The Department of Labor found the investment adviser made 63 fraudulent requests to Transamerica for lump sum benefit checks for participants not entitled to plan benefits, in total transferring $2 million from the pension plan to his own accounts.
The median retirement account balance among all U.S. workers is "zilch"
They are seeking reductions as high as 50%.
The blueprint calls for nine design features of the new contract.
This enables corporations to expense their contributions at a higher tax rate, according to Cerulli.
Yet they also adopted more conservative investment assumptions, according to the National Conference on Public Employee Retirement Systems.
The state is trying a pension risk transfer option commonly used by corporate plan sponsors.