ICMA-RC reported today that all eight of its target-date Vantagepoint Milestone4 Funds outperformed their Morningstar peer medians in the first quarter of 2008, and for the one- and three-year periods ending March 31, 2008, with each ranking among the top third of its peers for the one-year period.
On April 29, 2008, the Department of Labor (DOL) issued technical corrections and guidance to regulations issued last October on qualified default investment alternatives (QDIA) for ERISA plans. The corrections make three changes to the final regulations.
ICMA-RC has been awarded the DALBAR Seal of Excellence for its 401 and 457 Retirement Statements, VantageLine Voice Response System, and Defined Contribution Plan Participant and Defined Contribution Plan Sponsor Web Sites. The Seal is awarded for outstanding communications that effectively and efficiently meet the needs of participants.
Monroe County, NY was chosen as a Plan Sponsor of the Year Finalist by PLANSPONSOR, a communications organization focused on pension and retirement plan issues.
Most mutual funds are managed to diversify their investment portfolio by holding a range of stocks, bonds and other financial instruments consistent with policies described in the fund prospectus. Funds use diversification seeking to reduce risk by investing in stocks and bonds issued by a number of different companies and government entities. In addition to diversifying by security issuer, some funds diversify based on additional criteria, such as market sectors, industries, geographic region, or market capitalization. The Vantagepoint Funds provide an additional layer of diversification by hiring multiple investment managers believed to have complementary investment approaches, where appropriate, to select the securities held by the Funds.
Vantagepoint Model Portfolio funds and Vantagepoint Milestone funds outperformed their peers in 2007, the ICMA-RC fund family reported today. In addition, Milestone Funds, completing three years of performance history on Dec. 31, 2007, outperformed peers for both one and three year periods.*
Before leaving on a two-week recess, the Senate passed a 30-day extension on farm programs legislation, H.R. 2419, commonly known as the Farm Bill, until April 18, 2008. The bill includes a provision that would provide for Roth arrangements in 457 plans – but the future of these new arrangements is uncertain at this time.
The Internal Revenue Service's Office of Employee Plans is hosting a Governmental Plans Roundtable to discuss and raise awareness in the government plan sector of the need to comply with tax qualification requirements.
The U.S. House of Representatives recently passed the Pension Protection Act Technical Corrections Bill (H.R. 3361), which provides provisional clarifications to the Pension Protection Act of 2006. A companion bill (S.1974) passed the Senate in December 2007.
Given the recent fluctuation in the stock markets, it is important to remember the value of investing for the long term. It’s time in the market, rather than timing the market, that has paid off for many investors over time. Weathering ups and downs over time can allow investors to benefit from longer-term market strengths, and to avoid the risks of attempting to time market changes.
In our efforts to focus our products and services on our mission of helping public employees build retirement security, ICMA-RC has terminated the ICMA-RC credit card program offered through JP Morgan Chase ("Chase"). While the program will be discontinued, account service will continue with no disruption to current cardholders.
American Saves Week, an effort that aims to increase awareness around the need to save money, reducing debt, and building wealth, kicks off Feb. 24. The theme for this year's weeklong event (Feb. 24 - March 2) is "Build Wealth, Not Debt."
At the end of the 2007 session the Senate passed a bill that included the governmental Roth 457 provision. The Senate Manager's Amendments (Amendment 3855) to the House Farm bill, H.R. 2419, provides for Roth arrangements in 457 plans.
The December issue of American City & County Magazine highlighted Monroe County, New York and the retirement planning activities it held during National Save for Retirement Week.
The Bank of America Corporation announced on January 11, 2008 a definitive agreement to purchase Countrywide Financial Corporation (CFC), the parent company of Countrywide Bank, FSB, the institution through which ICMA-RC’s VantageTrust Certificate of Deposit Accounts (CD Accounts) are offered.
The maximum contribution limit for 457 plans remains the same at $15,500 in 2008. However, the contribution limit for Traditional and Roth IRAs increases to $5,000 in 2008. To increase your personal contributions and take advantage of any of the limits, please contact your employer and start saving more for your retirement today. The information below provides additional details on the new retirement plan contribution limits.
In our efforts to focus our products and services on our mission of helping public employees build retirement security, ICMA-RC has terminated the ICMA-RC credit card program offered through JP Morgan Chase ("Chase"). While the program will be discontinued, account service will continue with no disruption to current cardholders.