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.
Municipalities in danger of bankruptcy can be resurrected. Pittsburgh turned deficits to surpluses, cut costs and created standards for best financial practices to get released from state oversight.
Chicago Public Schools just sold grant anticipation notes to JPMorgan Chase & Co. that will be repaid with state aid.
Pennsylvania would be the first to transition all public school teachers and state employee pension funds to hybrid pension plans.
Facing a $20 billion unfunded pension liability, a property tax increase of 150 percent and class sizes of 55 children, the city of Chicago is proposing a number of reforms. Gov1 editor Barry Greenfield weighs in.
Teachers and bus drivers in several Massachusetts cities have been receiving unemployment compensation during the summer when they are on hiatus from their full-time jobs.
Proposition B, a ballot initiative in San Diego to be voted on June 5, would give most new municipal employees a 401k defined contribution plan rather than the existing defined benefit pension plan.
Naugatuck, CT, has agreed to provide an early retirement program to the police department in exchange for the ability to provide a 401k-type pension plan for new police officers.
Municipalities in Virginia may soon be given the option to mandate that all teachers and local employees contribute five percent of their pay to the state’s pension system.
The local police union in Thomaston, CT, has agreed to a plan that will place all new police officers on a defined contribution plan and will eliminate retiree health care insurance. The plan is estimated to save millions of dollars in coming years.
Staring at bankruptcy and a significant reduction in retiree benefits, police and firefighters in Central Falls, RI, recently agreed to significant pension benefit cuts.
A combination of retirements and reorganization will save the city of Sheboygan, WI, hundreds of thousands of dollars if the plan succeeds.
A recent column in the Washington Post by David Crane, an economic adviser to former California governor Arnold Schwarzenegger, suggests a “race to the top” for pension reform solutions.
Governor Jerry Brown will soon ask California residents to vote on pension reform that he believes will bring the state back from the brink.
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