Pensions & Other Retirement Accounts

April 20, 2022A pension plan promises to pay a defined benefit for the length of an employee’s retirement. Depending on your financial circumstances, you may consider taking a lump sum instead of a lifetime monthly payment. Let’s take a closer look at… read more…

April 7, 2022When an unexpected expense comes up, you might consider borrowing from your retirement account. Most qualified retirement plans, such as 401(k) and 403(b) plans, offer employees the option to borrow from their own retirement savings and repay that amount plus interest over time. Borrowing from a retirement account is a big decision, though, potentially impacting… read more…

March 30, 2022Cryptocurrency can add diversification to your portfolio. Your brokerage may allow you to trade digital currencies through a taxable account but you could also use a self-directed IRA to invest in crypto for retirement. A self-directed IRA doesn’t follow the same rules as a traditional or Roth IRA. If you’re considering a self-directed IRA for… read more…

July 7, 2021Surviving spouses are not the only ones eligible for survivor benefits—also known as a widow’s pension—under the 1939 amendments to the Social Security Act. Other parties close to the deceased may also be able to claim Social Security benefits on their record. The Social Security Administration sets specific rules for widow’s pension payments. Below is… read more…

July 31, 2019The Pension Protection Act (PPA) of 2006 was signed by President George W. Bush on August 17, 2006. The PPA is the most significant legislation having to do with pension plans since the Employee Retirement Income Security Act of 1974 (ERISA). The PPA looks to strengthen the traditional private pension system by offering incentives to… read more…

July 2, 2019A 401(k) is the most common type of employer-sponsored retirement plan, but certain employees may have access to a 414(h) plan instead. A 414(h) plan, also called a pick-up plan, offers people who hold government jobs a tax-advantaged way to… read more…

June 28, 2019We all know that saving for retirement is a good thing. We often think of retirement savings in terms of a percentage of our paychecks, but what about when someone doesn’t work? The IRS has a solution that allows a… read more…

May 20, 2019From a retiree’s perspective, the biggest risk with defined benefit retirement is that you are at the mercy of your former employer. That could put your retirement at risk if the employer or its pension fund runs into trouble. The… read more…

May 16, 2019A lump sum pension payout allows retirees to receive their entire pension balance upfront rather than in ongoing monthly payments. This option provides flexibility, enabling individuals to invest, spend or manage their funds as they see fit. However, taking a lump sum means assuming responsibility for financial planning, tax implications and potential market risks. In… read more…

April 25, 2019A 457(b) plan is an employer-sponsored, tax-deferred retirement savings vehicle available to some state and local government employees. It works like a 401(k) in that employees can divert a portion of their pay to their retirement account. This provides an immediate tax… read more…

April 11, 2019A nondeductible IRA is a retirement plan you fund with after-tax dollars. You can’t deduct contributions from your income taxes as you would with a traditional IRA. However, your non-deductible contributions grow tax-free. Many people turn to these options because… read more…

September 4, 2018A retirement system is a network of pension plans that states use to help public employees save for retirement. Each state has at least one retirement system and an organization that administers the program. The systems vary greatly from state… read more…

August 31, 2018A retirement system is a pension plan that a state or other local government uses to help its public employees save for retirement. The systems requires members to contribute during their careers so that when they retire, there is a… read more…

August 31, 2018Saving for retirement is certainly a financial priority for everyone. For Nevada state employees, it’s comforting to know that your retirement savings are automatic. Once you start working for the state, you’ll begin making contributions to your pension through the Nevada retirement systems. Most employees are covered by the Public Employees’ Retirement System of Nevada… read more…

August 29, 2018The Employees Retirement System of Georgia (ERSGA) provides a range of pension plans that mostly come with lengthy eligibility requirements. While each of its systems and plans serve different employees, some systems consist of more components than others. In addition,… read more…

August 28, 2018Though Michigan’s pension fund is not one of the 10-15 largest in the country, that doesn’t stop it from offering its employees an array of retirement plans from which to select. The state of Michigan’s Office of Retirement Services (ORS)… read more…

August 28, 2018Each state has its own retirement system. This is an organization that helps state and local employees save for retirement. The individual pension plans that these organizations administer (also called retirement systems) vary in size and complexity by state. Some… read more…

August 28, 2018The state retirement system of Missouri covers the multiple types of employees working on behalf of the state. The Missouri State Employees’ Retirement System (MOSERS) was established in 1957. Under the management of a board of trustees, it currently provides retirement benefits to most state public employees. MOSERS delivers those retirement benefits through pension trust funds.… read more…

August 28, 2018The state retirement system of Mississippi consists of seven different retirement plans to account for the multiple types of employees working for the state. It’s important to understand how your pension plan works and what you can count on for… read more…

August 23, 2018The state retirement system of Maryland consists of seven different retirement plans to cover the multiple types of state employees. Before we dive deep into the intricacies of each system, take the time to brush up on pensions. If you… read more…

August 23, 2018The state retirement system of Indiana comprises several different retirement plans to cover the wide range of public employees working on behalf of the state. As pension systems can be complex, you may value some extra assistance in understanding the… read more…

August 17, 2018Under its Minnesota State Retirement System (MSRS), Teachers Retirement Association and Public Employees Retirement Association, Minnesota offers retirement benefits through several different pension plans. A key fact to consider, however, is that all of Minnesota’s plans come with retirement benefits. But the state taxes all forms of retirement income. Therefore, you’ll want to make sure… read more…

August 17, 2018The investments that Utah has made with its public employee pension funds have paid off handsomely in recent years. However, its state income taxes can be a bit heavy at a 5% rate. There are also a number of retirement… read more…

August 17, 2018With around a million public retirement system participants in North Carolina, the state has plenty of residents to take care of. But although the number of retirees in the state and the subsequent costs are increasing, the fund currently boasts… read more…

August 8, 2018South Carolina has six different iterations of its base retirement system for different types of local and state employees. It even has a National Guard-centric plan, which not many states offer. The state also recently signed into law new stipulations that guide the structure of the pension fund. And so far things are progressing rapidly.… read more…