[WEBINAR] Preparing for Changes in the “Vested Rights Doctrine” - Understanding Plan Design Options
[VIDEO] Legal Update: Is the California Rule in Flux?
[VIDEO] Pension Liability by the Numbers
[VIDEO] Perspectives: The Practical Effects of Today's Pension Programs
At its March 7, 2024 meeting, the Connecticut General Assembly’s Labor and Public Employees Committee began the process of approving bills. The following is a brief summary of the bills that the Committee has voted favorably...more
The constitutionality of California’s felony forfeiture statute, as applied by the Board of Administration of the California Public Employees’ Retirement System (CalPERS), survived yet another challenge in September 2023,...more
In a matter of first impression, the Michigan Court of Appeals held that municipalities may use tax dollars assessed under the Fire Fighters and Police Officers Retirement Act (a/k/a “Act 345”) to fund police and fire retiree...more
Earlier this month, the Kansas Public Employees Retirement System (KPERS) urged legislators to reject key aspects of “anti-ESG” bills introduced in the Kansas Senate and House of Representatives. Both bills are designed, in...more
Last month, the Securities and Exchange Commission announced that it was proposing a new rule under the Exchange Act. In an accompanying "fact sheet", the SEC said that it was doing so "to increase transparency and...more
On January 20, 2021, the Puerto Rico Department of the Treasury (Departamento de Hacienda, commonly known as “Hacienda”) issued Administrative Determination No. 21-01 (AD 21-01), which provides that lump-sum distributions...more
On September 23, 2020, the California Supreme Court issued orders in each of the four cases it had accepted for review but deferred pending its resolution of Alameda County Deputy Sheriff's Association, et al. v. Alameda...more
Over the past several months, we have seen a number of public agency clients struggle through the process of evaluating and selecting a retirement plan adviser based only on generic questionnaires, a few phone calls, and an...more
Modifications Are Permissible Under the California Rule - In a unanimous decision, the California Supreme Court held that changes made to the County Employees’ Retirement Law, known as CERL, by pension reform measures...more
In a landmark decision of a unanimous court, on July 30, 2020, the California Supreme Court issued its second case in two years on the scope of the “California Rule,” Alameda County Deputy Sheriff’s Assoc. et al., v. Alameda...more
When it comes to retirement plan servicing arrangements for most public agencies, there are basically two flavors: bundled and unbundled. It is important for public plan sponsors and plan fiduciaries to understand the...more
Based on numerous requests for plan documents from public agency clients, we know that many cannot find complete sets of their historical and current retirement plan documents that are properly authorized, signed and dated....more
In February, I penned this post about some of Nevada's historic rural courthouses. Recently, I visited Goldfield, Nevada. Although Goldfield is the county seat of Esmeralda County, it has no gas station and no supermarket. ...more
The California Public Employees Retirement System (aka CalPERS) is the largest defined-benefit public pension in the United States. It is governed by a Board of Administration that consists of 13 members who are elected,...more
As many California public agencies are forced to furlough employees during the COVID-19 pandemic, questions arise as to how furloughs are treated for retirement plan distribution rules’ purposes....more
On April 15, 2020, the California Supreme Court scheduled oral argument in the much-anticipated California Supreme Court public retirement case, Alameda County Deputy Sheriff's Association, et al. v. Alameda County Employees'...more
As expected, the recently enacted Coronavirus Aid, Relief, and Economic Security Act contains provisions providing affected workers with greater, more tax-favored, access to portions of their retirement savings. Although it...more
As a continuation to our earlier article entitled “Dividing Retirement Accounts as Part of a New Jersey Divorce” published on May 21, 2019, the following is a more in-depth review of the specific criteria that should be...more
Many governmental 457(b) deferred compensation and 401(a) defined contribution plan sponsors do not take full advantage of the contribution limits for these plans. To do this, you need to understand: the limits, who they...more
On December 12, 2019, the California Court of Appeal for the First Appellate District handed down a unanimous decision in Luke v. County of Sonoma, Sonoma County Employees’ Retirement Association, et al., affirming the...more
There are several tools that can be used to correct or fix governmental plan problems. First, some classification. Practically all the retirement plans we discuss are “tax-advantaged” in one form or another. However,...more
- Create a Plan Document... - Do not rely solely on special acts, ordinances, or collective bargaining agreements... - Reflect collectively bargained provisions... - Update contemporaneously to reflect changes in...more
With overall required contribution rates increasing at an alarming rate, most CalPERS employers – particularly those with significant “classic” safety populations – are looking for help to pay for these obligations....more
The CalPERS Board of Administration will not consider whether to establish the Tracy Fuller decision as a CalPERS precedent, we have confirmed. While the decision to not pursue Fuller as a precedential decision is welcome...more
The California Supreme Court recently issued its decision in the Cal Fire Local 2881 v. CalPERS case – the first of six so-called “California Rule” (“Vested Pension Rights”) cases pending before the Court. The California...more