Legal

The names of 110,000 retired public employees in Oregon and how much they receive in pensions will be made public next month as part of a court settlement between the state retirement system and two newspapers.

California passed this month a law that changes how life insurance benefits can be paid out to beneficiaries after the death of their loved ones. In the past, beneficiaries were given only one option, retained-asset accounts. Now, beneficiaries have the option of receiving their benefits in one lump sum payment.

The Treasury Department plans to release soon guidance for employers on how best to integrate lifetime income products into 401(k)s and other employer-sponsored retirement plans, while the Department of Labor plans to follow with similar guidance early next year.

The Christie administration reports that local governments can expect to save $267 million in the 2012 fiscal year because of pension reforms enacted in June.

One of the biggest implications for a massive crisisand a possible focal point for overhaulis in California, where a new study finds nearly half of workers who retire at age 65 will be at or near poverty level (i.e. $22,322 per year).

Marsh & McLennan Companies, Inc. plans to sponsor a Retirement Policy Center. The Center will become a catalyst for new ideas and perspectives on retirement and will educate the public and key constituents on retirement public policy issues.