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.
Mayor Lori Lightfoot’s challenge is steep: close an $838 million budget deficit while also appeasing the striking Chicago Teachers Union. Chicago public schools have been closed for five days, affecting 300,000 students.
U.S. Conference of Mayors voted in support of the Diverse Asset Managers Initiative, which advocates that public pensions be managed by diverse groups.
The Mossavar-Rahmani Center for Business and Government at Harvard University studies what could happen to pension funds in 10 states under various economic scenarios.
Approaching a $750 million deficit, Baltimore, MD, is pushing for new reforms that will create a combination defined benefit, 401K-type plan for new police hires and a straight defined comp plan for other new hires. We provide details on the proposal and other reform specifics including raising firefighter hours from 42 to 52 per week
With declining funding levels seen in its Police and Fire pension fund, the Minnesota state pension system has proposed significant reform, primarily targeting early retirement. Details inside on the specifics, savings, reduction calculators and more
A recent audit of the San Francisco city pension fund by a Superior Court Grand Jury came to the conclusion that a high-risk model of investments has not worked and has caused unfunded obligations that require annually greater contributions by the city. Inside we detail the seven reported findings, links to the actual report and how the new SF mayor is trying to reform the plan
Recent changes to Melbourne, FL’s police pension plan are estimated to save $400k annually for taxpayers. Read inside for details of the negotiation, how it dovetailed on nearby cities’ efforts and what will make the plan work for both sides.
An arbitrator ruled in favor of Allentown, PA, allowing cuts to manning, overtime sick leave pension calculations, and salary raises, potentially leading to millions of dollars in savings. Learn about the coming changes there and in other cities, as well as links to key documents outlining reforms in cities around the country.
North Haven, Connecticut, is tackling its rising pension costs by moving new police officers to a 401k plan. It also plans to reduce health care costs and bring other municipal employee unions into the same plan. Details and examples of similar moves in other cities are inside.
To raise money for its growing pension problems, the city of Allentown, PA, wants to lease the city’s water and sewage plants. We take a look at the strategy, financials, pros, cons, vendors
The city of Ft. Lauderdale, Florida, is thinking about borrowing nearly $300 million to shore up its pension funds and reduce budget expenses. Inside, we walk you through the ins and outs of “pension obligation bonds,” and show why they tend to be very bad bets.
Federal regulators have approved two standards that impact the accounting and financial reporting of public employee pensions by state and local governments. Inside, we break down the announcement, categorize the requirements, and highlight key changes.
New York’s five pension funds earned only 1.7 percent in fiscal 2012, and California’s public retirement fund earned even less. Inside are all the details, potential fallout, a related study by former Fed chair Paul Volcker, and more.
Sioux Falls, South Dakota, might eliminate retiree health benefits for new employees, replacing them with a flat monthly stipend. Inside are the plans, options, and research so you can compare your town’s health plan liability.
Two Florida cities have voted to change existing pension plans for current police employees—a major political feat that most towns haven’t yet tackled. See the changes, which could save millions, plus one “must read” study used to develop the new benefit systems.
The mayor of Knoxville, Tennessee, has proposed a “hybrid” pension plan that may be of interest to other municipalities and Gov1 readers. Details, key components, and additional research is inside, as are the experiences of other cities looking at hybrid plans.
Firefighters in Mountain View will soon be contributing 15.4 percent of their paychecks to the existing pension and health plan, helping to save the city $250,000 in the next three years. How, why, and comparables are inside.
New York City Mayor Bloomberg has called projected pension fund returns indefensible, arguing that relying on a forecast of 8 percent or even 7 percent is completely unrealistic. Details, recommendations, and related coverage is inside.
Voters overwhelmingly passed San Jose’s “Measure B,” which will curb both new and existing employee pension costs. San Diego also passed its pension reform measure with a whopping 69 percent voting in favor.
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