In 2002 [Darnell D. Jackson] was selected by Dollar and Sense magazine as a 21st Century America Best and Brightest Financial Advisor, and he has also been featured in numerous national Merrill Lynch advertising campaigns. Publications and magazines include The Wall Street Journal, Business Week, Barron's, Fortune, Forbes, Detroit Free Press, On Wall Street, Merrill Lynch Advisor magazine, Conde Nast Traveler magazine, Architectural Digest magazine, Vanity Fair magazine, the Michigan Chronicle and more. As a media trained advisor, Jackson has been nationally featured on DBS broadcasts (internal television network) discussing "niche marketing." He has been featured in radio, print and television. He recently made an appearance on WDIV Channel 4 Morning News to discuss "Alternative Giftin...
... has extensive public and private retirement plan experience, customized defined benefit plan constrruction and defined contribution plan asset management, which includes administrati...
This article presents a comparison of replacement rates for employees of medium and large private establishments to replacement rates for federal employees under the Civil Service Retirement System and the Federal Employees Retirement System. This analysis shows the possibility of replacement rates exceeding 100 percent for FERS employees who contribute 6 percent of earnings to the Thrift Savings Plan over a full working career. Private-sector replacement rates were quite similar for workers with both a defined benefit and a defined contribution pension plan.
The most recent version of GASB's Comprehensive Implementation Guide, updated through June 30, 2007, was just released in September. SGAS 49, Accounting and Financial Reporting for Pollution Remediation Obligations, directs that liabilities arising from pollution remediation obligations be presented net of anticipated, but as yet unrealizable, recoveries. The new Q&A clarifies that this requirement has no effect on the corresponding presentation in the statement of cash flows. SGAS 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, directs that each individual pension plan normally be accounted for separately. The same is true for other postemployment benefit (OPEB) plans reported in conformity with SGAS 43, Financial Repor...
Over the past 20 years, the United States has experienced a profound shift in the way that employment-based retirement benefits are delivered to workers. The traditional life annuity from a defined benefit (DB) plan has been largely replaced by lump sums from defined contribution (DC) plans. Along with investment risk, American workers are bearing a larger share of the longevity risk inherent in all retirement systems. As Americans benefit from longer lives, they are facing a harsh reality: will their retirement assets last long enough? Workers have embraced the flexibility offered by the widely available, and very popular, 401(k) plan. Often described as a do-it-yourself retirement program, these plans have allowed workers to accumulate significant levels of retirement savings. Employe...
The public sector is realizing the advantages of defined contribution (DC) plans over traditional defined benefit (DB) retirement plans. A DB plan defines employee's pension benefit in terms of an annual or monthly benefit payable for life while a DC plan is based on the assets available in an employee's individual account at retirement. The general instability of the actuary's retirement funding requirements also poses several disadvantages to a DB plan.
With retired state employees looking on in matching black shirts, a commission voted to recommend sweeping changes to the state pension plan Wednesday. By an 8-5 vote, the Kansas Public Employees Retirement System study commission recommended adopting the plan of Sen. Jeff King, R- Independence, which would switch all new hires from the current "defined benefit" pension plan to a 401(k)-style "defined contribution" plan starting in July 2013.
JEFFERSON CITY -- Representatives of several state employee organizations testified today against legislation that would switch some state employees' retirement systems from a defined benefit program to a defined contribution plan. Most of the workers who came out against the proposal said it would undermine recruitment of talented workers and negatively affect retention rates.
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