News Clips for December 12, 2017
Two House bills aim to reform workplace retirement
Two retirement savings bills, introduced into the House Ways and Means committee by Rep. Richard Neal, D-Mass., would require all but the smallest employers to offer an automatic deferral defined contribution plan, while also aiming to simplify the existing retirement savings rules.
Stapleton says PERA reforms necessary to avoid state credit downgrade
(Colorado) State Treasurer Walker Stapleton said Wednesday that Colorado's public pensions are in deep trouble unless elected officials get unfunded liabilities under control.
Pension Issue Tops Kentucky Chamber of Commerce 2018 Legislative Priorities
Businesses in Kentucky will struggle in moving forward with a pro-growth, job creating agenda unless the state pension issue is resolved. That's according to Kentucky Chamber President Dave Adkisson.
Michigan pension and healthcare reform package passes through committee
A 16-bill package introduced in the state legislature passed both chambers' committees Tuesday on party line votes. The Michigan House and Senate Committees on Competitiveness voted to recommend the bills and send them to their respective chambers.
Christie Panel Says Only Benefit Cuts Can Fix N.J. Pensions
New Jersey employees' medical benefits are the only budget expense with enough potential savings to fix the state's pension deficit, according to the final report of a panel created by outgoing Governor Chris Christie.
Gov. Cuomo vetoes 20-year retirement option for sheriffs, corrections
Despite the bill's strong support from both Republicans and Democrats, Gov. Andrew Cuomo recently vetoed legislation that would have expanded the retirement options for county corrections officers and sheriff's deputies.
State Rep. Bart Blackwell previews 2018 legislative session
(South Carolina) State Rep. Bart Blackwell, R-Aiken, spent Wednesday evening previewing what he believes to be the big-ticket items of the 2018 legislative session.
Americans at small companies deserve better retirement plans
In the last 40 years, section 401(k) of the tax code ballooned from an obscure provision to the foundation of the U.S. retirement system. However, the program has not expanded equally across all segments of American workers, creating a predicament in which many people do not have access to retirement plans at work.
Pennsylvania should offer a retirement savings program for private-sector workers
A study by the Employee Benefit Research Institute found that 62 percent of employees with a retirement plan had more than $25,000 in total savings and investments, and 22 percent had $100,000 or more. However, only 6 percent of those without access to such a plan had more than $25,000 saved, and only 3 percent had $100,000 or more. Nearly six in 10 Americans don't have enough savings to cover a $500 or $1,000 unplanned expense, according to a 2017 report from Bankrate.
OPINION: Retirees in Missouri at risk of slashed pension funds, Congress must act
Thousands of Missourians are at risk of potentially losing all or a portion of their retirement benefits if Congress does not take urgent action. As a member of the House of Representatives I've heard from hundreds of retirees who are concerned about losing everything they've worked for because of government has been slow to enact necessary reforms. I've seen good practices and I've seen areas for improvement. Congress must act to protect Missouri retirees.