Ret plans - design (BenefitsLink.com)Headlines re Ret plans - design, gathered by BenefitsLink.comSupreme Court Finds No Age Bias in Kentucky Retirement System- (Found June 24, 2008 ) Excerpt: "The court, in a 5-4 ruling, says the retirement system reasonably takes age and length of service into account when structuring benefits for disabled workers who are eligible for retirement." (AP via The New York Times; free registration required)http://www.nytimes.com/aponline/washington/AP-Scotus-Retirement.html?_r=1&scp=1&sq... ASPPA Calls for Clarifications in IRS's Regs on Cash Balance, Other Hybrid Retirement Plans- (Found June 24, 2008 ) Excerpt: "Testifying at a June 6 hearing on the Internal Revenue Service's proposed regulations governing cash balance plans and other hybrid retirement plans, the American Society of Pension Professionals & Actuaries (ASPPA) called for certain clarifications in the final regulations. The IRS issued the proposed regulations on Dec. 28, 2007." (Wolters Kluwer)http://hr.cch.com/news/pension/061908.asp Target Date Funds Tops for Retirement Plans- (Found June 24, 2008 ) Excerpt: "In a study of QDIA selection over the past six months, target date funds were the top choice of plans . . . ." (Investment News; free registration required)http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080619/REG/678477325 Kentucky Governor Calls Special Legislative Session to Address Pension Reform- (Found June 24, 2008 ) Excerpt: "Beshear, in a news release Tuesday afternoon, estimated that passage of pension reform legislation could save state and local governments as much as $500 million per year. It is expected immediately to provide $56 million in relief to county and city governments and school districts." (Business First of Louisville)http://www.bizjournals.com/louisville/stories/2008/06/16/daily21.html Connecticut Governor Vetoes Health Care Bill That Would Have Expanded State Employee Health Insurance Plan- (Found June 24, 2008 ) Excerpt: "Connecticut Gov. Jodi Rell (R) on Friday vetoed legislation that would have allowed municipalities and small businesses to join the state's health insurance plan, the Hartford Courant reports." (Kaiser Family Foundation)http://www.kaisernetwork.org/daily_reports/rep_index.cfm?DR_ID=52793 Cashed-Out Participants Keep Legal Standing Under ERISA- (Found June 24, 2008 ) Excerpt: "A federal appellate court ruled that employees don't lose the right to pursue individual claims when they cash out their plan balances. The 4th U.S. Circuit Court of Appeals decision released Monday came in a consolidated action involving four lawsuits charging that employers violated their Employee Retirement Income Security Act (ERISA) fiduciary duties by investing plan assets in mutual funds that permitted market timing." (planadvisor.com)http://www.planadviser.com/article.php/2400 Massachusetts Pension COLA Increases Have Some Town Officials Worried- (Found June 24, 2008 ) Excerpt: "The amendment, which was passed by the state Senate in late May, is attached to section 15 of the state budget and asks for an increase, from $12,000 to $16,000 of the COLA base. The increase would allow retirees to receive an annual percentage raise on their pension benefit for up to $16,000 of income, instead of the previous $12,000 cut-off." (The Winchester Star)http://www.wickedlocal.com/winchester/news/x1743973010/Pension-COLA-increases-have-town-of... Opinion Book Review: While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom As the Next- (Found June 24, 2008 ) Excerpt: "Boiling it down to its essence on the book's final page, he concludes, 'The most effective remedy -- in pensions, health care, and even in Social Security -- is to banish the credit card. Benefits should not be charged to a future generation; they should be paid for now.'" (The Washington Post; free registration required)http://www.washingtonpost.com/wp-dyn/content/article/2008/06/12/AR2008061203505.html South Florida Cities May Reexamine Pension Payouts- (Found June 24, 2008 ) Excerpt: "City leaders throughout South Florida -- serving on the very bodies that made these payouts possible over the years -- are now taking aim at disparities like these as they grapple with big budget holes and pension payouts growing far faster than government bottom lines." (The Miami Herald)http://www.miamiherald.com/news/breaking_news/story/571391.html Opinion New Hampshire Legislature Flubs Pension Reform- (Found June 24, 2008 ) Excerpt: " In the end, lawmakers proudly announced that their hard work had quelled the fiscal crisis. Cities and towns next year will face a 20 percent increase in cost, not the feared 50 percent. But how could that happen, you may ask, when none of the cost-containment reforms were approved With characteristic slight of hand, the Legislature decided to raid the retirement system's COLA reserve fund for the $250 million needed to offset municipal liability for one year." (The Nashua..http://www.nashuatelegraph.com/apps/pbcs.dll/article?AID=/20080615/OPINION01/676454372/-1/... |