Tag Archives: retirement

Military Retirement Benefits Changing

To Address the fact that most military personnel never stay the 20 years they need to earn their maximum retirement benefits, the Military is changing the rules.  The new plan, called “Blended Retirement System” or BRS, “combines a traditional pension with a defined contribution plan, similar to a private sector 401(k) plan. As of Jan. 1, service members entering the military will automatically be enrolled in the new BRS program.  Those who have served 12 years or more as of Dec. 31, 2017 will remain in the old legacy retirement plan, earning that guaranteed pension.”

 

For the full article, click here.

Is your Multiemployer retirement plan safe?

The U.S. District Court for the Northern District of Alabama has sentenced a former multiemployer plan fund manager to make restitution in the amount of $45,896 and serve five years of probation, including six months of home confinement, for violating the Employee Retirement Income Security Act (ERISA).

The action follows a U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) investigation that determined Brandi Box Stephens, as fund manager for the Iron Workers Local Union No. 92 Welfare Plan and the Iron Workers Local Union No. 92 Pension Plan, altered her own paychecks by increasing the amount she was due, as well as issuing additional payroll checks to herself by securing signatures of plan trustees and changing the name of the payee on the check to match her name.

In addition, Stephens entered false information on the paper stubs attached to the physical checks, and made fraudulent entries into the plans’ accounting records.

She has been barred from acting as a fiduciary for five years.

“Theft from retirement plans and pensions has significant adverse effects on the livelihood and peace of mind of workers,” says EBSA Regional Director Isabel Colon. “Our Department takes these actions seriously and will continue to investigate any action that threatens retirement benefits workers have earned.”

Before You Claim Social Security

social security administration logo

A few things you may want to think about before filing for benefits.

Provided by Reeve Conover – Conover Consulting

Whether you want to leave work at 62, 67, or 70, claiming the retirement benefits you are entitled to by federal law is no casual decision. You will want to consider a few key factors first.

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Little Things That May Help Your Retirement Saving

coins in jar with retirement written on front and clock in background

Over time, these seemingly small factors could make a major difference.

Provided by Reeve Conover – Conover Consulting

Saving for retirement takes decades and demands the investment of significant amounts of your income. As this major effort unfolds, you should recognize that some subtle factors and seemingly minor decisions could end up making a sizable and positive impact on your financial future.

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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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