalPERS) will raise funding pressures on public employers. The Sacramento Bee reported that staff at CalPERS, the nation’s largest public pension plan, recommended that the fund’s board...
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By Nevin Adams 8/26/2014
With the official report not due until September, a draft report released by the Oregon legislature's Task Force on Oregon Retirement Savings offers a blueprint of a proposed new mandatory auto IRA program for the state. According to a report in the Oregon Statesman-Journal, the proposal calls...
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By Nevin Adams 8/19/2014
The Securities and Exchange Commission (SEC) on Aug. 11 announced securities fraud charges against the state of Kansas, claiming that the state failed to disclose that the state’s pension system was significantly underfunded, and the unfunded pension liability created a repayment risk for...
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