Retiring right, summer 2013, URSJJ

              The Director’s Corner
Retirement Security
Tom Spencer, Executive Director
I promise this will not be a “Pensions vs. Retirement
Accounts” column. They both have their positive and
negative qualities. Instead, I want to share the facts with
you about retirement security, or the lack thereof, in the
United States.
The National Institute on Retirement Security recently
published a new report using data from the Federal
Reserve’s Survey of Consumer Finances and concluded
45%, or 38 million working-age households in the U.S.,
have no retirement account assets. As troubling, their
research indicates four out of five working families
have less than one times their annual income saved for
retirement.
I’ve written before about the need to be realistic about
our retirement dreams. As we enjoy longer lives, most
of us will have to defer our retirements to later ages
whether we have pensions, 401(k)s or IRAs. Yet, even
deferring our retirements doesn’t remove the need for
fashioning retirement plans to provide enough income
when we can no longer work.
retiring Right Uniform Retirement System for Justices and Judges
2013 Legislative Summary
The following is a description of new
legislation affecting active and retired
members of the Uniform Retirement
System for Justices and Judges (URSJJ).
The implementation of the legislation may
initiate new policies, rules, and procedures
in the coming months.
HB 1325 (Rep. Randy McDaniel and Sen. Rick Brinkley)
Effective April 26, 2013
Administrative changes for data reporting, probate waivers and
death benefit payments
The bill requires participating employers to provide salary and other
information for retiring members no later than the fifteenth day
of the month of retirement. This will help the URSJJ speed up the
retirement process. The bill also increases the amount that the URSJJ
can pay a deceased member’s heirs without requiring that the estate
be probated. It also allows the URSJJ to pay the final benefit of a
deceased member to the named beneficiary before paying the estate
of the member.
HB 1477 (Rep. Kim David and Sen. Jason Murphy)
Effective November 1, 2013
URSJJ Board makeup
Legislation last year inadvertently removed the Director of Human
Capital Management (HCM) of the Office of Management and
Enterprise Services from the URSJJ Board. This bill puts the Director
of HCM back on the board, as well as allows the Corporation
Commission member of the board to send a designee in his or
her place.
SB 847 (Sen. Clark Jolley & Rep. Scott Martin)
Effective August 30, 2013
Pension Stabilization Revolving Fund
Under this bill, surplus funds over and above those going to the
State’s “Rainy Day Fund” will go into a revolving fund. The Legislature
may appropriate any such funds to pension systems with a funded
ratio below 90%. Priority will be given to the lowest funded
pension systems.
Also in This Iss u e:
2 / Retirement 101
Spending Your Way to Retirement Security
4 / Healthful Hints
Be a Superhero, Donate Blood
5 / Pension Advances Threaten Financial Security for Retirees
6 / Contact URSJJ
(Continued on page 5)
Active and Retiree Edition Summer 2013
(Continued on page 6)