News Clips for December 11, 2018
States Boost Access to Retirement Plans, Seeking to Close Savings Gap
California and Illinois launch government programs to shore up households financially under-prepared for retirement (subscription required)
California Supreme Court considers major pension dispute
California's top court wrangled Wednesday over whether the state may eliminate a pension benefit for state workers without running afoul of decades of protective pension precedents.
West Haven PD, losing officers, pleads with city to return to a traditional pension plan
Nearly 10 years after the city, as the result of a controversial arbitration award, switched the Police Department from a chronically underfunded traditional pension plan to a 401(k), police are pushing the city to switch back, saying the change was a bad deal.
Illinois Supreme Court ruling outlines problem
The Illinois Supreme Court last week issued a complicated, unanimous decision that didn't make a ripple on the news.
As pension costs rise, agencies cut jobs - which hurts pension funding
(Iowa) Most agencies within the main pension plan for state government workers are now required to pay a staggering 83 cents in pension costs for every $1 they pay in salary.
State Considering Automatically Enrolling Private Employees in Government-Run Retirement Plan
(New Jersey) The senate is considering a bill that would automatically enroll private sector workers in a government-run retirement plan.
PERS: Pension cost problems will get worse in 2021, actuary says
If you think Oregon has pension affordability problems now, wait until 2021.