ICMA-RC News & Views
ICMA-RC keeps it finger on the pulse of what's important to local and state government employees and employers. Stay up to date on the retirement and financial services industries issues that matter to you here.
November 1, 2013
On October 31, 2013, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2014. Some limitations such as those governing 457 plans and IRAs will remain unchanged because the increase in the consumer price index did not meet the statutory thresholds for their adjustment. However, other pension plan limitations, including those for 401(a) plans will increase for 2014.
October 30, 2013
Congressional activity regarding tax reform accelerated in 2013, but was put on hold in October as Congress addressed government funding levels and an increase in the debt limit. If enacted, reform proposals could significantly impact public retirement plans.
October 22, 2013
ICMA-RC is encouraging public employees to take small steps toward planning for retirement during National Save for Retirement Week, an effort to promote the importance of saving for retirement. As part of National Save for Retirement Week, ICMA-RC will sponsor "National Pack-a-Sack Lunch Day" on Wednesday, Oct. 23, a day in which employees are encouraged to pack a brown bag lunch. Employees who want to see how small financial changes, such as packing a lunch, can make a big difference over time can visit ICMA-RC's National Save for Retirement Week online resource, www.retirementweek.org. The site includes the "Small Change, Big Savings" interactive calculator, which shows how small steps like packing your lunch or skipping your morning latte can add up over time.
October 10, 2013
Recent budget issues in Washington, D.C., may have you concerned about the markets and your retirement savings. How should you respond to the uncertainty? While some might spot opportunities or further diversify their investments, many are best served by following – and sticking with – a personalized plan.
September 23, 2013
On Aug. 30, 2013, the Treasury Department and the Internal Revenue Service ("IRS") provided guidance regarding federal treatment of same-sex marriages following the Supreme Court’s Windsor decision striking Section 3 of the Defense of Marriage Act ("DOMA").
August 13, 2013
The ICMA-RC Vantagepoint Public Employee Memorial Scholarship Fund (ICMA-RC Memorial Scholarship Fund) is pleased to announce that 29 surviving children and spouses of fallen firefighters, police officers, and other public employees have been awarded post-secondary educational scholarships for the 2013-2014 academic year.
July 26, 2013
Senator Orrin Hatch (R-UT), the Ranking Republican on the Senate Finance Committee, in July introduced a comprehensive retirement plan bill, the Secure Annuities for Employee Retirement Act. The bill introduces a new type of public sector defined benefit plan funded entirely through individual deferred fixed income annuity contracts.
May 2, 2013
The National Forum for Black Public Administrators (NFBPA) celebrated 30 years of public service excellence at its recent 2013 Annual FORUM in Atlanta, Ga. Founded in 1983, NFBPA was one of the first organizations dedicated to the advancement of black professionals in local government. More than 700 local government leaders from approximately 500 municipalities attended the FORUM. ICMA-RC is a national sponsor of the FORUM and a longtime supporter of the organization.
April 24, 2013
President Obama released his Fiscal Year 2014 budget on April 10, 2013. The budget includes a proposal to impose a cap relating to the aggregate account balances in a taxpayer's IRA and employer-based plans, including defined contribution plans such as 401(a), 403(b), and 457(b), as well as accruals in their defined benefit plans.
April 23, 2013
The Department of Labor ("DOL") released "Tips for ERISA Plan Fiduciaries" for Target Date Funds ("TDF") in February 2013.