The chart comparing 457(b) plans, 403(b) plans, 401(k) plans, and deemed IRAs as vehicles for voluntary employee savings has now been updated to reflect recent developments, including new limits for 2015.
Tag Archives: 401(k) plans
Chart comparing elective plans updated
Judge in Detroit Bankruptcy Case Denies Any Special Protections for Pensions
(Posted on December 5, 2013 by Carol V. Calhoun)
Judge Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan had now issued an opinion stating that the bankruptcy proceedings for the City of Detroit can go forward. The opinion provided no special protections for as yet unfunded pension benefits (although benefits already in the pension funds were protected). The judge rejected a contention that Michigan constitutional provisions prohibiting impairment of pensions would provide protection to promised but unfunded benefits.
“No . . . law impairing the obligation of contract shall be enacted.” [Article I, Section 10, Michigan Constitution]
“The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby.” [Article IX, Section 24, Michigan Constitution]
New article: Supreme Court Same-Sex Marriage Decisions Create New Rules for Employee Benefit Plans
(Posted on October 4, 2013 by Carol V. Calhoun)
Carol V. Calhoun‘s article, “Supreme Court Same-Sex Marriage Decisions Create New Rules for Employee Benefit Plans,” has now been published in Baltimore OUTloud. The article discusses the effect of the Supreme Court’s decisions regarding the Defense of Marriage Act and the subsequent guidance by the Internal Revenue Service and the Department of Labor on employee benefit plans.
Carol Calhoun quoted in “The fleecing of 403(b) participants”
(Posted on May 30, 2000 by Carol V. Calhoun)
Carol V. Calhoun was quoted in a MarketWatch article titled “The fleecing of 403(b) participants,” dealing with some of the issues surrounding the choice between a 401(k) and 403(b) plan. More information concerning the comparisons between these plans can be found at this link.