Welcome Lake Bluff Police Pension Fund to IPPFA.
Welcome Lake Bluff Police Pension Fund to IPPFA.
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.
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.
Please Join IPPFA for a Breakfast Seminar at the Union League of Chicago on September 7, 2018 starting at 8:00 AM.
Pension Funds and the Financial Impact of Environmental, Social, and Governance Issues.
Corporate financial performance can be impacted by how well companies manage material environmental, social, and governance (ESG) risks and opportunities. Issues such as human capital, resource use efficiency, and data security can affect a company’s competitive advantage and long-term financial success. Investors are therefore incorporating ESG analyses into their investment process in order to make better, more well-informed investment decisions with the aim of improving portfolio risk-adjusted returns.
This panel conversation will feature Mike Frerichs, Illinois State Treasurer, discussing how he is working to incorporate sustainability factors into the investment decision-making process in order to fulfill the Office’s fiduciary duty and maximize returns. The panel will also feature Maureen Ehrenberg, President of Global Integrated Facilities Management at commercial real estate firm JLL, sharing the ESG initiatives her company is focusing on in order to improve financial performance and thereby enhance shareholder value for clients as well as the company.
In a deal that could set a precedent for other financially struggling municipalities to follow, the city of Harvey has reached a deal with its police and firefighter pension funds to end a court fight over how much of the money Harvey gets from the state of Illinois the city should be allowed to spend on current day-to-day operations, rather than police and fire department retirees’ pensions.
In a deal that could set a precedent for other financially struggling municipalities to follow, the city of Harvey has reached a deal with its police and firefighter pension funds to end a court fight over how much of the money Harvey gets from the state of Illinois the city should be allowed to spend on current day-to-day operations, rather than police and fire department retirees’ pensions.
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