Public Employee Pension Systems

On July 9, Missouri Gov. Jay Nixon (D) signed into law a measure that makes it illegal to transfer or assign public pension benefits. The Show-Me State is the first to enact such legislation.   The new law arose, at least in part, in response to the practice of third parties providing a cash... READ MORE

Cash and securities holdings of the 100 largest public employee pension systems in the United States —   which account for 89.4 percent of domestic public pension financial activity — grew during the first quarter of 2014, according to the U.S. Census Bureau's Quarterly Survey of Public Pensions.... READ MORE

In a recent speech in Washington, New Jersey Gov. Chris Christie (R) laid the groundwork for moving more state workers into a blended 401(k)/DB plan to fill a $807 million hole in the state’s $33 billion budget. Currently, the state’s retirement plan is underfunded by an estimated $51 billion, the... READ MORE

The funded status of public- and private-sector pension plans is a classic example of bad news/good news. To wit: Some states’ pensions are in bad shape, but funding of public-sector pension plans overall is improving; corporate pensions’ funded status fell in April, but only very slightly.  State... READ MORE

It’s now easier for plan sponsors and employers to participate in the 403(b) pre-approved plan program. April 14 was the effective date of IRS Revenue Procedure (Rev. Proc.) 2014-28. The new guidance modifies guidance the IRS issued last year, Rev. Proc. 2013-22, to make it easier for a person to... READ MORE

It will be easier for plan sponsors and employers to participate in the 403(b) pre-approved plan program beginning April 14. That’s the effective date IRS Revenue Procedure (Rev. Proc.) 2014-28. The new guidance modifies guidance the IRS issued last year, Rev. Proc. 2013-22, to make it easier for a... READ MORE