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Police Officers Why We Do It
Source: IPPFA

It would be easy to think that the police officer is a figure who has existed since the beginning of civilization. That’s the idea on display in the proclamation from President John F. Kennedy on the dedication of the week of May 15 as “National Police Week,” in which he noted that law-enforcement officers had been protecting Americans since the nation’s birth.

In fact, the U.S. police force is a relatively modern invention, sparked by changing notions of public order, driven in turn by economics and politics, according to Gary Potter, a crime historian at Eastern Kentucky University.

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Welcome Carbondale Fire Pension Fund to IPPFA
Source: IPPFA

Welcome Carbondale Fire Pension Fund to IPPFA.

 

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It is with heavy hearts that we announce the passing of IPPFA Director Robert “Bob” Burress
Source: IPPFA

Bob was a founding member of the IPPFA and served as a director from 1986-1995 and then again from 2008-2018. Bob retired as Chief of Police from the Pekin Police Department in 1995 and served as the Police Pension Fund President for 23 years.

Bob was a dear friend, mentor, and a huge supporter of the IPPFA. He will be greatly missed not only by his IPPFA family, but by everyone that knew him.

His memorial service will be at 10:30 a.m. on Friday, November 16, 2018 at Preston-Hanley Funeral Homes & Crematory in Pekin, IL. Pastor W. Lloyd Brock will officiate. Visitation will be from 4 p.m. to 7 p.m. on Thursday, November 15, 2018 at the funeral home. Inurnment will follow the service in Glendale Memorial Gardens in Pekin, IL. Honors will be accorded by the Pekin Police Department.

In lieu of flowers, memorial contributions may be made to Tazewell Animal Protective Society, 100 Taps Lane, Pekin, IL 61554, as Bob was big into animals.

Click here to view Bob’s Obituary

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The Dangerous Consequence Of Cutting Public Safety Pensions
Source: Forbes

Management consulting firm McKinsey reports that organizations that appear on “best places to work” lists often make the cut because their business strategy is premised on a long-term relationship with their employees. McKinsey credits companies for both the large and small signals sent to employees that an organization cares about its people.

Valued by employers as a workforce management tool to recruit and retain talent, offering defined benefit (DB) pension benefits is one way that employers send a loud signal to employees that they are committed to a long-term relationship. The structure of a pension increases the financial value of a DB pension benefit over an employee’s career. This provides a meaningful incentive for employees to stay in their jobs. Research indicates that employees value pensions as a path economic security in retirement, especially as compared to individual defined contribution (DC) accounts.

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Welcome Lake Bluff Police Pension Fund to IPPFA
Source: IPPFA

Welcome Lake Bluff Police Pension Fund to IPPFA.

 

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Firefighters Why We Do It
Source: IPPFA

Firefighters have been saving the lives of Americans since 1678. Although their techniques have changed since then, firefighters are still saving thousands of lives each year.
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National Retirement Security Week
Source: NPPC

This week is National Retirement Security Week! Proclaimed by an official declaration from Congress, each year supporters of 401(k)-style defined contribution plans use this week to promote their products. We’ve decided to take back retirement security from the salesmen of the financial industry and focus on the most reliable source of retirement security: defined benefit pensions. Today’s blog post will discuss the true state of retirement security in the United States. On Wednesday, we’ll highlight how defined contribution plans contribute to the retirement savings crisis. On Friday, we’ll wrap up by focusing on the strengths of defined benefit pensions.
The retirement security landscape looks rather bleak at the moment. According to a recent report from the National Institute on Retirement Security (NIRS), more than 100 million working-age Americans do not own any type of retirement savings. That means nothing in an employer-provided 401(k) plan, an Individual Retirement Account (IRA), or a pension plan. That is 57 percent of adults who are not preparing for retirement at a time when financial experts recommend saving more than ever.
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The Lesson For Millennials From Boomers’ Stark Retirement Choices
Source: Forbes

Baby Boomers nearing retirement face a stark reality when it comes to leaving the workforce. Almost 20 million working Americans between ages 55 and 64 have no money in 401(k) retirement accounts and do not have a pension. Will they be able to pay their bills and maintain their standard of living on just Social Security?

These near-retirees face little time to reap the benefit of compound interest to help grow their nest eggs at a time when interest rates are at an all-time low. With these factors working against them, financial advisors often suggest that pre-retirees keep working and avoid drawing on Social Security until their full retirement age or later.

Last year, the full retirement age started to move up, making retiring early more costly. For those born in 1956, the age at which Americans can receive full Social Security benefits is age 66 and four months. This full retirement age will continue to increase until 2022 when it reaches age 67.
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Pensions: Fire Fighters Perspective
Source: WTVP

The cost of funding fire fighter pensions in municipalities is growing faster than inflation. The president of the Illinois Fire Fighters Association, the Peoria fire fighters union president and an actuary discuss the funding issue for the 297 fire fighter pensions in Illinois. They offer potential changes that could relieve some of the financial pressure on municipal governments.
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Illinois Pension Actuary Defrocked. Finally.
Source: WIREPOINTS

The American Academy of Actuaries last week suspended Timothy W. Sharpe from membership for a period of two years for materially failing to comply with parts of its Code of Professional Conduct in connection with valuations he performed for several municipal police and fire pension plans in Illinois. The Notice is linked here.

Suspension is important because the Illinois Pension Code requires certain pension services to be performed by an “enrolled actuary,” which means membership in either the Academy or the Society of Actuaries (40 ILCS 5/4-118). Not being a member of the Society, Sharpe’s services in Illinois now presumably will end. He had continued to work for some Illinois pensions prior to the suspension while complaints pended against him.

The suspension is rare. Only 21 actuaries have been suspended or expelled from the Academy in the last 43 years.
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