San Diego Pension Reform Reaches Agreement

After a series of negotiations, San Diego officials have reached an agreement with the city’s firefighters that will alter the way firefighters’ pensions work. The agreement is in alignment with Proposition B, a previous pension reform movement that was passed months ago. ABC 10 News has more on the topic: The latest agreement brings all the city’s ...

CalPERS Former CEO Pleads Guilty to Bribery, Receives Sentence

Federico Buenrostro, the former CEO of CalPERs, has been sentenced to four and a half years in prison for accepting bribery. Buenrostro pleaded guilty to helping Alfred Villalobos in business ventures in exchange for money, vacations, and even the price of his own wedding. ABC News has more on the topic: Senior U.S. District Court Judge Charles Breyer ...

PBGC Expected to Run Dry

The Pension Benefit Guaranty Corp. is significantly low on funds. The corporation, which was created to help bail out failing pension systems, has seen more use in the past few years than what was expected. This trend has brought PBGC’s financial status into the red. The Washington Post has more on the topic: The Pension Benefit Guaranty Corp., which ...

Veto on Illinois Pension Bill Overridden

The Illinois Congress has overridden Governor Bruce Rauner’s veto on a bill that would help to fully fund public service officials’ pensions. The override passed with a large majority, much to Rauner’s displeasure. Reuters has more on the topic: The Senate voted 39-19 and the House voted 72-43 to undo Republican Governor Bruce Rauner’s veto ...

Irish Pension System in Crisis

The Irish pension system is experiencing extreme difficulties. A recent study, the first since 2009, shows that the retirement age has risen dramatically and that many younger workers have small pensions or do not have their own pensions at all. The Irish Times covers the issue in more depth: Ireland’s pension crisis continues to deepen, with figures ...

Kansas Legislators Work Part-Time to Gain Full-Time Pensions

Legislators in Kansas can work a few months out of the summer for a very small salary while still receiving massive pension contributions. Since the pensions these legislators gain do not necessarily reflect their usual salary, the state needs to chip in more and more to keep the program running. The Kansas City Star has more on the topic: “Legislators,” ...

OPTrust Travels to Washington to Discuss Canadian Pension Model

OPTrust, a Canadian pension firm, sent executives to Washington to meet with experts in an effort to promote and explain the Canadian pension model. In a time when many American pension systems are beginning to feel financial weight, OPTrust saw it fit to send in experts to hopefully help alleviate some American pension issues. Benefits Canada has more ...

Orange County Pensions Trades NEPC for Meketa

Orange County Employee Retirement System (OCERS) has traded in NEPC and has hired Meketa as its general consultant for the next five years. The decision follows what some call the “RPF from hell” issued by OCERS earlier this year. The Chief Investment Officer has more on the decision: Meketa will begin its five-year relationship with the $12 billion ...

NJ Refuses to Cut Back Pension Hedge Fund Investments

The New Jersey State Investment Council refused to adopt a plan that would cut back on hedge fund investments by over eight percent. The notion, which was pushed by public labor leaders, was split by a tie vote on whether or not to adopt the new investment proportions. Members of the board threatened to resign if the vote went one way or the other. NJ.com ...

Wyoming Promises More in Pensions Than State Can Afford

According to a recent study by the Pew Charitable Trusts, the state of Wyoming is promising up to $2 billion in pension benefits that the state cannot afford. While this does not change pension payments currently, future payments may be greatly affected by the lack of funding. The Star Tribune has more on the topic: Wyoming has promised public employees ...
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