Search for: "Pension and Retirement Plan"
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25 Oct 2020, 9:30 am
“For purposes of distribution of property pursuant to this Section, all pension benefits (including pension benefits under the Illinois Pension Code, defined benefit plans, defined contribution plans and accounts, individual retirement accounts, and non-qualified plans) acquired by or participated in by either spouse after the marriage and before a judgment of dissolution of marriage or legal separation or declaration of invalidity… [read post]
31 Oct 2016, 11:12 am
They aim to provide members with a defined monthly pension benefit at retirement, similar to a DB plan, but are funded through fixed contributions, like in a DC plan. [read post]
10 May 2007, 12:38 pm
We have talked a fair amount on this blog about “choice architecture” and how the new structure of the retirement system, with its move from pensions to 401(k) plans, may be affecting behavior in unintended ways, such as by encouraging... [read post]
30 Oct 2013, 9:28 pm
In the case of an ERISA governed plan, which includes 401ks and most defined benefit pensions, the plan administrator qualifies the order (determines it follows the plan rules) and it becomes a qualified domestic relations order, or QDRO (pronounced like “quadro”). [read post]
25 Aug 2008, 4:18 am
That is, he's in the retirement plan business. [read post]
20 Aug 2011, 9:47 am
Employees and executives in Chicago frequently want to know what benefits their employer-sponsored pension or retirement plan has to provide. [read post]
6 Oct 2008, 11:01 am
Loans from retirement plansSource: Employee Plan News - October 3, 2008 The Fall Issue of the Internal Revenue Service's Employee Plan News contains an article focusing on the tax consequences should an individual elect to use his or her "retirement plan funds" to meet emergency or other expenses.Many public retirement plans offer members the opportunity to "borrow" from their retirement plan. [read post]
15 Jun 2020, 10:27 am
If a spouse has a retirement plan controlled by the Illinois Pension Code, he or she will need to obtain a slightly different type of order called a Qualified Illinois Domestic Relations Order (QILDRO). [read post]
14 Aug 2012, 5:30 am
There are basically two types of retirement plans: defined benefit and defined contribution. [read post]
8 Feb 2007, 12:00 am
Once a year - or so it seems - as part of Super Bowl week, media coverage is given to stories about meager pensions provided to the older retired NFL football players. [read post]
8 Apr 2024, 11:57 am
Many years ago, back when we were closer to the tipping point where 401(k) plans replaced pensions for the majority of employees, there was a great deal of discussion about whether employees could possibly be financially ready to retire at age 65 absent pensions. [read post]
7 Aug 2014, 4:00 am
Terminating a “government” retirement planSource: Employee Plans News, Issue 2014-11, dated August 4, 2014The Internal Revenue Service August 2014 Issue of Employee Plans News has a number of articles concerning terminating an employee defined retirement plan including the following [Click on the text highlighted in color to access the information posted on the Internet): Terminating a retirement planPlan amendments required before… [read post]
22 Jun 2007, 11:10 am
Out of all workers covered by a private-sector retirement plan both years: 1979: 62% covered by a defined-benefit pension; 16% in a 401(k)-style pension 2005: 63% of covered by a 401(k)-style pension; 10% in a defined-benefit pension In both years, approximately one-quarter of workers were covered by a hybrid of both. [read post]
17 Apr 2023, 8:36 am
You may work to contribute to an employer-sponsored retirement plan or to ensure you have a solid pension before retirement age. [read post]
14 Mar 2012, 9:41 am
Prior to announcing the pension freeze, American apparently had plans to hand over the pension matter to a federal government agency, which would have likely instituted stricter limits on the amount of pay pilots could receive each year (at present, pilots who retire at 65 can earn $54,000 per year in retirement; older retiring pilots can earn more). [read post]
31 Dec 2010, 11:22 am
Pension Plans and ERISA A major advantage of saving for retirement through a pension plan is that contributions from employees and employers for plans such as a 401(k) plan are not taxed as income until distributed by the plan, usually after retirement, at lower tax rates. [read post]
19 Jun 2018, 6:35 am
The woman’s daughter, the named beneficiary under the pension plan (“the Plan”), was denied payments under the Plan because the date of death preceded the beginning of pension payments. [read post]
5 Jul 2008, 3:26 am
QDROs must comply with detailed retirement plan provisions, and even QDROs already entered by a judge may be ignored by the plan administrator with impunity under certain circumstances. [read post]
31 Dec 2016, 9:34 am
Below are a few: Qualified Domestic Relations Orders: To divide private company pensions and 401ks, etc Qaulified Illinois Domestic Relations Orders: To divide retirement and pension benefits from government employment in Illinois Military Retired Benefit Division Order: To divide various sorts of military pay for retired veterans such as a pension or thrift savings plan (TSP) You should know that all retirement plans… [read post]
22 Apr 2014, 11:44 am
Retirement accounts like pensions, 401ks, ESOPs and other employer-sponsored retirement plans are often divided in a divorce as part of the property division. [read post]
