ChrisChristie2

Moody’s: New Jersey Pension Ruling A “Credit Negative” For State

A New Jersey Superior Court judge ruled this week that Chris Christie acted outside the law when he cut the state’s pension contributions $2.4 billion over two years. That means, pending appeal, the state will be making its full contribution in 2015 – a development that hasn’t yet been budgeted for. So while the ruling was good news for the state’s ...
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Former NY Lieutenant Gov: Kansas’ Pension Bond Plan a “Dreadful Idea”

Kansas Gov. Sam Brownback last month proposed issuing $1.5 billion in bonds to help cover the state’s pension funding shortfall. The bonds would allow Brownback to go through with another proposal – lowering state payments to the pension system by $39 million in fiscal year 2015-16 and by $92 million in fiscal year 2016-17. But pension bonds don’t ...
chicago

Chicago Could See Credit Downgrade If Pension Changes Are Suspended Pending Lawsuit

Unions and retirees are currently challenging Chicago’s 2014 pension changes, and they are asking a judge to stop the implementation of the changes – which took effect Jan. 1 – until the lawsuit is resolved. But a Chicago official said on Thursday that such an injunction could spur a credit rating downgrade from all three major rating agencies. From ...
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Kolivakis: 5 Reasons Behind Canada Pensions’ Real Estate Binge

Canadian companies and pension funds collectively invested $2.75 billion in commercial U.S. real estate in the first month of 2015. In 2014, that number was a hefty $9.7 billion. What’s behind the binge? Leo Kolivakis of Pension Pulse gives 5 reasons why Canada’s pensions are snapping up real estate in the U.S., and elsewhere. _______________________________ By ...
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More European Pensions To Move Into Real Assets, Says Study

The coming years will find European institutional investors increasingly turning to real assets, according to new research from alternative asset manager Aquila Capital. The new paper, titled Real Assets – The New Mainstream, predicts that investors will turn to real assets and equities and bonds will become less attractive. Details from a press ...
palm-tree

Jacksonville Mayor Submits New, Updated Reform Bill

Jacksonville Mayor Alvin Brown has submitted a reworked version of the city’s pension reform proposal, which was previously passed by City Council but wasn’t approved by the city’s Police and Fire Pension Fund. The bill needs to be approved by both entities before it passes into law. The City Council may vote on the new bill next month, according ...
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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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Missouri Law Bans Pension Advances, Helps Retirees Recoup Losses

Pension360 covered last week the rising business of pension advances—businesses that apply the concept of a payday advance to retirement benefits by giving retirees an option to receive their pension as a lump sum. But Missouri recently passed a bill that outlaws the practice and gives retirees a chance to take legal action against the business that ...
Early retirements

Thousands of Early Retirements Coming In Indiana As New Law Takes Effect

A new law has pushed forward the retirement plans of thousands of Indiana workers, who may retire early to try and avoid lower interest rates on their monthly retirement benefits. One state system, the Indiana Public Retirement System, said it expects 2,000 more retirements than last year, which amounts to a 25 percent increase. From the Lafayette ...
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