The major bond rating agencies have been warning for years that the pension fund for Connecticut government employees is in trouble. Even before the recession ravaged the fund's assets, the legislature made a habit of skimping on actuarially required payments into it. With the recession cutting deeply into state revenues, the state in the last three years has cut $314.5 million in contributions to a fund that only had enough money, $19 billion, to meet about half of its future liabilities. Connecticut, like many states, has assumed an annual return of about 8 percent on its pension fund assets to meet its obligations. But, for the fiscal year that ended June 30, 2009, the state employment retirement fund lost 18.25 percent of its value. The annualized 10-year return for the fund is only...
WHEN PATCHING together the current two-year state budget, lawmakers decided to put off $620 million in contributions to the pension fund for government employees and teachers. They promised to pay off that debt plus interest with 10 annual installments of $74 million starting in 2013. That doesn't seem like such a big deal given the state's annual budget of $15 billion. But the bill coming due when Gov. Bob McDonnell and legislators start putting together a new budget for 2013 will be much larger.
State pension fund: broke by 2019 To avoid financial catastrophe, lawmakers should heed warnings. The major bond rating agencies have been warning for years that the pension fund for Connecticut government employees is in trouble. Even before the recession ravaged the fund's assets, the legislature made a habit of skimping on actuarially required payments into it. With the recession cutting deeply into state revenues, the state in the last three years has cut $314.5 million in contributions to a fund that only had enough money, $19 billion, to meet about half of its future liabilities.
THERE IS, says Governor Chris Christie, a great divide here in New Jersey. On the one side are government employees, many who enjoy guaranteed pensions, "free" health insurance, job security and, in some cases, salaries more generous than those to be found in the business sector. On the other side are the private sector workers and taxpayers who pay the highest taxes in the nation to support these government workers. One of every five New Jerseyans is on a government payroll. The state pension fund on which most of these government employees plan to retire is under-funded by about $40 billion. Without reform, this system, like Social Security or Medicare, is unsustainable. It is placing an unacceptable burden on taxpayers.
Recently, a number of media reports have focused on the New York State Common Retirement Fund's system of providing pension benefits to state and local government employees. These reports have repeatedly disclosed isolated examples of high-end pension benefits paid to top-level managers. Regrettably, these media reports have fostered the myth that public service employees receive excessive pension and health insurance benefits. The repetition of these myths, especially in these very difficult economic times, engenders hostility, instead of respect for essential public service.
Future hires of three private lobbying groups should be excluded from New Jersey's taxpayer-funded pension system, a lawmaker said Monday. Assemblyman Paul Moriarty, D-Gloucester, said he will introduce legislation to alter a 1950s-era law that permits non-government employees to collect public retirement benefits. The pension fund has a $30 billion unfunded liability, and a state audit issued last week suggested that pension overseers reduce operating costs and apply the savings -- potentially millions of dollars -- to that liability.
... a qualified foreign country; (B) The government of a qualified foreign country (or a political sub... (b)(4) of this section that is not a pension fund as defined in paragraph (b)(5) of this sectio... exclusively for the benefit of employees or former employees of one or more employers, the ...
...Does the Government Speech Doctrine Foreclose First Amendment Challeng...
I have grown quite weary of reading news stories such as "Takeover by state to inflate city costs" (Nov. 4 and TribLIVE.com) about the dire predictions for Pittsburgh's pension fund and the subsequent impact on taxpayers, employees and government services. Why hasn't anyone asked city officials the that they seem so eager to avoid: Where has all the money gone? Has it been stolen or misappropriated? If so, who is responsible for pilfering city employees' hard-earned contributions?
HELSINKI, Finland (HedgeWorld.com) - Government employee pension plan KEVA announced it will double its exposure to strategic alternative assets from the current level of 4.5% of assets to 9% over the next three years. The local government pensions institution is one of Finland's largest employee pensions, covering 479,000 government employees and providing for the pension payments of 295,000 former government workers. The fund has around 20 billion euro under management. Quoted in European Pensions and Investments News, Chief Investment Officer Ari Huotari explained that the fund's most recent asset-liability modeling study showed that over the next 20 years the fund's current strategy would be unable to produce the required real annual returns of 4%. Low bond yields are a particular c...
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