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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)
Object Description
Okla State Agency |
Public Employees Retirement System, Oklahoma (OPERS) |
Okla Agency Code |
'515' |
Title | Retiring right, summer 2013, URSJJ |
Authors |
Oklahoma Public Employees Retirement System. |
Publication Date | 2013 |
Publication type | Newsletter |
Purpose | 2013 Legislative Summary; The Director's Corner: Retirement Security, Tom Spencer; Retirement 101: Spending Your Way to Retirement Security; Healthful hints, Be a Superhero, Donate Blood; Pension Advances Threaten Financial Security for Retirees; |
For all issues click |
E3600.6 R438r |
Digital Format | PDF, Adobe Reader required |
ODL electronic copy | Downloaded from agency website: http://www.opers.ok.gov/Websites/opers/images/pdfs/Newsletter/News-2013-Summer-URSJJ.pdf |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Month/year uploaded | July 2013 |
Date created | 2015-02-18 |
Date modified | 2015-02-18 |
OCLC number | 890224751 |
Description
Title | News-2013-Summer-URSJJ 1 |
Full text | 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) |
Date created | 2013-07-09 |
Date modified | 2013-07-09 |