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Video: Pennsylvania Gov. Wolf Discusses Paying Down Pensions, Transition to 401(k) System

Pennsylvania Gov. Tom Wolf sat down with PennLive this week to discuss the state’s pension system. The first topic of discussion is a possible transition to a 401(k) system – an option favored by the state’s Republican lawmaker but opposed by Wolf. Wolf also discusses the long-term funding of the system and comments on the state making its full ...
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Pentagon Probes for Details on Proposed Military Retirement Overhaul

Last month, the Military Compensation and Retirement Modernization Commission released a long-awaited report containing a series of policy proposals designed to decrease the cost of military benefits, including retirement benefits. One of the more controversial proposals: the phase-out of the military’s current defined-benefit plan in favor of a ...
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Nevada Lawmakers Debate Bill to Switch New Hires into 401(k) Plan

Public employee groups, businesses and lawmakers all hotly debated a Nevada bill this week that would make major changes to the state’s pension system. The measure under scrutiny is Assembly Bill 190, which would close off the state’s defined-benefit system and funnel all new government hires into a hybrid plan that more closely resembles a 401(k). The ...
military

Military Pension Cuts a Tough Sell in Congress

Last month, the Military Compensation and Retirement Modernization Commission produced a report that recommended a series of changes to the military’s retirement benefit system. Among the proposals: shrinking retirement pay by about 20 percent, and phasing out the military’s current defined-benefit plan, in favor of a hybrid plan that features ...
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Illinois Union President: Taxpayers Would Lose With Switch to 401(k)

When Illinois Governor Bruce Rauner was on the campaign trail, he touted his preferred solution to the state’s pension problems: shifting new hires into a system that more resembled a 401(k) plan than a traditional pension. The idea is commonplace and has been incorporated into dozens of state and local pension plans across the country. Michael T. ...
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Alaska Supreme Court Hears Case Over Benefit Tiers

In the last decade, Alaska has overhauled its pension system by shifting public workers out of a traditional pension system and into a 401(k)-style system. But another important change has, until now, flown largely under the radar. Alaska’s public employees used to be able to leave their jobs and come back later while still qualifying for the same ...
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Pennsylvania Republicans: State Pension Reform Is “No. 1 Issue” in 2015

Pennsylvania Gov. Tom Wolf, in stark contrast to his predecessor Tom Corbett, has been adamant that he is not on board with any sweeping changes to the state’s pension system – particularly the switch to a 401(k)-style system favored by many of the state’s Republican lawmakers. But House Republicans re-iterated last week that pension reform remains ...
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Omaha Approves Pension Changes; New Plan Goes Into Effect March 1

On Tuesday, the Omaha City Council approved a major change in the city’s pension system. Starting on March 1, all new city hires will be placed into a pension plan that resembles a hybrid between a 401(k) and a traditional pension, as opposed to the defined-benefit plan currently in place. Public safety workers are not affected. The new plan, called ...
military

Government Panel Likely to Call For Military Pension Changes

The Military Compensation and Retirement Modernization Commission has spent the last two years drawing up policy proposals to decrease the cost of military benefits, including retirement benefits. The Commission will make the proposals to Congress on Thursday, but people familiar with the report have already been revealing its contents to the USA Today ...
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Where Does Bruce Rauner Stand on Pension Reform?

When talking pensions on the campaign trail early in 2014, Bruce Rauner said that new hires, current workers and retirees all would need to be on the receiving end of pension benefit cuts. But Rauner has softened that stance in recent months; the Illinois governor now says the benefits accrued by current workers and retirees need to be protected. From ...
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