The movement of funds from employer-sponsored defined benefits plans is a natural result of aging baby boomers looking for ways to generate income needed as they live out their retirement years.
State Treasurer Janet Cowell, who is one of the few public pension administrators empowered to act as sole fiduciary, reported that the fund ended last year with $86 billion in assets, a rise of $8 billion for the year.
The survey looked at two groups of women, the Silent Generation, ages 67 to 80, and Generation X, ages 32 to 47, and found 93 percent of the older group was loyal to advisors when left on their own.
For the second time in little more than a week, a group decrying the cost of public pensions has launched a website listing the benefits paid to about 50,000 former state and local government employees.
Much of the growth in balances came from the stock markets, which hit records last year, with 22 percent due to employee contributions and matches from employers.
Its time for advisors to dust off a topic they havent needed to discuss with clients for quite some time: the impact of rising interest rates on investment strategy.
The ruling prompted the American Society of Pension Professionals and Actuaries to warn its members to be mindful of the ruling until the IRS clarifies its position.