Guest PALAWYER Posted July 8, 2002 Share Posted July 8, 2002 I have a government client interested in converting a DB plan to a DC plan (Despite current environment). The client would like to know about and possibly contact other government entities that have already done this. I would appreciate hearing from anyone about specific governments that have been through this process. Please post the name of the government entity and any other information that you could share. Thank you. Link to comment Share on other sites More sharing options...
Guest herronisland Posted August 21, 2002 Share Posted August 21, 2002 Washington State gave members the option to transfer in several plans. Right now, we're in the middle of a conversion program for our largest one. A good contact person would be Jeff Wickman, at 360.664.7303 or jeffw@drs.wa.gov Link to comment Share on other sites More sharing options...
IRC401 Posted August 22, 2002 Share Posted August 22, 2002 Assuming that your client is a local government in PA, does it have authority to change its plan, or is it constrained by state law? Link to comment Share on other sites More sharing options...
Guest wcasay Posted August 29, 2002 Share Posted August 29, 2002 There are a number of governmental entities in Pennsylvania that have converted for a DB to a DC plan. If this governmental entity qualifies for state aid under Act 205 there is a process that needs to be completed. This will insure that they will not need to requalify after the mandatory three year period. The ICMA has completed the transition, as has a few of the major Pennsylvania actuarial firms that specialize in public pension plans. You may want to contact them directly. Link to comment Share on other sites More sharing options...
joel Posted August 30, 2002 Share Posted August 30, 2002 The largest DB voluntary conversion to a DC plan is taking place in Florida. www.myfrs.com Link to comment Share on other sites More sharing options...
vebaguru Posted August 30, 2002 Share Posted August 30, 2002 I am working with some local governments (cities and towns) in Oklahoma to terminate their participation in a DB plan and switch to DC. I previously worked with a fire district in Missouri to terminate their overfunded DB plan. They used the $10 million of reversion funds to fund a post-retirement medical benefit plan for the firefighters. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now