Newsletters 2014

	January 2014 INSIDE THIS ISSUE Detroit emergency manager opts to delay pension freeze United States: Courts Issue Public Pension Decisions Flaws of adopting cost cutting in switching to DC plans Pension Reforms Push Employees Out the Door in Some States Where Do Taxpayers Have the Highest Total Unfunded Pension Liability? We no longer have a pension crisis (sort of) U.S. Pensions Enter 2014 in Best Shape in Years Higher Discount Rates Will Help 2013 Pension Disclosures and 2014 Expense Investment selection and monitoring—It’s not monkey business Bonds Captivate $16 Trillion of Pension
	February 2014 INSIDE THIS ISSUE How Are Pensions Protected State-by-State? Moodys: State pension burdens may have peaked Arizona high court bars cuts to public pensions Maryland Treasurer Opposes Governor’s $100M Cut in Pension Funding For Public-Employee Pension Plans, Better Funding Policies Are Essential for Better Funding Summary Plan Descriptions Used as Plan Documents Pose Risk The 401(k) cash-out: A brewing retirement savings crisis? MLB teams can elect to cut pensions Companies bracing for 1-2 retirement punch Bill seeks to create retirement plans
	March 2014 INSIDE THIS ISSUE A Pension Fund Invests Against the Rules, and Wins GASB Declines to Delay Implementation Date of Pension Standards Gov. Christie Retroactively Cuts State Pension Payment Pressure building on Pew to cut ties with foundation Military Proposes Big Changes in Retirement Benefits PBGC Final Rule Makes Significant Changes to Premium Due Dates, Rates and Payments U.S. Ranks 19th On Retirement System Funding ratios soar in 2013 for 100 largest corporate pension plans Celebrating Women: A Look at Women’s Retirement Security Boeing ending pensions for some; About 1,000 nonunion workers will be affected in North Charleston
	April 2014 INSIDE THIS ISSUE Settlement fails in Rhode Island pension overhaul Public Pensions and the Lessons of Success Pace of pension reform ebbs after 49 states change laws Detroit makes deal with retired cops, firefighters to preserve current pensions Treasury Department starting unit that includes oversight of public pension funds U.S. Senate Extends MAP-21 Discount Rates YOUR PRACTICE-Helping clients choose annuities or lump sums Social Security to resume benefits statement mailings Heinz ‘derisks’ pension plan; Food company wants obligation off of its books
	May 2014 INSIDE THIS ISSUE New York state pension ends fiscal year with record assets Baltimore approves moving new city employees to DC or hybrid plan Stockton bankruptcy judge to decide if pensions should share losses Judge halts Illinois pension reform law due to lawsuits Fitch: State pension plans’ funding climbs in 2013 despite low contributions Maryland governor creates private-sector retirement task force Marco Rubio’s plan to fix America’s retirement system Additional Action Required by Late Filers of Form 5500 (Even Those That Have Already Filed) Final Rule Issued on Phase-in of PBGC Guarantee for Shutdown Pensions 3 Approaches to Income-Replacement Ratios in Retirement
	June 2014 INSIDE THIS ISSUE GASB pushes for better disclosure of public retiree benefits New Tennessee law requires full pension contributions by local governments The Week in Public Finance: Scary Pensions and Puerto Rico’s Red Alert New Jersey’s Largest Pension Fund Votes to Sue Christie San Bernardino cuts deal to pay CalPERS debt Surprise: Even wealthy retirees live on Social Security and pensions 3 Retirement Plan Life Expectancy Tables Incentives needed to address falling U.S. savings rate: study Social Security Defines Policy for Same-Sex Married Couples Legal Alert: IRS Releases Additional Rulings on Lump-Sum Windows
	July 2014 INSIDE THIS ISSUE Secrecy in Pensions Triggers Legislative Brawl in North Carolina The Not-So-Sunny Side of Pension Obligation Bonds Bankruptcy judge may rule pensions can be cut Detroit Retirees Back Pension Cuts by a Landslide Public pension plans reap benefits from Citigroup settlement Insurer Warns Some Pooled Pensions Are Beyond Recovery Corporate pension plan funded status flat for quarter, up in June — 3 reports LONG-TERM DOWNWARD TREND OF FEES PAID BY 401(K) INVESTORS IN MUTUAL FUNDS CONTINUED IN 2013 Pension smoothing part of Highway Trust Fund deal Thousands of 401(k)s Fail Nondiscrimination Tests
	August 2014 INSIDE THIS ISSUE U.S. Public Pensions Show Biggest Investment Gain in Three Years U.S. regulator charges Kansas over underfunded pension Baltimore police and fire pension reforms upheld Annapolis sues police, fire retirees to get ruling in pension dispute Court: State can nix public pension increases Pension Funding Relief is Extended Church-plan status under increased scrutiny Use Internet to Find Missing DC Participants, DOL Says in Revamped Guidance ICI study shows long-term downward trend of 401(k) fees PROPOSED LEGISLATION WOULD AFFECT SOCIAL SECURITY:
	September 2014 INSIDE THIS ISSUE Municipal Pensions’ Funding Up in FY 2013 Former Pa. pension fund manager says he is “exonerated” Good returns ease public pension fund fears as GASB changes take hold Calpers, Nation’s Biggest Pension Fund, to End Hedge Fund Investments ANNUAL SURVEY OF STATE-ADMINISTERED DB PLANS Decades-Old DB Benefit Payments Being Questioned IRS Issues Final Regulations Providing Guidance on Hybrid Retirement Plans and Proposed Regulations Providing Anti-Cutback Relief Washington Post announces cuts to employees’ retirement benefits PBGC proposes requirement for employers to disclose lump-sum offers Senate Hearing Addresses Retirement System Fixes
	October 2014 INSIDE THIS ISSUE Census Bureau: Public pension assets up 14.3% for year Bankruptcy judge: CalPERS pensions can be cut A New Trend in Reducing Pension Obligations in Chapter 9? VRS funding improves for 1st time since 2008 City plans to stop paying for Medicare prescription drugs Retirement Plans – Prudential Announces Two Large Buyouts Major US pension buyouts announced PBGC Maximum Insurance Benefit Level for 2015 IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015 SOCIAL SECURITY COLAs SLATED TO INCREASE SLIGHTLY IN 2015:
	November 2014 INSIDE THIS ISSUE Plan to Exit Bankruptcy Is Approved for Detroit Can Chicago Ever Dig Itself Out of Its Pension Hole? Major SE Cities’ Pension Actions Stand, Stall on Courts’ Whim Illinois pension reform law is unconstitutional, judge rules NCPERS 2014 Survey: Public Pension Plans Report Solid Returns, Financial Strength, Increasing Confidence Retirement issues likely to be addressed by Republican-led Congress Government workers get first crack at phased retirement PBGC guarantees 401(k) rollovers to pensions Moody’s: New mortality tables will increase pension liabilities by $110 billion HOW THE GREAT RECESSION AFFECTED CHANGES IN RETIREMENT:
	December 2014 INSIDE THIS ISSUE Balto. Co. could owe more than $19 million in pension case State gives final OK to Detroit ‘grand bargain’ payment Spiotto Offers Defense for Illinois Pension Reforms Governments Likely to Focus on Reducing OPEB Costs Hatch to push pension reform for public employees 2014 in Review — Defined Benefit Plan Issues Treasury Finalizes Rules For New Retirement Savings Account: The myRA IRS Issues 2014 Cumulative List, Extends DB Plan Approval Period “Cromnibus Act” Changes for Multiemployer and Single-Employer Defined Benefit Pension Plans Year-End Update From The DOL Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31