Summary
"In a typical corporate pension plan, many of the [state's] activities, including changing actuarial assumptions to help balance a budget, may either be severely restricted or prohibited under ERISA," says Breschen "But government plans are generally not subject to ERISA and IRS rules, so the state may not have acted in an improper manner."
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Extract
Scrutinizing the Troubled Pension Plan
GOV. JON CORZINE last week vowed to revamp accounting policies for the state's underfunded pension plan, which has a gap of up to $56 billion between its $110.4 billion in ...
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