Public Sector Plans

The problems facing defined benefit plans maintained for state and municipal plans are front-page news today. This station houses posts and commentary about the legal, funding and public policy challenges facing those plans. And yes, the station icon — a flat tire — alludes to Detroit, the original poster child for municipal plan bankruptcy. 

 

 

 

Public Sector Plans

Public Sector Plans

By NAPA Net Staff2/20/2015 • 0 Comments

Presenting a budget he said was “honest with the people of Illinois,” new Illinois Gov. Bruce Rauner (R) has proposed massive cuts to balance the state’s budget, with state pension plans bearing the brunt. READ MORE

By John Iekel1/20/2015 • 0 Comments

Overall, 75% of the states have passing grades regarding their public pension plans. But that bit of fairly good news is not the whole story. The Urban Institute’s latest rating of public pension plans in all 50 states contains some good news, but also draws attention to plenty of red flags. READ MORE

By John Iekel1/5/2015 • 0 Comments

Illinois has become the first state to put in place a state-run retirement plan in which private-sector employees can participate. On Jan. 4, Gov. Pat Quinn (D) signed into law SB2758, the measure that creates the Illinois Secure Choice Savings Program. READ MORE

By John Iekel12/16/2014 • 0 Comments

It’s no secret that state pension plans are beset by obligations beyond their ability to fulfill them. A new study says that the states are nearly $5 trillion behind, a figure that’s $600 billion higher than in 2013, and the most troubled states are all over the country. READ MORE

By John Iekel12/11/2014 • 0 Comments

On Dec. 10, Michigan Gov. Rick Snyder (R) announced that beleaguered Detroit is emerging from bankruptcy. This came two days after Detroit Emergency Manager Kevyn Orr issued his final order. READ MORE

By John Iekel11/29/2014 • 0 Comments

Illinois and New Jersey — two of the states beset by the most intractable state pension problems — have hit roadblocks in their efforts to address those issues. READ MORE

By John Iekel11/12/2014 • 0 Comments

Major cities in disparate corners of America provide a fresh — and stark — illustration of how widespread public pension funding shortfalls are. Pittsburgh and Phoenix, cities that could not be much more opposite geographically, are among those grappling with this troublesome matter. Both cities got some bad news on that front in recent days. READ MORE

By Fred Barstein11/10/2014 • 0 Comments

There's a light at the end of the tunnel for Detroit, its citizens and its pensioners — and it’s not the oncoming train many had expected. Bankruptcy Judge Steven Rhodes approved a plan Nov. 7 that will alleviate $7 billion in debt and invest $1.7 billion in needed services while cutting pension benefits for retired city and municipal workers. When the proceedings began, Detroit had $18 billion in debt, including a significantly underfunded pension and an ongoing deficit.

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By NAPA Net Staff10/31/2014 • 0 Comments

More than two and a half years after the city of Stockton, Calif. declared insolvency, Chief United States Bankruptcy Judge Christopher Klein has confirmed the city’s proposal for exiting Chapter 9 bankruptcy.  READ MORE