New Jersey Pension Commission Release Report; Proposal Would Bring Savings to State, Cuts to Workers

New Jersey Gov. Chris Christie unveiled a series of pension reform proposals at his budget address yesterday. But he’s taking his cues from a just-released report from his pension commission, which he set up in the summer of 2014. Christie acknowledged in mid-2014 that future pension changes would likely mean benefit cuts for workers. Now, we are ...

Christie Budget Will Contain Pension Cuts; Full Payment Not Yet Figured In Despite Court Ruling

New Jersey Gov. Chris Christie will give his budget address on Tuesday afternoon, and details are already leaking about what it will contain. The governor’s office says that the budget will contain numerous pension proposals, including some that cut benefits for public workers. Christie will also announce that he will begin negotiating pension changes ...

Illinois Supreme Court Schedules Oral Arguments in Pension Suit

The Illinois Supreme Court announced on Thursday a specific date and time for oral arguments in the state’s high-profile pension lawsuit. The arguments will be held on March 11 at 2:30 pm, CST, according to the Associated Press. Unions, retirees and retiree groups are suing the state over a pension overhaul passed in late 2013. The law cuts benefits ...

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 ...

Illinois Supreme Court Pension Ruling May Not Affect Chicago Reforms, Say Lawyers

The City of Chicago filed a brief with the state Supreme Court last week in support of the state’s pension reform law, in part because the city has its own set of pension reforms that could be impacted by the ruling. But even a ruling overturning the state’s pension law might not affect Chicago’s own reforms, a lawyer for the city said Wednesday. From ...

Where Does Bruce Rauner Stand on Pension Reform?

When talking pensions on the campaign trail early in 2014, Bruce Rauner said that new hires, current workers and retirees all would need to be on the receiving end of pension benefit cuts. But Rauner has softened that stance in recent months; the Illinois governor now says the benefits accrued by current workers and retirees need to be protected. From ...

Pension Shortfalls Felt By Police Departments As Hiring, Retainment Becomes More Difficult for Cities

Pension obligations have strained police departments across the county as they weigh ways to cut costs without hurting the quality of their force. But sound solutions are hard to come by as benefit cuts make it harder to recruit and retain good officers. By the same token, mounting pension obligations make it more unlikely cities will spend money on ...
reasons for lack of confidence

Chart: Reasons For Lack of Retirement Confidence Among Public Workers

Public workers aren’t confident about having enough income and savings to last through retirement. Why? The number one reason is inadequate savings. A significant portion of people (15 percent) are also worried that state and local-level pension reforms will cut into their pension benefits.   Chart credit: Retirement Confidence Survey 2014

Settling Pension Lawsuit Is Top Priority for Raimondo

When Rhode Island Governor-elect Gina Raimondo takes office this month, one of her top priorities will be negotiating a settlement with public employee unions in the lawsuit challenging the state’s 2011 pension changes. From the Providence Journal: Days away from taking the oath of office that will make her the first female governor of Rhode Island, ...

Unions Sue Over Chicago Pension Cuts

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. From the International Business Times: The law in question is scheduled to take effect in the new year and will slash pension benefits for workers and retirees ...
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