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Former Illinois Governor Jim Edgar Weighs In On State’s Pension Problems; Calls Pension Reform Law A “Huge Mistake”

Jim Edgar, former Illinois governor from 1991 to 1999, sat down with Reboot Illinois this week to discuss the state’s pension crisis and the court ruling that deemed Illinois’ pension reform law unconstitutional. Edgar talked about the ruling and placed fault on lawmakers for not drafting a bill that would pass the scrutiny of the courts. From Reboot ...
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Oklahoma Labor Group Pushes For COLA Boost In Wake of Pension Funding Improvement

Since 2010, the aggregate funding ratio of Oklahoma’s state-level pension systems has risen from 58 percent to 74 percent. Meanwhile, unfunded liabilities have declined by over $6 billion. Now, a labor group is pushing lawmakers to boost public employee cost-of-living adjustments. The state froze COLAs in 2008. From the Associated Press: Representatives ...
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Oklahoma Pension Officials Report Big Improvements in Funding, Liabilities Since 2010

Four years ago, Oklahoma’s state-level pension systems were collectively 58 percent funded. Now, their aggregate funding ratio stands at 74.4 percent, and unfunded liabilities have declined by $6.5 billion. Pension officials reported the figures to state lawmakers on Wednesday during a House hearing. More details from the Associated Press: The improvements ...
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Pension Reform in Illinois Likely to Look Different Under Rauner If Supreme Court Rejects Current Law

Under Gov. Pat Quinn, Illinois passed a sweeping pension overhaul that cut COLAs and raised retirement ages for some workers. But the state Supreme Court could reject the law. If that happens, it will be Bruce Rauner who will be able to shape reform legislation, which will likely look different than Quinn’s. From the Wall Street Journal: Confronting ...
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Voters Reject Phoenix Pension Overhaul

http://youtu.be/8GC0bEBzJ-g The controversial Phoenix ballot measure Proposition 487, which would have transferred all the city’s non-public safety new hires into a 401(k)-style system, has been struck down by voters. From Reuters: In a big victory for city labor unions, voters rejected Prop. 487 by a margin of 56.5 percent to 43.5 percent, according ...
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Phoenix Lawmakers Weigh In On Proposition 487

When Phoenix voters go to the polls today, they will decide the fate of one of the most controversial ballot measures in the country: Proposition 487. The measure would close of the city’s defined-benefit system to new hires and shift them into a 401(k)-style plan. Public safety workers are excluded, but unions say death and disability benefits could ...
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Video: A Closer Look At Phoenix’s Proposition 487

Proposition 487 is a Phoenix ballot measure that would close off the city’s defined-benefit pension plan for new hires and instead shift them into a 401(k)-style system. The measure would also prohibit pension “spiking” practices. Prop. 487 has been surrounded by debate about its true cost, and whether it would reduce death and disability ...
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Would Phoenix’s Proposition 487 Hurt Public Safety Workers?

In exactly one week, Phoenix voters will determine the fate of Proposition 487 – the controversial ballot measure that would, among other things, end the city’s defined-benefit plan for all new hires and shift them into a 401(k)-style plan. The measure excludes public safety workers, so nothing would change for police and firefighters. Or would ...
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How Would Phoenix Officials Handle The Up-Front Costs of Proposition 487?

In two weeks, Phoenix voters will decide the fate of Proposition 487 – the ballot measure that would close off the city’s defined-benefit plan from new hires and shift them into a 401(k)-style plan. The plan, if passed, would cost the city millions up front – but the tradeoff, proponents of the plan say, is a more sustainable pension system. There ...
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NY Comptroller DiNapoli: Six Reasons the State Shouldn’t Switch to a 401(k) System

State Comptroller Thomas DiNapoli is the sole trustee of New York’s $180 billion Common Retirement Fund (CRF). His challenger, Robert Antonacci, has said he would shift New York’s pensioners into a 401(k)-type plan if elected. But during an editorial board meeting Monday, DiNapoli laid out six reasons why he’d keep New York’s defined-benefit ...
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