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Retirement Plan › Teachers

Franczek P.C.

Illinois Teachers’ Retirement System Supplemental Savings Plan Update

Franczek P.C. on

On January 10, 2022, teachers will be able to begin submitting applications to the Illinois Teachers’ Retirement System (TRS) to participate in TRS’s new Supplemental Savings Plan (SSP) which is a tax-deferred compensation...more

Franczek P.C.

TRS Supplemental Savings Plan November Update

Franczek P.C. on

Last week TRS published Employer Bulletin 22-15 on its Supplemental Savings Plan (SSP), a new SSP Employer Participation Agreement, and a form of resolution for adoption by school boards to approve the Participation...more

Franczek P.C.

Illinois TRS Supplemental Savings Plan Update

Franczek P.C. on

Earlier this week, TRS issued an Employer Bulletin and a post in the Employer/Supplemental Savings Plan portion of its website regarding employer participation in implementation of the Plan.  We are reviewing the new...more

Franczek P.C.

Illinois TRS Supplemental Savings Plan Update

Franczek P.C. on

Since our last alert on the Illinois Teachers’ Retirement System’s Supplemental Savings Plan (SSP), we have submitted to TRS, in consultation with IASA and IASBO, proposed changes to the TRS’ SSP document to address the...more

Franczek P.C.

Illinois Teachers’ Retirement System’s Supplemental Savings Plan Update

Franczek P.C. on

Since our previous alert regarding the Teachers’ Retirement System’s Supplemental Savings Plan, we have had productive discussions with many business managers, IASA, IASBO, and TRS about problems with the Plan and the...more

Franczek P.C.

Illinois Teachers' Retirement System Announces New Supplemental Savings Plan

Franczek P.C. on

Earlier last week, the Illinois Teachers’ Retirement System sent out forms and instructions for its new Supplemental Savings Plan. Essentially, the Plan is a program for the deferral of income taxes on a portion of the...more

Bradley Arant Boult Cummings LLP

State and Federal Regulators Open Probe into 403(b) Plans for Teachers

Bradley Arant Boult Cummings LLP on

In what appears to be a growing trend, state and federal regulators are launching investigations into the sales practices and administration of 403(b) retirement plans for school districts. Two weeks ago, on January 10,...more

Faegre Drinker Biddle & Reath LLP

403(b) and 457(b) Plans Going Under the Regulatory Microscope

Faegre Drinker Biddle & Reath LLP on

It appears that the SEC has initiated a “sweep” examination to inquire into the sales practices applicable to retirement plans for teachers and state and local government employees. We understand that multiple SEC regional...more

Franczek P.C.

Illinois Legislatures Repeals 3% TRS Salary Cap, Paving Way for Return of the 6% Cap

Franczek P.C. on

On the heels of a movement fueled by the Illinois teachers unions, the Illinois House and Senate passed a bill, Senate Bill 1814, which includes a House Amendment that will repeal the current 3% salary cap for Teachers...more

Franczek P.C.

Illinois Supreme Court: IFT Lobbyist Entitled to TRS Pension for One Day of Substitute Teaching

Franczek P.C. on

In a split decision issued earlier this month, a majority of the Illinois Supreme Court held that a career lobbyist for the Illinois Federation of Teachers (IFT) union who worked one day as a substitute teacher could receive...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Connecticut gets it right for Non-ERISA 403(b) plans

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

One of the things that most people forget about fee disclosure as it pertains to retirement plans is that it’s only applicable to ERISA based retirement plans. So non-ERISA 403(b) plans have no fee disclosure requirements and...more

Holland & Knight LLP

New California Labor and Employment Laws for 2017

Holland & Knight LLP on

Continuing a trend from recent years, the California Legislature passed, and Gov. Jerry Brown signed into law, numerous labor and employment bills in 2016. Each becomes effective on Jan. 1, 2017, unless otherwise...more

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