Tag: Pension reform
Tag: Pension reform
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New York Pushing Political Agenda with Pensioners’ Funds
This week, New York State Comptroller Tom DiNapoli went on CNBC’s Squawk Box to explain why the Big Apple’s pension fund was divesting from the oil and gas sector. His…
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A Spark of Hope for New Jersey’s Growing Debt Problem
So long as there are those willing to have “hard and honest conversations” about unfunded liabilities, there is hope for reform.
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Unaccountable and Unaffordable 2018
Unfunded liabilities in public pension plans continue to loom over state governments nationwide. If net pension assets are determined using more realistic investment return assumptions, pension funding gaps are significantly…
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The Williams Report: November 2018, Part 2
BUDGET Connecticut: General Assembly Democrats May Need GOP Help to Pass Next CT Budget Connecticut is currently projected to have a $2 billion deficit next budget cycle. The “volatility cap,”…
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The Williams Report: November 2018
BUDGET Indiana: Hoosiers Will Vote “Yes” or “No” on Balanced Budget Amendment Indiana voters will decide this November whether or not state legislators must pass a balanced…
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The Williams Report: October 2018, Part 2
BUDGET: Arkansas: Hearings on State’s Budget to Get Going As budget hearings begin, Arkansas legislators will learn the details of programmatic and state agency funding needs, and what Governor…
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The Williams Report: October 2018
BUDGET: Alaska: New State Budget Report Predicts State Savings Accounts Will Be Empty by 2021 Alaska’s persistent funding crisis continues as the state is forced to underfund entitlements and…
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The Williams Report, September 2018
Budget: Connecticut: Small Surplus Projected with Current Budget Two months into Connecticut’s fiscal year, the state’s budget chief is projecting a nearly $138 million operating surplus, driven…
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The Pension Crisis is not a Black Swan Event
Close your eyes and envision a swan. What color is it? Most likely, it is a white swan. Because most of us go our entire lives coming across only white…
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The Williams Report, August 2018
Budget: Illinois: State Admits to Billion-Dollar Budget Hole The Rauner Administration acknowledged a $1.2 billion structural deficit in an offer to sell $920 million in state bonds.
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Chicago Pension Obligation Bonds, a Strategy or Gamble?
Chicago Mayor Rahm Emanuel’s administration is exploring the possibility of issuing billions of dollars of pension obligation bonds and investing the proceeds in order to reduce the city’s $28…
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Defined-Contribution Pension Reform Act
Intent Section The Legislature finds that the defined-benefit model of retirement benefits for state and municipal employees is not fiscally sustainable. It is the intent of the Legislature, therefore, to…
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Bold Tax Relief and Pension Reform Agenda Earns South Carolina Governor McMaster Best of the Best Recognition
South Carolina Governor Henry McMaster is one of five U.S. governors with economic policy proposals qualifying as “Best of the Best” based on his 2018 State of the State address.
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Unfunded Pension Liabilities Accounting and Transparency Act
Model Policy {Title, enacting clause, etc.} Section 1. {Title.} This Act shall be known as the Unfunded Pension Liabilities Accounting and Transparency Act. Section 2. {Definitions.} (A) Funded Ratio. The…
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Illinois State of the State: “We cannot tax and borrow our way into prosperity”
Governor Bruce Rauner focused largely on the financial stress plaguing Illinois during his 2018 State of the State Address and Budget Address. The Land of Lincoln is one…
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Other Post-Employment Benefit Liabilities, 2017
Other Post-Employment Benefit Liabilities, 2017 surveys the more than 100 state-administered post-employment benefit plans, such as health insurance, Medicare advantage, life insurance, and other non-pension benefits. Controlling for differences in…
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Converting Pension Plans from Defined Benefit (DB) to Defined Contribution (DC): The Myths and the Messaging Part 3
The information monopoly possessed by Defined Benefit (DB) plan actuaries creates an enormous information imbalance in the discussion over how to transition from a DB to a Defined Contribution (DC)…
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State of the State: South Carolina Gov. McMaster Announces Bold Pro-Growth Tax Reform Agenda
In his first State of the State address, South Carolina Gov. Henry McMaster declared that federal tax reform and state tax cut proposals promise a new era of opportunity.
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Michigan State of the State: A Comeback Story
Fortune is changing in the state of Michigan following decades of extreme economic adversity, from the rapid downturn in the auto industry to the downward population spiral in Detroit. Governor…
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Kentucky State of the State: Governor Bevin Commits to Tax and Pension Reform
Kentucky had an eventful legislative session last year after the state house switched party control for the first time since 1921, resulting in a Republican trifecta. During…