News Archive
$77 billion in (NJ) pension fund won't cut it
Bergen County Record
New Jersey's treasurer said Wednesday that he has full confidence in the state pension system except for one longstanding complaint -- there is far from enough money in it to cover increasing costs. |
April 12, 2007 |
Lottery sued by former worker
Louisville Courier-Journal
Lottery employees aren't part of the Kentucky Employee Retirement System. Instead, the lottery takes the 6.2 percent of their pay that would normally go to Social Security plus its own 6.2 percent contribution, and invests it in mutual funds.
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April 7, 2007 |
Editorial: Not Just New Jersey
New York Times
It would be naïve to believe that the rot in New Jersey’s public pension system is limited to New Jersey [where] legislatures and governors have routinely shortchanged the state’s public pension fund, while overstating the amounts that were contributed, sometimes by hundreds of millions of dollars. |
April 6, 2007 |
N.J. Pension Fund Endangered by Diverted Billions
New York Times
In 2005, New Jersey put either $551 million, $56 million or nothing into its pension fund for teachers. All three figures appeared in various state documents — though the state now says that the actual amount was zero. |
April 4, 2007 |
Lawmakers' axes raised over gain-sharing
The Columbian (Washington State)
The Legislature is poised to break a pension promise it made to teachers and other public employees nine years ago but now can't afford to keep. |
April 4, 2007 |
(Kentucky) Pension, spending bills may die
Louisville Courier Journal
The House and Senate adjourned last night without resolving their differences over a state pension bailout and spending proposals. [Republicans want to reduce benefits for new hires and fund pension obligations with bond issue.] |
March 13, 2007 |
Kentucky funding bill mired in House
Pensions and Investments
A bill in the Kentucky Legislature, aimed at alleviating $3.6 billion in unfunded pension liabilities of the $16 billion Kentucky Retirement Systems, Frankfort, and changing retirement benefits for future hires, is stalled in the state House, confirmed Jennifer Brislin, communications director for state House Speaker Jody Richard. House members support issuing about $830 million in pension bonds, but changing the benefits of future employees is in contention, Ms. Brislin said. According to the bill, which was approved in the state Senate last week, employees hired after July 1, 2008, would be able to contribute only 2.5% to their defined benefit plan, compared with 5% before, with the option of putting another 2.5% into a defined contribution plan.
The legislative session is scheduled to end March 27, Ms. Brislin said, adding that House members "are adamant about studying those changes in the interim and coming back" to vote on it in the next session, which is scheduled to begin Jan. 8. But Gov. Ernie Fletcher has said he will convene a special session if an agreement is not reached now, confirmed his press secretary, Jodi Whitaker.
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March 13, 2007 |
Increase Pa. pension-plan funding, report says
Philadelphia Inquirer
It said the state's workers and teachers should be able to "look forward to enjoying a secure middle-class retirement." |
October 5, 2006 |
Retirement fund adds $1 billion
Arkansas Democrat Gazette
The value of the Arkansas Teacher Retirement System’s investments increased $ 1. 03 billion in the fiscal year that ended June 30
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October 3, 2006 |
Private-Sector Anger Builds as Public Pension Costs Rise
LA Times
[NJ] Lawmakers feel the heat from taxpayers who see their own benefits wither, and traditional payouts give way to 401(k)-style plans.
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October 2, 2006 |
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