Chicago, the state and the pension-law debate
Chicago, the state and the pension-law debate
Few options remain as Illinois governments confront budget-busting pension obligations.
Moody’s: Illinois an outlier in pension debt
Moody’s: Illinois an outlier in pension debt
Illinois ranks worst in the nation on ability to pay for its pension debt.
Court: state employees’ constitutional rights are stronger than yours
Court: state employees’ constitutional rights are stronger than yours
Pension recipients should not be treated as a privileged class of citizens.
Circuit court rules Illinois pension bill unconstitutional
Circuit court rules Illinois pension bill unconstitutional
Senate Bill 1 has been stuck down.
States on the move: 401(k)-style pension reform in Utah
States on the move: 401(k)-style pension reform in Utah
Utah’s pension funds had a 50 percent chance of becoming insolvent by 2028 prior to the state’s reform plan. The chance dropped to 10 percent after the state greatly improved the solvency of its pension funds with 401(k)-style reforms.
Illinois’ pension debt balloons to $111 billion
Illinois’ pension debt balloons to $111 billion
With a mere 39 cents on hand for every dollar needed to pay for future benefits, the state would need a three-year government shutdown just to break even.
States on the move: 401(k)-style pension reform in Georgia
States on the move: 401(k)-style pension reform in Georgia
The Peach State has been keen to modernize their public pension system.
Pensions case study: North Riverside
Pensions case study: North Riverside
Illinois’ municipal pension shortfall, excluding Chicago, has spiked to more than $12 billion from $1 billion just a decade ago.
Federal judge approves Detroit pension cuts
Federal judge approves Detroit pension cuts
A federal judge approved Detroit’s historic Chapter 9 bankruptcy, allowing the city to shave off $7 billion in liabilities from a total debt of $18 billion.
State payment to teacher pensions grows by $300M
State payment to teacher pensions grows by $300M
At the rate pension costs are expected to increase, by 2029 the state will spend more on retirement costs than on aid to schools.
401(k)-style pension reform in Alaska
401(k)-style pension reform in Alaska
In 2005, Alaska froze the state’s traditional defined-benefit pension plan and created a self-managed 401(k)-style retirement plan for new public employees and teachers.
State payment to teacher pensions grows by $300M
State payment to teacher pensions grows by $300M
More than 70 cents out of every new education dollar already goes to teacher retirement costs.
States on the move: 401(k)-style pension reform in Michigan
States on the move: 401(k)-style pension reform in Michigan
Michigan was a trailblazer when it comes to 401(k)-style reform plans for government workers. In 1997, Michigan froze the state employees’ defined-benefit pension plan and created a self-managed 401(k)-style retirement plan for new state workers. It was the first state in the nation to enact bold reforms like these. Michigan state employees who started working...
Memphis set to embrace 401(k)-style pension reform
Memphis set to embrace 401(k)-style pension reform
401(k)-style retirement plans are becoming the new normal in state and local pension reform efforts. Six states have passed 401(k)-style reforms since 2008 – with Oklahoma passing a 401(k)-style reform plan for new workers earlier this year. Memphis, Tennessee, is the most recent example of a city pushing to take politicians out of the retirement...