Rod Crane is an authority on public sector retirement benefit programs with particular expertise in the design, administration and governance of defined benefit, defined contribution, deferred compensation and retiree health plans sponsored by states, local governments, public higher education, local governments and special districts.
During his 32 years of experience, Crane has worked as legal counsel to a state legislative retirement oversight committee, a retirement benefits and fiduciary consultant for two national retirement consulting and actuarial firms and directed the public sector market strategy for one of the largest defined contribution financial services firms in this country. Crane has been an active participant in the public retirement industry through his participation and leadership in national public sector retirement associations. He has written extensively on the proper design and funding of public pension, defined contribution and retiree health benefit programs.
Crane also has expertise with regard to federal tax and workplace laws as they apply to public and private sector 401(a), 401(k), 457 and 403(b) arrangements, prefunded retiree105(h)health reimbursement accounts (HRA) as well as fiduciary and governance requirements that apply to plan sponsors and boards of trustees.
Proposed legislation in Michigan would bring the state's defined contribution retirement plans more in line with industry best practices by offering annuities.
Proposed retirement plan reflects many best practices and could meet the needs of retirees, the state and taxpayers.
Most public retirement plans do not account for the many major financial risks that their members could face in retirement.
Combining elements of traditional pension plans and defined contribution retirement plans could create a new public retirement model that better serves taxpayers, employers and employees.