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...
Facing cost pressures in 1993, the Aerospace Corp closed its defined-benefit pension plan to new employees and replaced it with a defined-contribution plan. Twelve years later, it reopened the defined-benefit plan under pressure from employees and the realities of the labor market. On the surface, the Aerospace Corp, based in El Segundo, CA, is an unlikely candidate for the role of pension rebel. It is a government-funded research corporation with a mandate to support the space program through research and development. To further encourage employees to remain with the company and work longer before retiring, the company began a phased retirement program that allows employees at retirement age to structure a flexible work schedule to serve as mentors and transfer knowledge to younger emp...
Many firms that sponsor 401(k) plans have a problem. The owners want to put away as much money as possible, but doing so would require large contributions for the employees. The employees enjoy the opportunity to defer their salary and receive some sort of match, but plan assets are not guaranteed. One solution that could solve both problems is a 401(k) and cash balance combination plan. Cash balance plans are hybrids that combine the best features of defined contribution and defined benefit plans. Like a defined contribution plan, employees have their own accounts. Combining an existing 401(k)plan with a cash balance plan can help business owners get large tax deductible contributions without necessitating large contributions for employees.
NEW YORK, April 16, 2013 /PRNewswire/ -- Cash balance (CB) plans are the fastest growing of the defined benefit pension plans and could overtake 401(k) plans within the next few years, according to researchers at Sage Advisory Services, a leading Texas-based investment management firm. While many small to mid-sized businesses are seeing the benefits of the flexibility, transparency, and employee satisfaction offered by these newly-regulated plans, management of the assets continues to present challenges. CB plans are hybrids between a defined benefit (DB) and a defined contribution (DC) plan creating a hypothetical account for each employee to which the plan sponsor contributes based on a set interest crediting rate (ICR) and a percentage of the employee's pay. This produces a plan that...
Two weeks ago, aerospace giant Lockheed Martin Corp. made a decision that is getting all too common: The company replaced its traditional defined-benefit pension plan with a 401(k) defined-contribution plan for any new and rehired employees who begin work in 2006. Five steps that companies with 401(k) plans should take to help works get ready for retirement are: 1. Automatically enroll every employee in the company's 401(k) plan. 2. Enroll every participant in a 7.5% contribution level. 3. Make sure that every participant is mapped into a diversified, age-based investment. 4. Make sure that every participant gets a 2.5% auto-deferral increase annually. 5. See that every participant has a professional investment advisor available for retirement.
WEST Virginia's elected officials ran up a $3 billion unfunded liability in the defined-benefit pension plan for the state's teachers. It wasn't hard to do; it's a lucrative benefit formula. In 1991, freaked out by the implications of a 40-year plan to fill a $3 billion hole, state officials closed the defined-benefit plan and directed new school employees to a defined-contribution plan.
Today some Augusta commissioners will try to stop a plan to merge three city employee pension plans, a move they say could cost taxpayers millions for years to come. A proposal to merge two defined-benefit plans and one defined- contribution plan into one defined-benefit plan was approved last week by the city commission's Administrative Services Committee and goes before the full board today.
An account balance pension plan combines features of defined contribution and defined benefit pension plans. The benefit formula is like a defined contribution plan in that the company contributes a fixed amount for participating employees, and is like a defined benefit pension plan with benefits accumulating in accounts for each participant. Distribution is usually as a lump sum. Advantages for the employer include greater latitude in the use of pension plan surplus, and plans are easier to assimilate and divest.
On June 3, to a chorus of cheers, the results of the teacher pension transfer vote were announced. With more than 78 percent of the eligible participants selecting to transfer from a defined contribution pension plan to a defined benefit pension plan, more than 15,000 teachers and school service employees will be moving into a bona fide retirement plan. For my members, many of whom have to work two jobs just to make ends meet, this is a signature moment in their working lives. Let us also recognize that this is a win for West Virginia. On a human level, the result of this vote means that we have finally corrected an injustice to the thousands of employees who were placed in a flawed retirement plan, one doomed to fail from the start. For these employees, retirement is now no longer a pi...
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