Tag: pension
Tag: pension
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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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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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Converting from Defined Benefit to Defined Contribution: The “Free” Money Pays Down Unfunded Liabilities and Pays Dividends to Taxpayers
Implementing a DC system delivers immediate payroll savings for the new plan’s participants. Using these savings to shore up the unfunded liabilities from the preexisting DB plans will ensure that past promises made are kept. At the same time, the new DC plan participants rest assured that each and every paycheck, funds are being deposited into an account belonging to them. Taxpayers win as the escalation in retirement overhead costs level off and eventually realize the full benefit of the savings.
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Trouble in Paradise: Hawaii Governor Ige Acknowledges Livability Concerns
The governor took note of several pressing concerns—energy, affordable housing, education, and income growth. However, many of his solutions threaten to aggravate the underlying problems.
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Governor Malloy Redefines “Fair”
In his final state of the state address, Connecticut Governor Dannel Malloy sidestepped the majority of the fiscal and economic issues plaguing the state in favor of paying lip service…
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The Williams Report
Budget National: S&P finds tariffs could hurt state, city budgets Alabama: The Alabama Senate delivers a general fund budget to the governor’s office. Alaska: To avert shutdown…
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Colorado State of the State: Hickenlooper’s Pursuit of Taxes
The governor is right that “by almost any measure, we’ve become one of the best places for business in America.” But expanding crony capitalism and increasing the tax burden make maintaining this coveted status more difficult. Following five consecutive years in the top 10 for economic outlook in Rich States, Poor States, Colorado dropped to 16th in 2013 and has failed to fully recover. A sharpened focus on regulatory reform and pension reform are required to guarantee continued success in the Centennial State.
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The Williams Report
Budget Alabama: The Alabama Senate passed a $2 billion dollar general fund budget. The increase is due primarily to $51 million dollars of additional appropriations to the Department of…
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The Williams Report
Budget National: States in For Fiscal Crises Without Reining in of Irresponsible Spending. California: Despite Warnings of Recession, Gov. Brown’s Budget Proposal Massively Hikes…
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Converting Pension Plans from Defined Benefit to Defined Contribution: The Myths and the Messaging Part 1
Welcome to part one in a series on how to successfully explain the conversion of public pension plans from defined benefit (DB) to defined contribution (DC) to legislators and the…
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Williams Report: Holiday Recap
Budget Connecticut: Official projects Connecticut budget deficit at $224 million Kentucky: Governor Matt Bevin is ordering most state agencies to cut their budgets by 1.3% to cover budget gap.
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Unaccountable, Unaffordable 2017
Unaffordable and Unaccountable 2017 surveys the more than 280 state-administered public pension plans, detailing their assets and liabilities. The unfunded liabilities (the amount by which the present value of liabilities…
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Pension Obligation Bonds Could Unravel Pension Reform Victory
Issuance of POBs will negate the recent pension reform victory by shifting current pension costs to future taxpayers and gambling the commonwealth’s fiscal health on risky arbitrage.
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ALEC Applauds Michigan’s MPSPERS Pension Reform Efforts
This reform package preserves retirement security for existing and future employees while putting in place a more fiscally sustainable benefit for new workers. Both teachers and taxpayers win.
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Pennsylvania Passes Bipartisan Pension Reform
By preserving retirement security for existing and future employees while putting in place a more fiscally sustainable benefit for new workers, both public employees and taxpayers win.
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State of the State: Illinois
From Illinois’ crushing taxes and regulations to the state’s fiscal problems, it is easy to see why people are voting with their feet and leaving the state at disproportionately high rates. If the Land of Lincoln wishes to stop the bleeding, Governor Rauner can’t be the only one with good ideas—members of the General Assembly and the general public need to get behind necessary reform efforts to save the state.
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State of the State: Delaware
Governor Carney's agenda resists overall spending reductions, advocates for higher taxes and neglects other needed policy reforms (such as worker’s compensation and worker freedom). With a legislature unlikely to circumvent the lackluster agenda of the new governor, don’t expect Delaware’s economic outlook to break through the median anytime soon.
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State of the State: Ohio
A renewed focus on reforms-rather than government micromanagement-can ensure the governor’s homestretch is one of continued economic renewal.
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State of the State: New Hampshire
Despite the Granite State’s strengths and Sununu’s proposals, there remains work to be done. For example, the top marginal tax rate for corporations is a steep 8.2%; and although New Hampshire doesn’t have a personal income tax or sales tax, it does have the highest property tax burden in the nation. New Hampshire also ranks a lackluster 37th in the nation in terms of burdensome regulations according to the Pacific Research Institute. Furthermore, the recently released ALEC report Unaccountable and Unaffordable 2016 ranks the state’s pension funding level at 43rd nationally. Using a risk-free rate of return of 2.344 percent, New Hampshire’s state pensions are unfunded in excess of $13,000 per capita with a funded ratio of just 28 percent.
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State of the State: Vermont
With Vermont’s economic outlook continuing to languish at 49th (according to the American Legislative Exchange Council’s Rich States, Poor States publication), legislators may be ready to take the governor’s charge to heart: “We must act now, and begin our ascent.”