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Pennsylvania Gov. Wolf Proposes $3 Billion Pension Bond

Pennsylvania Gov. Tom Wolf unveiled his budget proposal on Tuesday, and it contained a number of pension-related items. The biggest was undoubtedly the proposed issuance of $3 billion in pension bonds, to be used to pay down the liability of the Public School Employees Retirement System (PSERS). As is always the case with pension bonds, the state runs ...
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New Orleans Looks for Ways to Cut Pension Costs

The board of the New Orleans Municipal Employees Retirement System (NOMERS) – the city’s largest public pension fund – is considering a series of cost cutting measures, some that involve trimming benefits. Under consideration: increasing employee contributions and raising the retirement age, according to NOLA.com. The changes are currently being ...
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Virginia Governor Proposes Extra $150 Million Payment to Pension System This Year

Virginia Gov. Terry McAuliffe wants to put an extra $150 million in the state’s teacher retirement fund this year in a bid to reduce the state’s pension contributions in future years. The extra money would also reduce future pension payments from school districts. From the Richmond Times-Dispatch: The proposed payment to the teacher fund would ...
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Florida to 19 Local Pension Plans: Fix Funding Issues Now

Nineteen of Florida’s most underfunded local pension plans received “call to action” letters from the state Tuesday, calling for the systems to immediately begin formulating a plan to deal with their funding issues. From the Florida Times-Union: The 19 pension plans all are less than 50 percent funded, prompting the terse letter from the Department ...
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Kansas Treasurer Voices Support For Governor’s Pension Bond Plan

Kansas Treasurer Ron Estes is backing Gov. Sam Brownback’s plan to issue $1.5 billion in bonds to go towards funding the state’s Public Employees Retirement System. Pension officials told Kansas lawmakers last week that such a decision, coupled with Brownback’s plan to delay pension payments, could end up costing the state almost $4 billion. From ...
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Kansas Pension Officials: State’s Plan to Delay Pension Payments Could Cost Billions in Long-Run

Kansas Gov. Sam Brownback in December diverted a $58 million payment from the pension system and used the money to plug holes in the state’s general budget. The governor is seeking to delay more state payments to the pension fund, and is also looking to offset some of the costs by issuing pension obligation bonds. But pension officials told lawmakers ...
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Top New Hampshire Lawmaker Forms Pension Reform Study Committee

New Hampshire House Speaker Shawn Jasper is forming a 14-person panel to study the state’s retirement system and potential reforms. The committee was announced Wednesday. More from the Associated Press: House Speaker Shawn Jasper is making pension reform a priority of the new legislative session by creating a 14-member committee to study the system ...
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Video: Solving Teacher Pension Underfunding

Here’s a long discussion on the state of teacher pension systems and how public policy can address the systems’ liability issues while causing the least amount of harm to teachers, retirees and students. From the video description: America’s teacher-pension systems (with up to a trillion dollars in unfunded liabilities according to some estimates) ...
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Texas Pension Official: Liabilities Could Hurt State Credit Rating Sooner Than Later

Texas budget analysts and pension officials are attempting to draw lawmakers’ attention to the unfunded liabilities of the Employee Retirement System of Texas. The analysts and the director of the pension system say the liabilities, if left unaddressed, could lead to a credit downgrade for the state. From the Austin American-Statesman: At a legislative ...
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Pennsylvania Lawmaker To Propose Shale Tax to Fund Pensions

A Pennsylvania representative is planning to introduce a bill in January that would levy a 3.5 percent tax on companies that frack in the state. The revenues – estimated to be $400 million annually – would then go to paying down the Public School Employees’ Retirement System’s (PSERS) unfunded liabilities. From Main Line Media: The way state ...
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