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New Orleans Looks for Ways to Cut Pension Costs

The board of the New Orleans Municipal Employees Retirement System (NOMERS) – the city’s largest public pension fund – is considering a series of cost cutting measures, some that involve trimming benefits. Under consideration: increasing employee contributions and raising the retirement age, according to NOLA.com. The changes are currently being ...
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Milwaukee County Decides Against Reducing Future Pension Payments

Last week, Pension360 covered the story of Milwaukee County pensioners who were facing benefit reductions because they had previously taken government advice that led to pension overpayments. The County was considering docking over $10 million in future benefits from 217 public workers and retirees. But the County Board’s finance committee on ...
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Would a “Buyback” Program Help Ease Pennsylvania’s Pension Problems?

Pennsylvania is shouldering $47 billion of pension debt, according to the Governor’s Office, and that figure doesn’t include the unfunded liabilities of the state’s municipal pension systems. No easy solution awaits. But Thomas A. Firey, managing editor of economics journal Regulation, writes on Philly.com that a “buyback” program is worth ...
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Illinois Unions Challenging Reform Law Ask Supreme Court to Slow Down

When the lawsuit against Illinois’ pension reform law went to the Supreme Court, the Court obliged the state’s request for an expedited process. The state, win or lose, wants the court’s decision as soon as possible. But unions and public employees fighting the law are now asking the court to slow down the process. They say they need more time ...
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Christie Mum on Pension Specifics During “State of the State” Address

New Jersey Gov. Chris Christie announced this summer that another round of pension reforms would be coming to the state, and he all but promised that benefit cuts would be part of the deal. But details have been sparse since then. It was thought Christie might use his “State of the State” speech to unveil a few more details about what’s coming ...
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City Council Shakeup Could Affect Jacksonville Pension Reform

Jacksonville Councilman Johnny Gaffney is stepping down from his post next month. Gaffney was likely to vote in favor of the city’s pension reform measure. But with his departure, the chances of the measure passing become murkier. There are 19 seats on the Council, and the measure needs 10 votes to pass. From the Florida Union-Tribune: Because Gaffney ...
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Stakeholders Listening for Hints on Pension Reform in Chris Christie’s Annual Address

Chris Christie will deliver New Jersey’s “State of the State” address on Tuesday. The question on the minds of lawmakers, labor leaders and public workers is: how much will he reveal about his plans for reforming the state’s pension system? Christie indicated over the summer that a new round of pension reforms are necessary, and they would ...
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Pension Funding May Be First Fight of 2015 for New Jersey Lawmakers

At some point in 2015, pension reform will become a hot topic in the New Jersey Legislature. The only question is when the battle will heat up. From the looks of things, the fight over pension reform could begin sooner than later. From New Jersey 101.5: Funding New Jersey’s public employees’ pension system could be the first major fight in 2015 ...
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Pension Board to Cast Final Vote on Florida Reforms

The board of Jacksonville’s Police and Fire Pension Fund will vote Monday on a pension reform measure that would improve its funding status but also affect member benefits. The measure was passed by the City Council in early December. More from the Jacksonville Business Journal: The final status of the pension reform package, which calls for a mix ...
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Former Enron Trader Continues to Fund Pension Policy Reforms From Behind the Scenes

Former Enron trader John Arnold has given large amounts of money to various public pension reform initiatives around the county in recent years. Many of those measures mandate a shift to a 401(k)-style system, or allow benefit cuts. Most recently, he gave $1 million in support of Proposition 487, a Phoenix ballot measure that would have shifted new ...
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