ICMA-RC is pleased to announce that its Chief Investment Officer, Wayne Wicker, has been selected as a finalist for Chief Investment Officer's prestigious "Industry Innovation Award" in the Defined Contribution Plan category. According to CIO, "The award highlights the most innovative and positive work being done for, and at, the world's largest pensions, endowments, foundations, and sovereign wealth funds."
On October 23, 2014, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2015. The elective deferral limit for 457 and 401(k) plans increases to $18,000, and the annual additions limit for 401(a) plans increases to $53,000. Traditional and Roth IRA contributions limits are unchanged.
ICMA-RC commends its founder, the International City/County Management Association (ICMA), on reaching its milestone 100th anniversary and its continued success in fostering excellence and professional management in local governance to build better communities.
ICMA-RC, in partnership with its public sector clients, was recently recognized for its education initiatives and resources, winning more than 15 awards, bringing the total to over 100 awards since 2010. ICMA-RC’s mission is to help public employees build retirement security by providing products, tools, and resources to plan sponsors and participants.
The Securities and Exchange Commission (SEC) adopted significant changes to the regulation of Money Market Funds (MMFs) on July 23, 2014. The changes are designed to address money market funds' susceptibility to unusual redemptions in times of financial stress like those experienced during the financial crisis of 2008.
The Governmental Accounting Standards Board (GASB) has begun the process of revamping its accounting standards for Other Post-Employment Benefits (OPEB) to "improve the information reported on OPEB for decision-making and accountability purposes, comparability across governments, and transparency for those who avail themselves to it," as well as to align the OPEB standards with the newly implemented pension accounting standards (GASB Nos. 67 and 68).
ICMA-RC, has released an investment research brief entitled “Alternative Beta: Impact across Market Capitalization and Style: Equal-Weight, Volatility-Dampening and Momentum-Biased Methodologies.” The study reviews the characteristics of a wide range of alternatively constructed passive portfolios.
House Ways and Means members Bill Pascrell (D-NJ) and Dave Reichert (R-WA) in May 2014 introduced legislation, H.R. 4634, to amend federal tax law to allow public safety workers to access their defined contribution retirement accounts without penalty on or after age 50.
Auto-enrollment best practices in public sector defined contribution plans and how to implement them were presented in a webinar, "Auto Features in Public Sector Retirement Savings Plans," hosted by Gregory Dyson, Senior Vice President, Chief Operations and Marketing Officer, ICMA-RC; Joshua Franzel, Vice President of Research, Center for State and Local Government Excellence (the Center); and Paula Sanford, Public Service Associate, Carl Vinson Institute of Government at the University of Georgia.
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