rauner

“Phantom Savings”: Top Illinois Senator Questions Gov. Rauner’s Pension Cuts

Illinois Gov. Bruce Rauner laid out his budget plan on Wednesday, and it included a number of pension cuts – decreasing annual COLAs, freezing benefits, and moving employees into a plan that yields fewer benefits. (Under Rauner’s proposal, police and firefighters would be exempt from these changes.) One lawmaker on Wednesday accused Rauner of using ...
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West Virginia Retirees To Rally at Capitol For Tax Exemption, COLA

The Coalition of Retired Public Employees (CORPE), a West Virginia retire advocacy group, is organizing a rally this week at the state’s capitol. The retirees have gripes with several elements of the state’s retirement policy, and are trying to get the attention of West Virginia lawmakers. Among the issues retirees are pushing for is a larger (or ...
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Cincinnati Mayor: Pension Deal Removes “Dark Cloud” From Over City

Cincinnati Mayor John Cranley took to the newspapers on Thursday to comment on the city’s recently passed pension reform measure. In a column in the Cincinnati Enquirer, Cranley talks about the effects of the reforms on the city’s pension funding and the compromises made on both sides. Cranley writes: The historic agreement reached Dec. 30 ...
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Louisiana Lawmakers Weigh Uses for Pension System’s $300 Million Reserve

Louisiana’s state pension systems have $300 million sitting in “reserve” accounts; the money is meant to fund future cost-of-living increases. But lawmakers have begun eyeing the money, and are now weighing ways to use the money for other purposes. One lawmaker, Senator Elbert Guillory [R-Opelousas], wants to use the money to give retirees an ...
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New Hampshire Supreme Court Upholds Benefit Changes

The New Hampshire Supreme Court has upheld several changes key to the state’s pension reforms passed since 2011. At issue were the definitions of a cost-of-living adjustment and “earned compensation”. State lawmakers altered the definitions of those terms as part of pension reforms, and the court has now upheld the new definitions. The court ...
chicago

Fitch: Lawsuit Against Chicago Pension Cuts Expected; Emblematic of Reform Difficulty

Chicago unions and public employees filed a lawsuit Tuesday to block pension changes coming in 2015 that would reduce future COLA increases and require workers to pay more toward their retirement. In a newly released commentary, rating agency Fitch says the lawsuit was expected. But it also demonstrates the difficulty of making changes to pension benefits ...
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South Dakota Pension Officials Brainstorm Ways to Guard Funding Status Against Another Market Downturn

If another market downturn comes, officials at the South Dakota Retirement System want to be ready. That’s why they spent their last meeting talking about what they could do to mitigate damage if another downturn comes and plagues fund investments. Among the options discussed: lower the fund’s assumed rate of return and raising the retirement age ...
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CalPERS’ Administrative Expenses Are Twice As High As Peers

CalPERS incurs much higher administration costs than its peers, according to an analysis by CEM Benchmarking. The firm measured CalPERS’ administrative costs against four other large, complex public pension plans. CalPERS paid almost double the expenses of its peers. From the Sacramento Business Journal: CalPERS had a pension administration cost ...
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The Dutch Pension System’s “Hidden Risk”

The Dutch pension system has been getting lots of press in recent days – a recent New York Times report and a PBS documentary from last year have espoused the virtues of the system, which covers 90 percent of workers while remaining well-funded. But the system carries a “hidden risk” for participants. Allison Schrager explains in BusinessWeek: Compared ...
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Rhode Island Gov. Candidate Allan Fung Is A Pension Reformer, Too

By now, everyone knows about Gina Raimondo’s track record on pensions. Despite the controversy surrounding her 2011 reform efforts and subsequent investment strategies, she made pensions a central facet of her campaign for governor. Her Republican opponent, Allan Fung, is now taking up a similar strategy. Fung, currently the Mayor of Cranston, has ...
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