News Clips for April 11, 2017
Public pensions matter - just ask Michigan and West Virginia
If you want a good history lesson, look no further than the Rust Belt. Beyond the relics of America's industries are hardworking Americans serving as living reminders of the devastating consequences of what happens when cities and states close a public pension plan.
IMF expects transition to DC from DB to continue
Continued low economic growth and interest rates could lead to a proliferation of defined contribution plans, with defined benefit funds potentially forced to cut benefits, the International Monetary Fund said.
Under new law, 3 pension board trustees replaced
Gov. Asa Hutchinson has appointed former state Sen. Steve Faris, a Democrat who lives outside Hot Springs, and two state agency directors to replace three trustees on the Arkansas Public Employees Retirement System's nine-member board.
Mayor Presents Final Pension Reform Legislation To City Council
Mayor Lenny Curry introduced pension reform legislation to the members of City Council at a workshop on Thursday, April 6, 2017.
Bevin seeks expert lawyers to help create tax overhaul plan
Gov. Matt Bevin's administration is looking for expert tax lawyers, apparently in anticipation of a possible special law-making session to overhaul Kentucky's tax code later this year.
Proposal to boost N.J. pensions with lottery could happen this year, treasurer says
The state treasurer said Thursday that Gov. Chris Christie's proposal to use lottery ticket proceeds to bolster the government worker pension fund could be finalized by the June 30 end of the fiscal year.
N.Y. among best for funding pension plans
New York ranks among the best states nationwide for funding of pension plans, a new report from the Tax Foundation shows.
Pa. Treasurer Joe Torsella plans big change for investing $1 billion in state assets
Reversing its old policy of paying stock-pickers millions of dollars a year to try to beat the market, the Pennsylvania Treasury plans to fire private investment firms that handle $1 billion in parents' college savings investments, driver's license and lottery funds, and other state accounts.
South Carolina Legislature passes pension reform bill
Pension reform legislation that will raise employer and employee contributions and lower the annual assumed rate of return of the $28.8 billion South Carolina Retirement Systems was passed by the state Legislature on Wednesday.
Dallas Police & Fire Pension Fund Bill Faces First Vote
A bill to save the troubled Dallas Police & Fire Pension Fund may pass its first hurdle Monday, and it all comes down to money.
State House committee passes Houston pension reform bill
Houston's pension reform bill will now move to the floor of each legislative chamber after a Texas House committee joined its Senate counterparts in passing the measure 6-1 Wednesday.
SENATE PASSES BILL TO CREATE PUBLIC RETIREMENT PLAN
The Vermont Senate passed a bill on Friday that directs state officials to create a public retirement plan geared toward employees of small businesses no later 2019.
Defined Benefit Pension Facts
A defined benefit pension provides a solid base for retirement planning, but there are other things people should do to prepare for a comfortable retirement. We've assembled some fast facts to help take the mystery out of pensions and other ways people plan their retirement income.
Father of 401(k) has cautionary retirement tale
The 401(k) plan, probably the most-used retirement method in the private sector today, was born in Bedford County.
Rising Risks for Retirement Savers
As America's population ages, opportunities for a secure retirement should increase. But the opposite is happening. And things are likely to get worse in the Trump years.