State Sponsored Plans
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...
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Taking a cue from the boss, Labor Secretary Thomas Perez has said that the DOL will issue guidance to help facilitate state-based retirement plans. Perez made his remarks on the DOL blog.As President Obama did on July 13, Perez hailed state-based plans as a tool to strengthen retirement and noted...
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President Obama on July 13 called on the Department of Labor (DOL) to “provide a clear path forward for the states to create retirement savings programs.” He made his remarks at the 2015 White House Conference on Aging.Obama directed Secretary of Labor Thomas Perez to publish a proposed rule by the...
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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...
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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.
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States’ fiscal conditions are as varied as their topography: Some are in good shape, but others not so much, to put it mildly. But despite those differences, the states all share long-term challenges regarding public pension benefits, says a study by George Mason University’s Mercatus Center.“...
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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...
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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...
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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...
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You can add Oregon to the list of states that are poised to create a state-run retirement savings program — but there are a lot of details yet to be worked out. On June 16 the state Senate passed House Bill 2960 on a party-line vote (one Democrat voted with the Republicans in opposing the measure...
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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...
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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...
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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...
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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...
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Another state has stepped up to try and close the coverage gap — this time by making it easier for small businesses to find a retirement plan provider through a new “retirement plan marketplace.”Washington is the latest state to take that step, as Gov. Jay Inslee (D) signed into law the Washington...
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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...
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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....
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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...
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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...
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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...
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