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Public Employee Pension Systems

State Legislative Update is an occasional feature that provides the status of bills before state legislatures relevant to NTSA members. Pension Reform Colorado. SB 18-200 would allow new employees to choose between the Public Employees’ Retirement Association (PERA) defined contribution plan and... READ MORE
There is no time of year like this one for peering into the future. Accordingly, the Center for State and Local Government Excellence has gazed into its crystal ball and reflects on trends to watch in 2018 regarding state and local governments’ retirement plans. In “State and Local Government... READ MORE
Public sector and education-related employers can offer their employees access to 403(b) plans, and the Hawkeye State is among them. The state also provides a supplemental program that offers a variety of services; a look at its nuts and bolts offers a close look at what such programs entail. They... READ MORE
Officials from the Iowa Public Employees’ Retirement System (IPERS) appeared before the Iowa Legislature’s Public Retirement Systems Committee on Dec. 18. Committee members listened to testimony and inquired regarding the program’s status and liabilities.Testimony included a presentation by Iowa... READ MORE
Kentucky Gov. Matt Bevin (R) on Oct. 18 unveiled a proposal to shift the Teachers’ Retirement System (TRS) in the Bluegrass State from the current defined benefit system to a defined contribution-based system. A recent actuarial analysis suggests the proposed changes to the retirement plan may not... READ MORE
After significant deliberation with NTSA and other stakeholders over the last several months, the Texas Teachers Retirement System Board unanimously passed new 403(b) rules that will be fully effective on Oct. 1, 2019. The final rule is a substantial improvement from the initial draft published in... READ MORE
The Teacher Retirement System (TRS) of Texas appears to be revising its recently proposed amendments to rules governing fees in Texas 403(b) plans. Among the forthcoming changes are revisions that address some of the major concerns industry leaders had expressed to the board during its last two... READ MORE
The National Tax-deferred Savings Association (NTSA) and the American Retirement Association (ARA) on July 7 filed a comment letter with the Board of Trustees of the Texas Teacher Retirement System (TRS) about its proposed rule concerning companies that offer voluntary 403(b) investment options to... READ MORE
The Carolinas share a border, half of their names, and a need to address problems with their state pension plans. But while both must act, their problems are as different as north is from south.The Tar Heel StateNorth Carolina Treasurer Dale Folwell (R) is still new, having taken office just this... READ MORE
The Pennsylvania legislature has passed Senate Bill 1, a measure that seeks to ease the state’s unfunded liability by providing new state employees, including teachers, hired after Jan. 1, 2019 with a choice of one of three retirement benefits. Gov. Tom Wolf (D) is expected to sign the bill into... READ MORE
Connecticut Gov. Dannel Malloy (D) has unveiled proposals for changes to the state retirement plan that would affect both current and future state employees.Current state employees would contribute more, and the state would contribute less, toward their pensions in fiscal year 2019 under the... READ MORE
The Illinois House Personnel and Pensions Committee on May 16 passed bills that would expand retirement plan coverage and change public pension plan funding and how payments are made. The bills are identical. In what is perhaps a demonstration of bipartisan support for the legislation, Rep. Jim... READ MORE
No sooner had the U.S. Senate voted to unwind the Obama administration’s safe harbor exempting state-run auto-IRA programs from ERISA, than a pair of Senate Democrats introduced legislation designed to restore the exemption. The Preserve Rights of States and Political Subdivisions to Encourage... READ MORE
The Pennsylvania Independent Fiscal Office has issued an evaluation of a bill that would change the financing of the state retirement plan for school employees. It concludes that the measure would change its financing but would leave benefit provisions intact. The Independent Fiscal Office on May 9... READ MORE
With the stroke of his pen, Iowa Gov. Terry Brandstadt (R) has opened the state teachers’ 403(b) plan to greater competition. Brandstadt signed HF 569 into law on May 9.The Iowa legislature wasted no time — the bill was introduced in the state House of Representatives on March 8, and the chamber... READ MORE
The Texas Public Employee Retirement Systems (TEXPERS) has released a report on the results of the strategies its local systems have followed for allocation and investment of assets.“Report on the Asset Allocation and Investment Performance of Texas Public Employee Retirement Systems,” released at... READ MORE
The U.S. Senate has passed, by a vote of 50-49, a Congressional Review Act resolution that would block the Obama-era Department of Labor’s (DOL) rule that defined the terms under which cities and counties could create IRA plans that automatically enroll private-sector workers whose employers do not... READ MORE
More than 50 bills will be heard for the first time in the Illinois House Personnel and Pensions Committee on March 30. The bills include measures that would affect state and local retirement plans.The retirement-related bills that would affect teachers include the following:HB 3867, which would... READ MORE
Public pension plans across the country face many challenges, to put it mildly — and among them, says a recent report, are the investment return assumptions for those plans. In “NASRA Issue Brief: Public Pension Plan Investment Return Assumptions,” the National Association of State Retirement... READ MORE
Life is fraught with inconsistency, and a new study by Lincoln Financial Group (LFG) shows that extends to providing services to governmental retirement plans. But the study also suggests the antidote to those inconsistencies and to participation and deferral rates that are not as high as plan... READ MORE

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