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Union Leaders React to Christie Reform Proposals

Last week, New Jersey Gov. Chris Christie unveiled a series of pension proposals that include freezing the current pension system for active employees and shifting them into a hybrid cash balance plan. Throughout the week, union leaders publicly expressed their thoughts on the proposals. Public safety unions weighed in, from NJ.com: Patrick Colligan, ...
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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 ...
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Unions Approve Omaha Pension Reforms

A third union has approved a contract with the city of Omaha, Nebraska that features major pension changes. Among the changes: new employees will be shifted into a cash balance plan and the full retirement age will be raised. In exchange, Omaha will increase its payments into the city’s pension fund and employees will receive a raise. From NBC Omaha: Monday, ...
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In Congress, Leadership Shifts Could Lead to Retirement Plan Changes

Republicans control both houses of Congress, and there are many leadership shifts underway at the committee level as well. These shifts open the door for changes to retirement plans coming from the federal level. One idea sure to be brought up is Senator Orrin Hatch’s SAFE Retirement Act. From Pensions and Investments: At the committee level, the ...
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