Article Abstract:
Flat tax proposals will negatively affect the private pension system. The replacement of the existing federal individual income tax with a consumption tax, for instance, would give taxpayers access to super individual retirement accounts with no limits on contributions and withdrawals. The implementation of a general business tax would eliminate the tax advantages of benefit plan contributions while eliminating special treatments for employee benefits would eliminate the advantages of employer-sponsored retirement plans.
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Article Abstract:
Plan sponsors must consider several factors before employing daily valuation. The organizational culture, business objectives and needs of the employees must first be determined. True fund-share accounting and unit-value accounting are two basic ways to account for participant balances with daily valuation. Unit-value accounting is usually used because accruals are allowed and smoothens out complexities in accounting under daily valuation. Investment education must be communicated properly to participants.
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Article Abstract:
George Philip is the new executive director and chief investment officer of the New York State Teachers' Retirement System (NYSTRS). NYSTRS is one of the biggest public pension systems in the US. Philip oversees the Teachers' Retirement System Improvement Program (TIP). TIP has streamlined operations at NYSTRS and has invested in modernizing its computer system and has redesigned its investment portfolio.
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