Pensions
Pensions are a critical aspect of financial security for public sector employees, managed by local and state government agencies to ensure long-term retirement benefits. Effective pension management involves balancing the needs of current and future retirees with the fiscal sustainability of the pension funds. This directory provides articles on pensions and related topics like Fiscal Responsibility, which examines the broader financial practices that ensure governments can meet their long-term obligations, including pension liabilities.
Mishawaka may open a clinic for public employees that could save the city $1M annually. How can health clinics increase savings for your city?
Amid public sector worker shortages, a new report from the National Institute on Retirement reveals just how crucial pensions are for recruiting and retaining firefighters, law enforcement officers, teachers and other critical public service roles.
A new NCPERS report shows that the notion that governments can’t afford both pensions and education is a false dilemma.
In Southern Illinois, a group of 24 municipal leaders are teaming up to challenge the state legislature with reforming increasingly expensive pension costs
The state Senate in Florida is considering allowing municipalities to use insurance premium tax revenue to pay down pension fund liabilities.
Tucson will change its pension spiking practices, allowing the city to maintain up to 92 public employee positions. Neighboring Phoenix will continue the practice, which has created a $38 million deficit
Fort Lauderdale recently agreed to a new contract with its police union and while many of the changes are pension related, one key budget saver is a new provision requiring payment in order to take a squad car home...
Ventura, CA, is facing a $1B pension liability, partially due to pension spiking. As a result, the city is looking at 401ks as a means of cutting the liability. Learn more about their efforts...
Using a task force to bring all parties to the negotiating table, the City of Chattanooga, TN, has an outline of a police & fire pension reform agreement that could save up to $200M over the next 20 years. How employees will be affected inside...
Teaming up with unions to bring about necessary pension changes, the mayor has been able to broker solutions to a structural deficit that had the city on the verge of bankruptcy. Read about the union concessions inside...
The province of New Brunswick has adopted a shared-risk pension model, allowing for changes to contribution by employees if funding of the plan drops below a 100% ratio. Details on how the plan could work here in the US...
Kentucky recently made major changes to its pension system, migrating from a defined benefit plan to a cash balance plan. We detail the changes and savings.
In an effort to pay down mounting pension liabilities, Allentown, PA, has devised a unique public-public partnership plan to lease its water and sewer systems for a $211M upfront payment and $500k annually. Details inside
After seeing annual pension costs balloon from $7M to $129M in less than 10 years, taxpayers are suing the city of Phoenix for its allowance of public safety employees to spike their pensions prior to retirement. Read inside for the details of the spiking specifics and how it is causing budget hardship
Cape Coral, FL, is attacking a rising pension and OPEB unfunded liability by negotiating reforms that will require one-time bonuses for its employees. Read inside for the details
Jacksonville, Florida, is implementing dramatic changes to its pension system, capping benefits, increasing contributions and lowering salaries in order to preserve benefits. Inside, Gov1 provides you with all the specifics
In an effort to save more than $600 million over the next 25 years, the City of Phoenix is proposing pension changes affecting new hires. A ballot measure will ask voters to look at bumping employee contributions to the plan from 5 to 20% as well as other measures. Read inside for more details
After watching disability benefits double over the past four years, Nashville Mayor Karl Dean is proposing reforms that expect to save the city $1 million annually. We detail his efforts as well as plans to reign in pension abuse in St. Louis
As the City of Stockton, CA, moves towards bankruptcy, concerns for guaranteed pension payments are looming. We look at the pension crisis in that city, how Moody’s is looking at California’s problems and reports from Boston College’s Center for Retirement Research
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