12 06, 2019

Multiemployer pension reform bill approved by House Education and Labor Committee

2019-06-12T06:00:34-07:00June 12th, 2019|Categories: Multiemployer Plans|Tags: , , |

Bipartisan multiemployer pension reform legislation that would create a federal loan program for struggling plans was approved Tuesday in a 26-18 vote by the House Education and Labor Committee. The bill introduced by House Ways and Means Committee Chairman Richard E. Neal, D-Mass., in January has 168 co-sponsors, including eight Republicans. Mr. Neal said his committee will be voting on the bill soon, with a sense of urgency for an estimated 10% of multiemployer pension plans covering 1.5 million [...]

24 04, 2019

Brazil pension reform is constitutional, congressional committee votes

2019-04-24T10:47:44-07:00April 24th, 2019|Categories: Pension Reform|Tags: , |

Pension reform in Brazil cleared a congressional hurdle late on Tuesday after a lengthy and tumultuous debate, a sign that the government was finally building support for its most important economic reform, but which may face a steep climb ahead. The Constitutional and Legal Affairs Committee (CCJ) in the lower house of Congress approved the constitutionality of a reform bill by 48 votes to 18, paving the way for analysis and discussion by a special commission. However, that optimism [...]

18 07, 2018

Pension Plan Rescue Legislation Getting Tough to Price

2018-07-18T11:24:15-07:00July 18th, 2018|Categories: Pension Reform|Tags: , , |

An effort to shore up troubled pension plans for many middle-class workers comes with a squishy price tag. A bill (S 2147) by Sen. Sherrod Brown, D-Ohio, would create a Pension Rehabilitation Administration within the Treasury Department that could make loans to multiemployer pension plans for union workers. Those plans have been estimated to be underfunded by about $65 billion, endangering the retirements of about 1.5 million residents nationwide. The Congressional Budget Office had provided a preliminary estimate several [...]

22 04, 2015

Employees may soon pay more for pension

2015-04-22T17:14:42-07:00April 22nd, 2015|Categories: Defined Benefit Plans|Tags: , , |

Private sector employees who are still members of final salary or other “defined benefit” pension schemes might count themselves lucky to be in such attractive retirement arrangements – but they could well find that the terms they receive are downgraded in a year’s time. In April 2016, the state pension scheme will be overhauled – and a side-effect of that will be the ending of a very useful rebates system for all defined-benefit plans. As of that month, employers [...]

2 04, 2015

Pension Reform and Societal Cost

2015-04-02T23:24:42-07:00April 2nd, 2015|Categories: Pension Reform|Tags: , , |

The following is a letter by Hank Kim (NCPERS): Andrew Biggs misses the point in “Pension Reform Doesn’t Mean Higher Taxes” (op-ed, March 26). His arguments for switching public employees from traditional defined-benefit pension plans to 401(k) and other defined-contribution plans may be embraced by state and local governments that regularly don’t make required contributions to their pension plans and are now looking for a way out of the financial hole they’ve dug for themselves. It’s bad enough that he dismisses [...]

12 03, 2015

Key questions employers need to ask ahead of April’s pension changes

2015-03-12T17:27:42-07:00March 12th, 2015|Categories: Pension Reform|Tags: |

Employers must be ready for the pension reforms coming into effect in April, so here are 10 key questions they should ask themselves and their pension providers to help them prepare. It is not too late for employers to prepare for the new pension reforms. Employers must decide if and how they plan to support employees approaching retirement. Preparation is likely to involve tweaking existing strategies, rather than spending additional budget, for many employers. […]

15 05, 2014

Pension expert offers five-step plan for reform

2014-05-15T21:30:12-07:00May 15th, 2014|Categories: Defined Benefit Plans|Tags: , |

Legislative proposals to reform Pennsylvania’s severely underfunded pension system would not provide a long-term fix, but only “punt” costs to future generations, according to a pension expert. Richard Dreyfuss, an actuary and senior fellow with the conservative Commonwealth Foundation, a Harrisburg think tank that has called for pension reform, met Wednesday with the editorial board of the Times-Tribune, a sister paper of The News-Item in the Times-Shamrock Communications family. […]

24 02, 2014

Gaetz says pension changes may be in trouble

2014-02-24T21:44:54-07:00February 24th, 2014|Categories: Defined Benefit Plans|Tags: , |

An overhaul of the Florida Retirement System is in for a close vote in the 2014 legislative session, Senate President Don Gaetz said Thursday. The Senate Community Affairs Committee voted 5-4 on Tuesday for a bill by its chairman,Sen. Wilton Simpson, R-Trilby, that would set up a “cash-balance” pension plan in the FRS for newly hired employees. One Republican, Sen. Jack Latvala of Clearwater, joined three Democrats on the committee who voted against the bill, saying members did not have financial data to demonstrate that changes would [...]

27 01, 2014

Gov’t Urged: ‘Get Serious’ On Public Pensions Reforms

2014-01-28T22:48:57-07:00January 27th, 2014|Categories: Pension Reform|Tags: , |

A top accountant yesterday urged the Government “to get serious” on making changes to civil service pensions, warning that ever-increasing unfunded liabilities threatened to create “huge deficits” regardless of fiscal reform. Raymond Winder, the Deloitte & Touche (Bahamas) managing partner, told Tribune Business that the Central Bank’s efforts to restructure its “unsustainable” defined benefit had brought the Government’s own pension issues into ‘sharp relief’. Public sector pensions do not even have a formal structure, effectively operating as a ‘pay-as-you-go’ [...]