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.
Examining the populations best served by defined benefit and defined contribution plans
The claim that a defined benefit plan is more efficient than a defined contribution plan, purely on a basis of cost, overlooks a larger and more meaningful perspective regarding benefit distribution.
The case for in-plan lifetime income solutions for DC plans is clear, so why the reluctance to implement?
Moving the needle toward an expansion of retirement income products in defined contribution plans would be a meaningful step in better addressing retirement financial security.
Testimony: Assessing the proposed Kansas Thrift Savings Plan in Senate Bill 553
The proposed Thrift Savings retirement plan in Senate Bill 553 reflects a high-quality public sector retirement plan design that incorporates best practices from national experience.
Amidst great investment returns, public pension systems should reassess plan designs
The defined benefit plan long favored by public retirement systems falls short of meeting the retirement security needs for too many state and local government employees, particularly younger, newer employees.
Oklahoma’s pension reforms have led the state employees’ plan to full funding
The Oklahoma Public Employees Retirement System was only 66% funded in 2010. This month the plan reported it is 99.5% funded. How did they do it?
Annuity Offerings Can Help Improve Michigan’s Defined Contribution Retirement Plans
Proposed legislation in Michigan would bring the state's defined contribution retirement plans more in line with industry best practices by offering annuities.
Evaluating South Carolina’s Proposed Defined Contribution Retirement Plan
Proposed retirement plan reflects many best practices and could meet the needs of retirees, the state and taxpayers.
Addressing the Retirement Risks Facing Today’s Public Workers
Most public retirement plans do not account for the many major financial risks that their members could face in retirement.
Rethinking Public Employee Retirement Plans
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.