The Department of Labor adopted a regulation on April 6, 2016 that defines who is a fiduciary investment adviser and the responsibilities of entities and individuals who serve in that capacity. Broker-dealers who are currently held to a "suitable" investments standard may now be required to meet a higher fiduciary standard, which requires that recommendations be made solely in the interest of the customer.
ICMA-RC, the nation’s only non-profit provider of retirement plans exclusively for public sector employees, working with its local and state government clients, received 35 awards and honorable mentions in 2015.
For public employees with a partial career covered by Social Security who also receive a public pension, Social Security's Windfall Elimination Provision (WEP) serves to reduce the Social Security benefit these employees would otherwise receive.
The new budget bill signed into law on Nov. 2, 2015, has changed certain provisions that impact how employees may claim Social Security benefits. The law sharply limits two claiming strategies that allow individuals to boost the potential benefits they and their spouse or dependent children receive over their lifetimes.
District of Columbia Mayor Muriel Bowser, Director of Human Resources Ventris Gibson, and District Chief Financial Officer Jeff DeWitt will join ICMA-RC President and CEO Bob Schultze to cut the ribbon at the Oct. 30 grand opening of ICMA-RC’s new walk-in Retirement Service Center for the District’s approximately 40,000 employees.