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PA Senate to Vote on Pension Forfeiture Law

A bill in Pennsylvania is trying to expand the pension forfeiture law so that all government or school employees who are convicted of crimes must forfeit their pension benefits. While there are currently laws in place, this bill is attempting to expand the current policy to include any employee who is convicted, and not just to wait until the employee ...

NYPD Police Union Pushes for Pension Reform for Injured Officers

The New York Police Department is calling for a pension reform that would allow officers who were injured on the job to collect 75 percent of their salary in pension benefits. Currently, legislation has passed that lowered injured officers’ pensions to half of the current salary. Unions are currently pressing the issue. The Daily News has more information ...

Springfield, MA Delays Budget Vote Due to Pension Funding

The city council of Springfield, Massachusetts has delayed voting on the new budget due to issues with pension funding. The delay allows councilors to look over the budgets and deliberate on how to handle the city’s pension liability. Mass. Live has more on the topic: The City Council has postponed two special meetings this week to vote on the proposed ...

Chicago’s Pension Patch Job?

Leo Kolivakis is a blogger, trader and independent senior pension and investment analyst. This post was originally published at Pension Pulse. Hal Dardick of the Chicago Tribune reports, Mayor floats plan to fix city’s smallest pension fund: Mayor Rahm Emanuel on Monday floated a new idea to fix the city’s smallest government worker pension ...

Kentucky Pension Transparency Bill Shot Down

A bill in Kentucky that aimed to increase transparency surrounding the state pension system did not make it to the floor of the state House of Representatives. The bill had passed in committee and the Senate, but failed to make it past the House. Many Kentucky voters are upset about the lack of transparency. Heartland has more on the issue: A bill to ...

NY Veteran Pension Bill at Governor for Third Time

This is the third time that a New York bill that would offer all veterans an extra three years of pension has reached Governor Andrew Cuomo’s office. The bill aims to include all veterans, regardless of when or where they served. Every time the bill has reached the Cuomo in the past, he has vetoed it, reportedly due to funding concerns. Press Connects ...

Chicago Unions Reach Agreement to Fight Pension Debt

Chicago unions have reached an agreement with Mayor Rahm Emmanuel that may fix Chicago’s massive pension debt. The new plan would allow workers to choose when to retire based on how much of their salary they would like to donate to the pension fund. Reuters has more on the plan: Chicago would increase its annual contribution to its laborers’ ...

Illinois Pension Debt Higher Than Reported

A new study by Truth in Accounting discovered that while Illinois’ Comprehensive Annual Financial Report says that the state has $108.6 billion dollars in pension debt, the truth is even worse. Due to accounting loopholes, Illinois is able to hide the fact that its true pension debt is $116.7 billion. Reboot Illinois has more on the topic: Truth in ...

Congress Pushes Back Pension Payments for Corporations

Due to an act recently passed in Congress, companies are required to pay significantly less money to pension funds than was expected in previous years. By using a model similar to what was in place during the recession, companies are allowed to base their payments on interest rates from 25 years ago. The Boston Globe has more on the story: A recession-era ...

Unions Seek School Pension “Death Benefit” Hike

Reporter Ed Mendel covered the California Capitol in Sacramento for nearly three decades, most recently for the San Diego Union-Tribune. More stories are at Calpensions.com. Annual rates paid by employers to CalPERS and CalSTRS are going up, pension funding levels haven’t recovered from a big drop during the recession, and Gov. Brown’s pension reform ...
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