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Public Employee Pension Systems

More than half the states have refreshed their cost-of-living adjustments (COLAs) to public-sector pension plans in the last six years. A recent report by the National Association of State Retirement Administrators, “NASRA Issue Brief: Cost-of-Living Adjustments,” outlines the changes those states... READ MORE
Retirement plan participation is far from uniform in the Tar Heel State, especially when it comes to 403(b) plans, according to the National Bureau of Economic Research (NBER).A new NBER study, “Supplemental Plan Offerings and Retirement Saving Choices: An Analysis of North Carolina School... READ MORE
Proposals to reform Pennsylvania’s pension system have come from both sides of the aisle, but neither has made much traction with the opposite side.H.B. 1499, which State Rep. Mike Tobash (R-Schuylkill Haven) introduced earlier in August, has generated opposition. Ray Harmon, Government Affairs... READ MORE
The debate over how to address the problems facing the Keystone State’s pension woes appears deadlocked. But try, try again — a bill has been reintroduced in the state House of Representatives in the wake of a recent veto of pension reform legislation.Ray Harmon, Government Affairs Counsel for NTSA... READ MORE
There has been no shortage of bad news for public pension systems from coast to coast. But the U.S. Census Bureau has just released some good news — the assets of state and local public pension systems grew in 2014.The report, “2014 Annual Survey of Public Pensions: State and Locally Administered... READ MORE
Pennsylvania Gov. Tom Wolf (D) on July 9 vetoed the pension reform bill, Senate Bill 1. State Sen. Jake Corman (R-Bellefonte) had introduced the measure, which was designed to modernize Pennsylvania’s retirement systems in order to update the funding, sustainability and practices followed by the... READ MORE
The public university retirement plan market can test one’s knowledge and experience. In MarketBeat, Michael Webb discusses five basic features of public university plans for those who may be unfamiliar with this important segment of the nonprofit retirement plan marketplace. READ MORE
The earnings that public pension plans have realized, and their holdings, have changed little since the fourth quarter of 2014. That according to the U.S. Census Bureau in its quarterly survey of public pensions during the first quarter of 2015, which it released on June 25. The survey provides... READ MORE
Is having language in administrators’ employment contracts sufficient legal authority for a school district to adopt and implement a 401(a) plan, or is an additional governing board resolution needed to establish legal authority for the plan? In Tech Talk, Ellie Lowder tells us. READ MORE
The Social Security Administration (SSA) has announced that it has adopted a final rule that revises its government pension offset (GPO) regulations. The rule will be effective on July 15. The final regulations are a revision of the language of a notice of proposed rulemaking (NPRM) the SSA issued... READ MORE
The funded status of many public pension plans has improved, according to a recent report. But mitigating that good news is another study that suggests that lengthening lifespans will be a longer-term challenge for those plans. The Center for State and Local Government conducted the research and... READ MORE
Like many other states, the Bay State faces budget challenges. But among the ways it has sought to ameliorate that, as well as cut the cost of paying pension benefits, is a novel approach — encouraging early retirement of certain state employees.Specifically, the program was open to employees age... READ MORE
Summer has begun, and for many parts of the United States, so has hurricane season. Residents and proprietors in areas at risk of a landfall — as well as inland areas that also can be affected — often hear exhortations to be prepared, just in case. The IRS has issued a reminder about the importance... READ MORE
Funds in 403(b)s were invested more heavily in fixed annuities than in any other kind of investment in 2014, according to the Spectrem Group, a financial analysis firm.Spectrem reports that last year, 43% of 403(b) funds were invested in fixed annuities; 33% were invested in variable annuities; and... READ MORE
The Illinois legislature is considering a measure that would reform the public pension system in Cook County, the state’s most populous and where Chicago is located. The legislature’s action, which began before the state Supreme Court upended the 2013 pension reform law on May 8, is continuing to... READ MORE
Reform of the Pennsylvania Public School Employees’ Retirement System (PSERS) and the State Employees’ Retirement System (SERS) move one step closer on May 13. The state senate in a 28-19 vote approved SB 1, the measure that would reform the systems. It now is before the House for further... READ MORE
If life gives you lemons, make lemonade. And if the constitution prevents pension reform, make the constitution work for it. That appears to be the message of Illinois Gov. Bruce Rauner (R), whose office suggested as much as soon as the Illinois Supreme Court upended the state pension reform law.... READ MORE
The effect of the Illinois Supreme Court’s May 8 ruling already extends further than the heightened fiscal challenge facing the state finances and pension plans. Standard & Poors wasted no time in putting the state of Illinois on credit watch.S&P’s current ratings for Illinois are an A- Go... READ MORE
The Oregon Supreme Court’s ruling that it was unconstitutional to apply cuts to pension cost-of-living adjustments (COLAs) to those who were state employees and retirees before the 2013 law was enacted will do more than restore those funds.Due to the ruling, for those who were state employees and... READ MORE
The Illinois Supreme Court was of one mind on May 8, unanimously ruling in In re Pension Reform Litigation v. Quinn (No. 118585, May 8, 2015), that the state’s 2013 pension reform law that went into effect on June 1, 2014 violates the state constitution.Lawmakers approved the overhaul to address... READ MORE

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