Newsletters 2015

	January 2015 INSIDE THIS ISSUE How did N.J. get into this pension mess? Do Credit Ratings Matter Anymore? Pennsylvania fiscal watchdog’s municipal pension fix: what it means Northern Trust: Managers overwhelmingly predict higher global market volatility Cincinnati Strikes Deal for Pension Solvency Funded Status of U.S. Corporate Pensions Falls to 87.3 Percent, According to BNY Mellon ISSG Significant Multiemployer and Single Employer Benefit Rule Changes Take Effect Cost of Retirement Income Jumped in 2014 Americans Overwhelmingly Oppose Changing. Tax Incentives for Retirement Saving Could change be coming to Social Security
	February 2015 INSIDE THIS ISSUE NIRS: Shifting to DC did not save money for states Detroit Pension Cuts From Bankruptcy Prompt Cries of Betrayal U.S. Public Pensions Return 6.8% in 2014 for Six Years of Gains United States: IRS Guidance On Governmental DROP Plans And Code Section 415(c) IRS To Permit State And Local Governmental Plans To Cover Charter School Employees Feds place 150 union pension funds in ‘critical’ status White House Budget Proposal Includes Many Retirement‐Related Provisions Final Annual Funding Notice Requirements for Defined Benefit Plans Kimberly‐Clark enters into pension buyout, reduces $2.5 billion in liabilities While about 70 percent of Americans plan to work in retirement, the outlook for older workers is mixed
	March 2015 INSIDE THIS ISSUE Pennsylvania Public School Employees posts 8.83% return for 2014 State‐Sponsored Pensions Reach 80% Funded Status TWO STATES CONSIDER DE‐RISKING LEGISLATION; INSURANCE LAWMAKER GROUP ADOPTS GUIDELINES New Jersey, Pennsylvania Drag Down U.S. Average for Pension Funding Maryland Budget Committee Reduces State’s Required Pension Payments Average retirement ages up slightly from a decade ago Temporary Nondiscrimination Relief for Some Closed DB Plans Extended Asset allocation changes among the U.S.’s biggest pension plans State Street finds pension funds willing to increase risk profile MOST AMERICANS BELIEVE THE NATION FACES A RETIREMENT CRISIS
	April 2015 INSIDE THIS ISSUE Excessive Fee Litigation and Public Pension Plans The Hard Pension Questions That Are Coming Mich. Supreme Court upholds law on teacher pensions Moody’s further downgrades New Jersey bonds, citing pension shortfalls Retirement Assets Total $24.7 Trillion in Fourth Quarter 2014 Corporate Pension Funds Pile Into Bonds Teamsters Mount Grassroots Campaign to Block Pension Cuts Heads Up — FASB permits use of practical expedient for retirement benefit plan measurement IRS Provides New Flexibility To Correct Retirement Plan Errors PBGC premiums are starting to factor into corporate pension decisions
	May 2015 INSIDE THIS ISSUE What Pension Rulings in Illinois and Oregon Could Mean for States Pennsylvania Senate passes pension reform bill Fitch, S&P taking more patient approach following Moody’s Chicago credit downgrade Five job sectors still often offer pensions House Passes Bill Exempting Some Feds From Retirement Tax Penalty Reminder – Certain Plans May Have to Supplement Annual Funding Notice with Additional Required Information Will Longer‐Working Boomers Change the Workplace? Americans are aging, but not as fast as people in Germany, Italy and Japan New FASB standards keep focus on simplification Central States Pension Fund Developing Rescue Plan
	June 2015 INSIDE THIS ISSUE Rahm Emanuel Rolls the Dice to Pay Chicago’s Pension Bills PSEA: Proposed pension overhaul a ‘disaster’ for teacher recruiting New Jersey’s top court sides with Gov. Chris Christie on pensions 4 Reasons New Jersey’s Pension Ruling Isn’t a Win for the State or Its Employees Public plans doing better on funding — study S&P 500 company pension funding ratio falls in 2014 Hewlett‐Packard settles $810 million in pension liabilities through lump‐sum offer The No. 1 Reason Multiemployer Plans Fail a DOL Audit Participation in 401(k) Plans Rises as More Companies Automatically Enroll SSA issues final rule explaining 60‐month period of employment to receive GPO exemption for spouse’s benefits
	July 2015 INSIDE THIS ISSUE Pennsylvania Governor Vetoes Pension Bill Chicago Public Schools’ budgets spend $500 million district doesn’t have Christie toughens stance with public workers Md. pension fund earns 2.68%, missing annual target Public pension fund trustees press SEC for private equity fee disclosure 3 Retirement Loopholes That Are Likely to Close FASB to address net pension costs on income statements IRS Notice on Pension Lump Sums Causes Confusion Moody’s: US multiemployer pension plans’ funding levels still weak A SUMMARY OF THE 2015 ANNUAL REPORTS
	August 2015 INSIDE THIS ISSUE U.S. Public Pensions Earn 3.4% for Worst Showing Since 2012 How Government Employment Costs Are Growing Republicans unimpressed with governor’s pension proposal Judge finds city’s changes to pension funds unconstitutional In Post-Detroit Bankruptcy Era, California Protects Investors Before Pensioners IRS Issues Mortality Table for Pension Plans for 2016 Highway bill would extend health-care option for overfunded DB plans Multiple employer plans move out of the shadows and into the spotlight PBGC looks to reduce reporting waivers for large plans Lump-sum windows: thoughts from the GAO
	September 2015 INSIDE THIS ISSUE Puerto Rico’s Bonds Overshadow Pension Fund Poised to Go Broke Public Pension Funds Roll Back Return Targets U.S. Supreme Court asked to weigh in on N.J. public pension fight Median U.S. Public Pension Funding on the Rise: Report Pennsylvania governor proposes new retirement system compromise Final Minimum Funding Rules Feature Few Changes Maryland establishes commission to study expanding private‐sector retirement savings PBGC REPORTABLE EVENTS RULE FOCUSES ON PLANS MOST AT RISK IRS Takes First Steps Towards Revamping Qualified Plan Determination Letters DOL Clarifies Fiduciary Duties for Defined Contribution Plan Sponsors Offering Annuity Contracts
	October 2015 INSIDE THIS ISSUE Judge Denies Appeal of Detroit Pension Cuts Pennsylvania Public School Employees posts 3.04% fiscal year return State Pension Funding Levels in U.S. Improve for a Second Year Virginia’s state, teacher pension plan funding improves CalPERS moves toward reducing assumed rate of return after surplus return years 2016 Increases for Retirement Plans, Social Security Society of Actuaries: Updated mortality data could reduce pension liabilities Law Does Not Provide for a Social Security Cost‐of‐Living Adjustment for 2016 Teamsters’ Pension Fund Warns 400,000 of Cuts New PBGC Director Discusses Initiatives
	November 2015 INSIDE THIS ISSUE Pennsylvania leaders reach tentative agreement on budget, pension reform Government contribution rates for VRS are reduced Chattanooga wins pension lawsuit filed by retired police officers, firefighters Calpers Reports It Paid $3.4 Billion to Private‐Equity Firms “Socially Responsible” Investing Under ERISA: New DOL Guidance State Savings Programs for Non‐Government Employees 2016 Medicare Parts A & B Premiums and Deductibles Announced Year‐End Notices: Staying On Top Of The Requirements Hybrid Plan Rules Leave Those Using Whipsaw in Tight Spot Law Closes Lucrative Social Security Loophole:
	December 2015 INSIDE THIS ISSUE House axes pension bill, killing budget deal Connecticut at forefront of pension innovation Older workers seek options to scale back; Many look to reduce long hours, phase out to retirement. GASB addresses fiduciary activities, asset retirement obligations, pension issues State’s pension fund woes could mean higher taxes, audit report says Reportable Event Changes for Pension Plans Effective January 1, 2016 Moody’s: Corporate plans could reach full funding in 2018 after interest rate increases Risk Transfer Activity Significant; Over One Million People Affected Barry’s Pickings Online: DB/PBGC endgame Senate passes church pension plan clarifications