State Sponsored Plans
In a characteristically brash move, New Jersey Gov. Chris Christie (R) announced a plan to restructure the state pension system just one day after a New Jersey judge said his plan to cut the state’s contributions to its pension system violates the state constitution.Christie’s fiscal year 2015...
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The NTSA is very pleased to announce that our persistent effort to ensure that public school employees receive the same important retirement plan information provided to private sector retirement plan participants, including fees, expenses and compensations, has passed a significant milestone: On...
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New Jersey Gov. Chris Christie (R) suffered a setback Feb. 23 in his plan to reduce the state’s contributions to the state pension system. New Jersey Superior Court Judge Mary Jacobson said that the plan is unconstitutional.Christie’s administration planned to slash cut $1.57 billion more from the...
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Presenting a budget he said was “honest with the people of Illinois,” new Illinois Gov. Bruce Rauner (R) has proposed massive cuts to balance the state’s budget, with state pension plans bearing the brunt, The New York Times reports.“Our top priority for financial reform must be our pension system...
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A bill that would create a self-managed DC plan as alternative to the DB plan that currently serves Illinois public school teachers is before the Illinois House. Rep. Thomas Morrison (R-Palatine) introduced HB 0426 on Jan. 30.The bill would allow school districts to choose to enter the DC plan for...
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The Virginia House of Delegates on Feb. 6 passed a measure that would allow school districts to establish and administer their own 403(b) plans, and also would allow voluntary and matching contributions under the Commonwealth’s DC plan to be directed to those locally adopted 403(b) plans. HB 2178,...
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State and local retirement plans will be able to cover qualifying public charter school employees without adverse consequences if regulations the IRS proposed on Jan. 23 are adopted. IRS Notice 2015-7 would change the definition of governmental plan under Internal Revenue Code Section 414(d) so...
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The curtain appears to be far from closing on the drama surrounding the New Jersey pension system. The state's Assistant Attorney General Jean Reilly on Jan. 15 argued before New Jersey Superior Court Judge Mary Jacobson that New Jersey can’t be compelled to make contributions to the state’s...
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Illinois Attorney General Lisa Madigan (D) is arguing that the Land of Lincoln has “police powers” that allow it to change a contract in extraordinary circumstances, including changes to the state’s public pensions contained in a 2013 pension overhaul. Madigan is appealing a lower court ruling...
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There is further to go in building the solvency of the Colorado public employee pension system and one way to accomplish that is through more cautious investment practices, says state Treasurer Walker Stapleton (R). Stapleton, reelected in November, made his comments in a Jan. 4 interview on...
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The New Jersey public pension system needs to be fixed. On that, Gov. Chris Christi (R) and State Senate President Steve Sweeney (D-West Deptford) agree. But implementation of steps to get there is another matter, as Christie and Sweeney differ on how much the state should be putting into the...
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Illinois has become the first state to put in place a state-run retirement plan in which private-sector employees can participate. Gov. Pat Quinn (D) on Jan. 4 signed into law SB2758, the measure that creates the Illinois Secure Choice Savings Program. All employers in Illinois must offer the...
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Six California superior court judges have filed suit against the state of California, State Controller John Chiang, the Judicial Council and the California Public Employees Retirement System (CalPERS) over the application of a state pension reform act to them. The Public Employees Pension Reform...
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Pension payments for state retirees can be withheld when income taxes are insufficient to cover them. This approach, taken by New Jersey Gov. Chris Christie (R), stands as the New Jersey Senate on Dec. 18 voted not to override Christie’s veto of a bill that would have required quarterly...
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It’s no secret that state pension plans are beset by obligations beyond their ability to meet. A new study by State Budget Solutions (SBS) is the latest to outline how serious the problem — which is not unique to any particular region — is, based on 2014 data. Collectively, the states are nearly $5...
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With time running out on its deadline for providing recommendations, a task force examining alternatives for a possible state-run IRA program in the Old Line State continued to debate the issues. At the Dec. 1, 2014 meeting of the Governor’s Task Force to Ensure Retirement Security for All...
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The Illinois Senate on Dec. 3 approved by a 30-25 margin a version of the bill passed earlier in the week by the Illinois House. Quinn – who lost his reelection bid in November – is expected to sign the bill into law. The legislation includes a requirement that private employers with 25 or more...
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Two of the states beset by the most intractable state pension problems have hit roadblocks in their efforts to address those issues. A circuit court judge has declared the law enacted in Illinois to reform its underwater pension system unconstitutional, and new reports and accounting procedures...
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In the wake of the surprise election of Republican Larry Hogan to the Maryland governor’s mansion earlier this month, the task force outgoing Gov. Martin O’Malley (D) established to study retirement plan access and potentially recommend a state-run automatic enrollment IRA program had its first...
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The recent elections have had a dramatic effect on Capitol Hill. But there also have been some significant and surprising results on the state level as well — and they could affect retirement plan-related legislation on regulation in some states. ASPPA Executive Director Brian Graff and Political...
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