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Phoenix Considers Capping Pension Benefits, Other Changes; Measure Could Be on August Ballot

The Phoenix City Council is debating whether to put a major pension measure on the August ballot, according to a report from the Arizona Republic. The measure, designed to reduce the city’s future pension costs, would aim to eliminate pension “spiking” by putting a cap on the salary used to determine pension benefits. But the measure would also ...
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Illinois Gov. Rauner Would Fine Schools For “Spiking” Pensions

Illinois public schools that hand out late-career pay raises could be subject to heightened penalties under the Rauner administration. Gov. Bruce Rauner this week laid out a series of pension-related measures as part of his budget proposal; among them was the idea of levying a penalty on schools that give late-career raises to teachers. Illinois already ...
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Audit: Oregon Public Employees Not “Spiking” Pensions

The Oregon Secretary of State’s office has released the results of an audit that investigated the possibility that Public Employee Retirement System workers were “spiking” their pensions in the years before retiring. The audit, which was conducted to determine whether “spiking” played a part in the retirement system’s rising costs, found ...
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562 of Pennsylvania’s Municipal Pension Funds Classified as “Distressed”

Pennsylvania Auditor General Eugene DePasquale released figures Wednesday on the debt and funding status of the state’s municipal pension systems. The majority of the state’s 1,200 municipal pension plans were funded at 90 percent or higher, according to the Auditor General’s office. But 562 of the plans were classified as “distressed”. From ...
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North Carolina Pension Changes Go Into Effect Jan. 1

As of January 1, 2015, highly paid government workers in North Carolina will no longer be allowed to boost their pension benefits with accumulated sick leave or other perks, according to a law signed over the summer by North Carolina Gov. Pat McCrory. The law also lowers the “vesting period” for benefits of public employees from 10 years ...
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Kentucky Pension Committee Recommends Measures For Funding Improvement, Other Policy Changes

Kentucky’s Public Pension Oversight Board, a panel of lawmakers that “assists the General Assembly with its review, analysis, and oversight” of the Kentucky Retirement Systems (KRS), has made 13 recommendations aimed at improving the health of KRS and altering other KRS policies. A handful of the key recommendations, from the Courier-Journal: – ...
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Moody’s: Voter Rejection of Prop. 487 Is “Credit Negative” For Phoenix

Last week, Phoenix voters shot down Proposition 487, the ballot measure that would have shifted the city’s non-public safety new hires into a 401(k)-style retirement plan. Many public workers, and the city’s mayor, were happy with the result. But one credit rating agency was not. A Moody’s report released Tuesday said the measure would have improved ...
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Phoenix Pension Measure Voted Down, But City Leaders Say Reform Debate Not Over

On Tuesday, Phoenix residents handily voted down Proposition 487, the ballot measure that would have shifted most new hires into a 401(k)-style retirement plan. The Mayor was an opponent of the measure and called it “too extreme”; but some Phoenix leaders, even the ones that didn’t support Prop 487, are determined to continue the conversation ...
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Phoenix Lawmakers Weigh In On Proposition 487

When Phoenix voters go to the polls today, they will decide the fate of one of the most controversial ballot measures in the country: Proposition 487. The measure would close of the city’s defined-benefit system to new hires and shift them into a 401(k)-style plan. Public safety workers are excluded, but unions say death and disability benefits could ...
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Video: A Closer Look At Phoenix’s Proposition 487

Proposition 487 is a Phoenix ballot measure that would close off the city’s defined-benefit pension plan for new hires and instead shift them into a 401(k)-style system. The measure would also prohibit pension “spiking” practices. Prop. 487 has been surrounded by debate about its true cost, and whether it would reduce death and disability ...
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