Newsletters 2016

	January 2016 INSIDE THIS ISSUE Public retirement plan gains momentum in Connecticut Cities’ Pension Liabilities Are About to Look a Lot Worse Pensions Are a Hot Topic in State Capitals The Tougher U.S. Pension Rules in Puerto Rico’s Rescue Plan N.J. Senate wants voters to rule on constitutional amendment for full pension contributions IRS AND TREASURY GUIDANCE FOR EMPLOYEE PLANS DETERMINATION LETTER PROGRAM: President Obama calls for portable retirement savings in State of the Union speech Second Multiemployer Pension Plan Seeks to Reduce Core Benefits A More Secure Retirement for America’s Workers State-based retirement plans for the private sector
	February 2016 INSIDE THIS ISSUE Wolf takes aim at commission tasked with reviewing pension legislation for public workers Pew: More public pension fund transparency needed on fees Policymakers consider ‘lockbox’ approach for pensions Treasury Plan for Puerto Rico Favors Pensions Over Bondholders Bill to change state pension system could aid sons of slain Harford deputy DOL Focuses Attention on Benefit Payment Practices of DB Plans Trends in employer costs for defined benefit plans Fewer Retirees are Living Alone United States: UPDATED: DOL Releases 2015 Form 5500 Including New IRS Compliance Questions Proposed Amendments to Code § 401(a)(4) Regulations Offer Relief for Closed Plans, Discourage QSERPs, and Ease Combined Testing Rules
	March 2016 INSIDE THIS ISSUE Wilshire: State pension plan funding falls in fiscal 2015 U.S. Supreme Court declines to hear N.J. pension case Agreement will allow PERC to continue operating The Search for Consensus on Public Pension Reform Chicago’s Plan to Overhaul City Pensions Dashed by Top Court Renco Group to take back 2 plans from PBGC; marks second time in agency history Supreme Court Finds ERISA Preempts State Claims Reporting Pension Plan Advances Novel Challenge to IRS Program Corporate Pensions Seek Protection Against PBGC Hikes BGC Reporting Changes Account for Pension ‘Smoothing
	April 2016 INSIDE THIS ISSUE Pension fund CIOs see diminished hope in achieving assumed rate of return Treasury Says Hedge Funds Have Stunted Oversight After Public Pension In New York Divests Billions Puerto Rico’s other crisis: impoverished pensions GASB STATEMENT NO. 82 AMENDS STATEMENT NO. 67, NO. 68 AND NO. 73: SUMMARY OF THE QUARTERLY SURVEY OF PUBLIC PENSIONS FOR FOURTH QUARTER 2015: Boomer Expectations for Retirement 2016 IRS Withdraws Troubling Provision of Proposed Nondiscrimination Regulations Disappearing pensions hurt U.S. economy as well as workers The Fight to Move PBGC Premiums Off-Budget Goes to Capitol Hill Shorter Life Expectancy Reduces Projected Lifetime Benefits for Lower Earners
	May 2016 INSIDE THIS ISSUE COLA clashes in spotlight as public plans, participants tussle Overtime: The Good, the Bad and the Unsafe Social Security Offsets Impact Some Public Employees Moody’s Downgrades Fort Worth Ahead of $165M Deal PUBLIC SAFETY OFFICERS’ BENEFITS PROGRAM; IMPROVEMENTS MADE BUT INFORMATION ON PERFORMANCE GOALS STILL NEEDED: Pensions may be cut to ‘virtually nothing’ for 407,000 people Maryland launches private-sector retirement program Three in 10 U.S. Workers Foresee Working Past Retirement Age PBGC Takes Steps to Reduce Premium Penalties enate approves resolution to kill DOL fiduciary rule
	June 2016 INSIDE THIS ISSUE Rahm wins big over Rauner in police and fire pension bill fight New Jersey Supreme Court rules COLA suspension is constitutional 2015 Annual Survey of Public Pensions Pennsylvania Senate rejects pension reform bill The ‘Silver Tsunami’ Has Arrived in Government Ironworkers union in Baltimore wants to cut pension benefits to save fund Wall Street splits with smaller firms over fiduciary rule lawsuit A SUMMARY OF THE 2016 ANNUAL REPORTS ICI Recordkeeper Data Show Retirement Plan Participants Continued to Save in 2015 PBGC Reports – Multiemployer Program Needs Substantial Premium Increases; Single-Employer Program Likely to Eliminate Deficit by 2025
	July 2016 INSIDE THIS ISSUE Impact of union’s new retirement plan on city pension fund uncertain New Jersey amendment guaranteeing pension contributions moves closer to ballot Schuh proposes cutting pension oversight group Worried about risk, R.I. pension fund managers mull conservative investment approach EMPLOYER CONTRIBUTIONS TO STATE PENSION PLANS: Maryland Enacts Mandatory Private-Sector Retirement Program That Impacts Most Maryland Employers Society of Actuaries Survey Examines Retirement Concerns and Managing Risks IRS Modifies Determination Letter Program for Individually Designed Plans The Effect of “Brexit” on Tax-Qualified Plans Moody’s: Multiemployer pensions remain substantially underfunded, stressing sponsors, agencies
	August 2016 INSIDE THIS ISSUE Borenstein: Pension reform win? Court rules California can trim current public employees’ retirement Pennsylvania’s state retirement systems are in for a “stress test” from the Auditor General Chicago mayor’s big plan to save its pension fund Sweeney: No pension vote until transportation funding resolved Pew: Funding for state pension funds improves in 2014 Terminated Participants: Out of Sight, Out of Mind – That is the Problem Internal Revenue Service Provides Guidance on the Scope of the New Determination Letter Program for Individually Designed Plans Social Security Changes Likely Soon Group Pension Buy-Out Sales Top $1 Billion for Fifth Straight Quarter: LIMRA Secure Retirement Institute Survey Facilitating State Efforts to Help Workers Save for Retirement
	September 2016 INSIDE THIS ISSUE Pension Crisis: Could Buyouts Be a Solution? Chicago Moves to Increase Utility Taxes to Bolster Pension Some public funds uneasy with fee disclosure. State proposals raise execs’ fear of shutout by managers Financial Economics Principles Applied to Public Pension Plans [Working Draft] AN EXAMINATION OF STATE PENSION PERFORMANCE: 2006 TO 2015: Changes to Form 5500: Lessons from the life of a beta fish Defined benefit plan participants can receive lump sum and annuity under new rules Nondiscrimination Relief for Closed Defined Benefit Plans Extended United States : PBGC Lessens Burden for Plan Sponsors, Reduces Late Premium Penalties IRS Updates Defined Benefit Mortality Tables for 2017
	October 2016 INSIDE THIS ISSUE Public pension plan return assumptions Pa. legislative leaders say pension reform will not happen this year Counterpoint: In response to “Actuarial overbearing” Detroit retirees’ effort to restore pension fails Wilkes-Barre to receive aid for municipal pension plans IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017 PBGC Posts 2017 Single and Multiemployer Plan Premium Rates SSA Announces 0.3 Percent Benefit Increase for 2017 IRS’s Correction Program Retooled and Revamped Multiple Challenges: Pension Actuaries Outline Options for Honoring PBGC Multiemployer Program Guarantee
	November 2016 INSIDE THIS ISSUE City Council weighs higher pension costs for union workers, but not for Council Pension bill requiring quarterly payments heads to Christie’s desk California’s top court will review major public pension ruling Arizona pension ruling could mean $220 million in refunds to some workers CalPERS cuts tiny town’s pensions by 60 percent Society of Actuaries Updates Mortality Table Era of Low Interest Rates Hammers Millions of Pensions Around World PBGC Fiscal Year 2016 Annual Report Shows Increasing Deficit in Multiemployer Program DB Plans Are Not Totally Disappearing Tentative FASB Decision on Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
	December 2016 INSIDE THIS ISSUE Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals Gov. Malloy and State Employee Unions Reach Agreement on Pensions That Will Support the Employee Retirement System While Strengthening the State’s Financial Obligations N.J. considers new investment to bolster public worker pensions Christie signs bill requiring N.J. to make quarterly pension payments STATE AND LOCAL GOVERNMENTS’ FISCAL OUTLOOK 2016 UPDATE NEPC: Most corporate plans looking at lump sums, annuity contracts U.S. life expectancy declines for the first time since 1993 White House Opposes Bill Creating Newfangled Pension Plan 2017 Pension Lump Sums Are Looking More Affordable U.S. Treasury Approves Reduced Pension Benefits for Iron Workers Fund