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Fisher withdrawals top $3 billion as Texas retirement plan exits

Fisher withdrawals top $3 billion as Texas retirement plan exits

Finance
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.Gillianne Tedder | Bloomberg | Getty ImagesThe Employees Retirement System of Texas announced on Friday that it would end its relationship with Fisher Investments, yanking $ 350 million from the asset manager."Texas ERS has completed its due diligence," said Mary Jane Wardlow, a spokeswoman for the pension system."With respect to our fiduciary duty, we are defunding Fisher Investments, which had served as an external manager in the international equities portfolio with $ 350 million [as of Sept. 30] under management," she wrote in an email to CNBC.The funds will be redistributed within the equities pool of the ERS trust, she said.In all,...
Retirees may fare worse reinvesting their IRA or 401(k) withdrawals under the Secure Act

Retirees may fare worse reinvesting their IRA or 401(k) withdrawals under the Secure Act

Finance
Planning to reinvest those pesky required withdrawals from your individual retirement account or 401(k) plan because you don't need the money?Under the Secure Act, a bill pending in Congress right now that aims to improve the nation's retirement savings, you'd have to start taking withdrawals from your IRA (and most other retirement accounts) at age 72 instead of 70 ½.The kicker: Due to the reduced time that the reinvested cash would have to grow, its value over time could be smaller under the proposed change than under current law.Allocating expenses into needs, goals and aspirations can help provide a better framework for managing your cash flow and living comfortably.Pascal Broze | Getty Images "You'd have more money in your IRA but less in the reinvested account," said certified financ