Birmingham Attorney Katz Appointed to Financial Sustainability Committee
Township Includes Local Attorney Among Other Local Professionals To Address Pension Fund Obligations and Other Financial Matters
Birmingham, Michigan (September 22, 2015) - The Katz Law Firm announced today that its Managing Member, Don Katz, was appointed and sworn in to serve on the Bloomfield Township Financial Sustainability Committee. Mr. Katz, along with several other legal and financial advisors, will primarily advise the Township Board on its Defined Benefit Plan.
"I am glad to offer whatever expertise that I have to the Board." says Don Katz. "Our former and current leadership has done a stellar job managing the Township through the recent financial turbulence. If they think that I have anything that can assist their efforts, I am honored to serve at the Board's pleasure."
State and local governments have been under tremendous pressure recently, particularly with respect to their long-term pension obligations which can often extend well beyond 50 years into the future, even after the plan has been closed to new participants. Pension funds around the country have felt the pressure of volatile and Bloomfield Township has closely monitored their obligations and been quick to react when necessary, which is probably why the Township's position is better than almost every other similarly situated municipality.
The financial pressure on pension funds can primarily be tied to perpetually low interest rates, uneven market performance and most recently the streghth of the U.S. dollar which has weakened the gains from international stocks. Even CalPERS (California public employees retirement system), the closely watched bellwether for pension funds across the country, adjusted its forecast downward for next quarter.
About the Financial Sustainability Committee
Bloomfield Township stayed ahead of the curve by taking advantage of a new law in 2012 allowing for the sale of $80 million in Pension Obligation Bonds to fully fund the municipality's obligations; however, even the most careful planning can be susceptible to adverse market conditions and, most recently, declining and stagnating interest rates. In response, the Board formed the Financial Sustainability Committee this past January, which was to be comprised of resident professionals with the requisite experience to ensure the Board has utilized all the resources at its disposal.
The Financial Sustainability Committee is a recommending body to the Board of Trustees, which retains the fiduciary responsibilities constituent with the administration and management of the Township's pension obligations. The Financial Sustainability Committee must meet at least quarterly and is immediately charged with the duty to identify an independent firm to conduct a Comprehensive Sustainability Study.
About Bloomfield Township
The Charter Township of Bloomfield is home to over 41,000 people and covers 26 square miles of rolling hills, winding roads, and scenic lakes and streams. In 2010, Bloomfield Township was ranked the most expensive community in which to live in the state of Michigan. Demographically diverse, the community is exceptionally well-educated and has a median income among the highest in the state.
About the Katz Law Firm
The Katz Law Firm delivers legal and advisory services to businesses, business owners and investors. Based in Birmingham, Michigan, the firm's attorneys serve clients on legal and tax issues arising from the ownership and operation of small and medium-size businesses. Prior to founding the firm, Donald Katz, its managing member, was counsel in the Combat Systems Group of General Dynamics Corporation, where he advised the company on domestic and international tax and compliance exposures. Mr. Katz has published articles on business law, Aviation, e-commerce and tax policy. For more information, visit www.donaldkatzlaw.com or call 248-733-4502.
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Donald Katz, PLLC
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