News Clips for October 17, 2017
National Retirement Security Week: Day One
This is National Retirement Security Week. Its goal is to raise public awareness about the importance of saving for retirement. The program which was established in 2006 has had modest success.
Retirement is worse than expected for more than 1 in 4 seniors: Retirement Scan
Over a quarter of seniors say retirement is worse than they expected
The ERISA Industry Committee sues Oregon Retirement Savings Board
The ERISA Industry Committee sued the Oregon Retirement Savings Board on Thursday, claiming the OregonSaves program imposes reporting requirements on employers that are already covered by federal law.
Bad news: Your 401(k) won't give you a decent retirement
For nearly 40 years now, we've been hearing that 401(k) plans are the key to a comfortable retirement. By giving a tax break to workers contributing part of their paychecks to their retirement nest eggs, the plans were designed to supplement Social Security benefits and employer pensions.
States Hand Out Corporate Subsidies As Their Pensions Suffer
A study released Wednesday by the advocacy group Good Jobs First and the National Public Pension Coalition spotlighted the connection between those two fiscal issues. Among a dozen states where the costs of providing public pension benefits have become a point of political contention, in nine of those states, those costs are dwarfed by how much they spend on corporate subsidies or lose through business tax breaks and loopholes, such as offshore tax havens, on an annual basis. Three dealt with annual pension costs around one and a half times the size of the revenues they've forgone through such loopholes.
Kevin de León announces run against Dianne Feinstein, setting up Democratic clash in Senate race
(California) State Senate President Pro Tem Kevin de León announced Sunday Oct. 15 that he would run against U.S. Sen. Dianne Feinstein next year, in the first major Democratic challenge for the 25-year incumbent.
City Council approves $3 billion borrowing plan
(Illinois) The City Council overwhelmingly agreed Wednesday to refinance $3 billion in debt in a way that could dramatically reduce borrowing costs, in a complex arrangement some aldermen likened to the widely despised parking meter deal.
Superintendents ask public to advocate for pension systems
Superintendents from six regional school districts held a joint press conference Friday morning, Oct. 6, to advocate against changes to the Kentucky Teachers Retirement System and the County Employee Retirement System.
Nevada public pension system discourages talented teachers from staying in the professional
There are undoubtedly a variety of reasons behind Clark County School District Superintendent Pat Skorkowsky's recent decision to retire. But one factor warrants further scrutiny: He would effectively lose money by continuing to work past the age of 53.
Cost of living adjustment overdue for all N.C. government retirees
(North Carolina) Our local government retirees are at the heart of communities across North Carolina, keeping us safe, saving lives, maintaining our utilities and doing the many duties that many of us often take for granted.
What's at stake? State's largest pension system considers benefit cuts
Ohio's largest public pension system this week will consider cutting the cost of living allowance given to hundreds of thousands of retirees as a way to shore up finances.
Canadian pension plans see funding improvements in third quarter - 2 reports
Canadian corporate and public defined benefit plan funding rose in the third quarter, boosted by strong equity performance and higher bond yields, according to two reports