William M Mercer has been appointed by the Kentucky Public Employees Deferred Compensation Authority for the $260m stable value component of its Section 457 and 401(K) voluntary retirement plan.
Mercer's contract with the Authority is for three years, with two one year extension options. The Kentucky Public Employees Deferred Compensation Authority is a voluntary supplemental retirement benefits program available to the state's public employees, which includes employees of Kentucky's schools systems, state universities and local government entities.
The Authority offers two choices to plan participants, a Section 457 plan and a 401(K). The 457 plan, which has been available to participants since 1975, allows the states public employees to supplement their retirement plans. Contributions are made through payroll deduction and are tax deferred, which means that no federal or state taxes contributions or investment earnings are applicable, until the money is paid out to participants.
By Geoffrey Ho
The directors of collapsed construction giant Carillion were "contemptuous" of funding their defined benefit (DB) pension schemes, and "refused to give an inch", Frank Field has alleged.
The PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).