military

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 ...
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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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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Louisiana Teachers Pension Fires Back at Think Tank Report

The National Council on Teacher Quality released a report last week that graded the teachers’ pension funds of every state. [The full report card can be found here.] The report slapped the Teachers Retirement System of Louisiana (TRSL) with a C- grade, calling the system underfunded, inflexible and not portable. But TRSL took issue with its C- grade, ...
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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$700 Million in New York Pension Payments Go to Florida Retirees

If you want a sense of how many New Yorkers move to Florida in their retirement years, look no further than this number: $708 million. That’s how much New York’s pension system paid out to Florida residents in 2014; the number represented 7 percent of the system’s total benefit payout. More from Bloomberg: Florida is luring more than just New ...
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Pennsylvania Lawmaker Will Reintroduce Plan to Create 401(k) System for All New Public Employees

Pennsylvania State Rep. Warren Kampf says he will be reintroducing a bill that would significantly alter the states pension system. The bill would create two new defined-contribution plans: one for state employees and one for school district employees. All future state hires would be funneled into these 401(k)-style plans. In other words, the bill ...
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New Congress Likely to Attempt Federal Pension Reform

The New Congress has already proved it has its eye on retirement benefits. But even with lawmakers’ eyes locked on Social Security, there may be federal pension changes coming down the pipeline. Many lawmakers are weighing changes to the federal pension system, and new legislation on that front could surface this year, according to two key committee ...
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Examining an Insider’s View of Canada’s Pension Debate

Last month, the Toronto Star interviewed Tom Reid of Sun Life to get an insider’s view of Canada’s pension debate. The interview can be read here. This week, Leo Kolivakis of the Pension Pulse blog penned his own critical examination of the debate. The post can be read below. ____________________________________ By Leo Kolivakis, Pension Pulse Indeed, ...
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Canada Pension Funding Declined in 2014

The collective funding ratio of Canada’s defined-benefit pension plans declined by 2.7 percentage points in 2014, according to Aon Hewitt. From Benefits Canada: The median solvency ratio of 449 Aon Hewitt administered pension plans from the public, semi-public and private sectors stood at 90.6% at Dec. 31, 2014. That represents a decline of 0.5 percentage ...
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