House on bird's nest

Home Equity Conversion Mortgage Pros and Cons

by Katie Burns, J.D., Attorney, Housing Counselor, & HUD Certified Reverse Mortgage Counselor Homeowners age 62 and older qualify for a reverse mortgage. A reverse mortgage is a loan that converts existing home equity into tax-free cash. Unlike a regular or ‘forward’ mortgage, however, there are no monthly payments required. In fact, depending on the type of payment plan selected, a reverse mortgage may actually … Continue reading Home Equity Conversion Mortgage Pros and Cons

Pen laying on top of a Will for estate planning

Wills vs. Trusts – Part 2

by Christine Steinmetz, J.D., Hotline Attorney This post is the second in a series regarding wills and trusts, part one can be found here. In our previous post, we defined a will as a document that contains your instructions about how you want your assets (also known as your estate) distributed upon your passing. A will allows you to determine who receives what share of your … Continue reading Wills vs. Trusts – Part 2

Senator urges Teamsters to learn of pension changes

Via WYTV, By Amanda Smith, WYTV May 14, 2015 U.S. Sen. Sherrod Brown said Teamsters’ pensions are at risk. Brown, D-Ohio, said retirees need to have plenty of information to understand the changes coming in the next few years. Last year, Congress approved a law that would allow the Central States Pension Fund to cut benefits being paid to current retirees. That is the fund … Continue reading Senator urges Teamsters to learn of pension changes

Saginaw shifting $72 million city-managed police pension fund to MERS

Via Mlive, By Mark Tower, Mlive May 12, 2015 Since 1965, Saginaw has managed the pension system for its police officers and firefighters internally, through a five-member board. But that is about to change, at least for the city’s current and retired police pensioners. Saginaw City Council took the first steps Monday, May 11, to move about $72 million invested for police pensions from the city-run … Continue reading Saginaw shifting $72 million city-managed police pension fund to MERS

Pontiac pension fund transfer could work, says CEO of statewide system

Via The Oakland Press, By Dustin Blitchok, The Oakland Press May 3, 2015 The Municipal Employees’ Retirement System, the statewide nonprofit that’s been suggested as a solution to Pontiac’s retiree health care liability, has 800 Michigan municipalities as clients and more than 100,000 participants. Former Emergency Manager Lou Schimmel and others have said Pontiac’s 150-percent-funded, $500-million General Employees Retirement System could be transferred to MERS, … Continue reading Pontiac pension fund transfer could work, says CEO of statewide system

Illinois’ $105-billion public pension fix struck down by state Supreme Court

Via LA Times, By Michael Muskal, LA Times May 9, 2015 Taxpayers are facing a $1-trillion public pension headache across the nation — and that remains untouched after an Illinois Supreme Court ruling on Friday. The top court in Illinois unanimously threw out a legislative fix designed to erase a $105-billion pension liability the state is facing. In its 38-page written opinion, the court said … Continue reading Illinois’ $105-billion public pension fix struck down by state Supreme Court

Funding shortfalls put pensions in peril

Via CNBC, By John W. Schoen, CNBC March 24, 2015 These days, a pension just isn’t what it used to be. For generations, a defined benefit pension—a fixed monthly check for life—provided an ironclad promise of a secure income for millions of retired American workers. But today, that promise has been badly corroded by decades of underfunding that have undermined what was one of the … Continue reading Funding shortfalls put pensions in peril