tag:blogger.com,1999:blog-41297305887876875462012-02-01T17:02:52.311-08:00Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.comBlogger10961100tag:blogger.com,1999:blog-4129730588787687546.post-13759252384282740462012-02-01T16:58:00.001-08:002012-02-01T16:58:56.762-08:00

Alaska Senator Advocates Creation of Optional Defined Benefit Plan for State Employees "The bill calls for a new defined benefit plan tier following backlash from 2006 legislation that made Alaska the first state to switch to an all defined contribution plan structure for new employees. . . . [M]unicipalities are concerned with the potential of training and employing police officers for five

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-6839639074759096842012-01-28T14:59:00.000-08:002012-01-28T14:59:01.064-08:00

  A new advisory panel, following a move by CalPERS last year, recommends that public pensions take a small step that touches on a big issue: What happens if pension fund earnings fall below the forecast? Investment earnings are expected to provide two-thirds or more of the money needed to pay pensions in future decades. Critics say earnings forecasts, 7.75 percent a year for CalPERS and

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-38131424835941105632012-01-27T12:56:00.000-08:002012-01-27T12:56:00.348-08:00

New Jersey Not Making Its Share of Pension Contribution "The pension reform passed last year helped lower the state's unfunded pension liability from $53.9 bil.lion to $36.3 bil.lion, but the state's pension hole grew by $5.5 bil.lion by the end of the 2011 budget year, largely because the state failed to make a pension payment, an annual actuarial report on the pension funds shows, according

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-85362807842760314812012-01-27T09:56:00.001-08:002012-01-27T09:56:35.548-08:00

U.S. Workers Delaying Retirement (PDF) "U.S. workers have been working longer and retiring later since the mid-1990s, but the Great Recession has put even greater pressure on workers to stay on the job. Yet, increases in delayed retirement are not uniform across regions, industries, or occupations. Moreover, these trends are quite predictable and thus useful for forecasting and planning.

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-34300938395676939642012-01-26T14:17:00.001-08:002012-01-26T14:17:32.302-08:00

The City of Fort Lauderdale is diligently working to ensure our conservative fiscal policies continue to build upon the positive economic momentum we are finally seeing in key industry sectors, including tourism, marine commerce, real estate, film and entertainment, and capital investment. Through a disciplined financial approach over the last three (3) years, Fort Lauderdale residents have

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-5647464094070011882012-01-26T12:54:00.001-08:002012-01-26T12:54:54.727-08:00

Developing a Pension Funding Policy for State and Local Governments (PDF) "These funding principles can be thought of in a risk-management framework. In an effort to keep the employer's pension contribution relatively stable from year to year, a funding policy should: (1) identify key risk areas that add to contribution volatility and (2) identify ways to manage each of those risks. The

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-4399575542366202752012-01-26T11:20:00.000-08:002012-01-26T11:20:00.088-08:00

Public Pensions Are Not The Enemy "It's not as though public employee unions are resisting any and all change. They did their part and agreed to a new pension tier [under the New York State and Local Retirement System] just two years ago that is projected to save $35 bil.lion over 30 years. This is on top of wage freezes, furloughs, increased health contributions and layoffs." (NY Daily News)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-61830398291534816732012-01-25T11:19:00.001-08:002012-01-25T11:19:12.800-08:00

A Dec. 13 SIEPR report . . . titled 'Pension Math: How California's Retirement Spending is Squeezing the State Budget,' examined the state of three of California's public employee pension systems: [CalPERS]), [CalSTRS] and the University of California Retirement Plan . . . . The study concluded that debt on public pensions was larger than the state is currently reporting . . . . " (Stanford Daily

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-40523912657011024722012-01-24T11:23:00.000-08:002012-01-24T11:23:00.166-08:00

New Jersey Governor Vetoes Pension Bill "New Jersey Governor Chris Christie vetoed a bill to take certain non-public sector workers out of the state pension system." (PLANSPONSOR.COM) Nevada Pension Fund Challenging Pensioner Disclosure Ruling "The board governing the Public Employees Retirement System of Nevada is challenging a ruling that the names and benefit amounts of retired public

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-54927566797543648352012-01-23T15:05:00.001-08:002012-01-23T15:05:47.170-08:00

By Kellie Lunney klunney@govexec.com January 20, 2012 Retirement benefits for government workers continue to receive scrutiny early in 2012, as budget-cutting once again takes center stage and the presidential campaign gains momentum. House and Senate conferees return to Washington on Monday to pick up the payroll tax cut extension debate -- proposals on the table include increasing

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-84152144967935863862012-01-23T15:00:00.001-08:002012-01-23T15:00:36.111-08:00

Strength of fixed income helps soften blow of decrease in equities By Thao Hua Published: January 23, 2012 Average investment returns in 2011 for pension funds in major markets globally were anemic at best, ranging between -3% and 3%, according to estimates by consultants and global custodians. Driven by sharp falls in global equity markets in the third quarter of 2011, some of the losses

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-90995612183075395912012-01-23T11:23:00.000-08:002012-01-23T11:23:00.829-08:00

Congress's Six-Figure Benefits Add to $674 Bil.lion Pension Gap "The federal retirement system has emerged as a cost-cutting target as the government faces a budget deficit exceeding $1 tril.lion. A 2010 Congressional Research Service study reported that U.S. government pension programs had a shortfall of $674.2 bil.lion, mostly due to insufficient funding for workers hired before 1984." (

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-29842396052468406922012-01-22T11:22:00.000-08:002012-01-22T11:22:00.482-08:00

Post Retirement Needs and Risks: Managing Retirement Decisions "The Committee on Post Retirement Needs and Risks recently completed a landmark effort examining the major decisions encountered in retirement. Drawing upon the expertise of prominent retirement professionals, the result is a thought-provoking series of 11 issue briefs written in everyday language. The briefs tackle a variety of

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-29883020375458395092012-01-20T11:24:00.001-08:002012-01-20T11:24:28.698-08:00

Mitt Romney's Unorthodox IRA "Like many Americans, Mitt Romney has an individual retirement account. Unlike most Americans, Mr. Romney has between $20.7 mil.lion and $101.6 mil.lion in it, a big chunk of his fortune." (The Wall Street Journal)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-64079209218999122432012-01-20T11:22:00.001-08:002012-01-20T11:22:44.022-08:00

A Closer Look at How 'Interest Follows Principal' in Pension Funds "For the employees who invest in their own deferred compensation accounts, they can invest in retail stock and bond mutual funds, closer to what a pension fund can purchase, but typically at higher fees and with no access to private equity markets, institutional investments and such. So, there is indeed a certain amount of

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-85986693674357778422012-01-19T06:01:00.001-08:002012-01-19T06:01:04.025-08:00

:  The Task Force on Public Employee Disability Presumptions was established pursuant to Chapter 2011-216, Laws of Florida, to review data related to operation and fiscal impact of statutory disability presumptions, review how other states handle disability presumptions, review evidentiary standards and burdens of proof for overcoming statutory disability presumptions and consider risk factors

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-69611777492432550792012-01-18T12:03:00.001-08:002012-01-18T12:03:56.854-08:00

video ACKSONVILLE BEACH, Fla. -- Jacksonville Beach is the latest city in Florida to show their support for police and fire pension reform, specifically measures that would take away presumptive benefits for heart and lung issues. The City Council voted unanimously Tuesday night to pass a resolution saying they support pension reform.  The Florida League of Cities is pushing the change,

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-80398325816109488322012-01-18T10:14:00.001-08:002012-01-18T10:14:31.695-08:00

  REUTERS — 11:48 AM ET 01/18/12 (Reuters) - Almost all U.S. metropolitan areas will see job growth in 2012, but for many areas it will still take years for employment to return to pre-recession levels, according to a report released on Wednesday by the U.S. Conference of Mayors. All but three U.S. metro areas will have job gains this year, led by expected growth of 3 percent in Myrtle Beach,

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-48848515244062541742012-01-17T19:23:00.001-08:002012-01-17T19:23:11.859-08:00

By Tonya Alanez, Sun Sentinel 6:22 PM EST, January 17, 2012 HOLLYWOOD Police and firefighters are suing the city over drastic pension changes, saying the city used prejudicial ballot language and conducted an improper public relations campaign when it took the issue to voters in a September special referendum. Nearly 55 percent of Hollywood voters approved the changes which increased

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-12069255073187219542012-01-17T05:59:00.000-08:002012-01-17T05:59:00.454-08:00

  By Martin Z. Braun and Cristina Alesci - Jan 12, 2012 New York’s chief actuary is recommending that the city’s $115.2 billion pension plans lower their assumed annual rate of return on assets to 7 percent from 8 percent, which would open a funding gap of at least $2 billion next year, according to two people familiar with the proposal. Robert North, the actuary, is presenting his plan to

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-15095332845105458452012-01-16T05:57:00.000-08:002012-01-16T05:57:00.155-08:00

  January 12, 2012 (PLANSPONSOR.com) – Sacramento, California’s city manager told city employees more than 100 could lose their jobs unless they contribute more to their pensions.  According to The Sacramento Bee, City Manager John Shirey told the City Council on Tuesday that half of the city’s budget over the next two years could be eliminated if all of the city’s workers paid their share of

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-28318766518462428392012-01-14T13:03:00.000-08:002012-01-14T13:03:23.919-08:00

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-49555474714230013152012-01-14T05:48:00.001-08:002012-01-14T05:48:27.947-08:00

2011 - Florida Mortality Study(function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "http://www.scribd.com/javascripts/embed_code/inject.js"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(scribd, s); })();

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-81346605330255815112012-01-14T05:45:00.000-08:002012-01-14T05:45:01.928-08:00

 The pension reform law that passed last year called for a task force study on disability presumptions.  Attached is the final report that was mandated by the law.  Disability pensions will be an issue in the state legislature this year. Disability Presumptions--Task Force Report (function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true;

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-243524601408943962012-01-12T11:59:00.000-08:002012-01-12T11:59:00.183-08:00

State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America (PDF) "Unfunded pension liabilities of state and local governments also affect the Federal government's credit rating, and municipal insolvency or default threatens to place significant additional burdens on the federal government, which already spends trillions on anti-poverty programs." (

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-85447922408153308262012-01-12T10:58:00.000-08:002012-01-12T10:58:19.124-08:00

Jason Weeks appealing demotion, more to Town Council committee on Thursday

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-39359891350835730582012-01-11T11:57:00.001-08:002012-01-11T11:57:51.169-08:00

  January 11, 2012 Betty Pasley, State Initiative Coordinator for Pension Action Center The Pension Action Center of the McCormack Graduate School of Policy and Global Studies at UMass Boston has embarked on an initiative to expand pension or workplace saving options in the private sector by looking at what individual states can do to encourage pension coverage. By bringing together key

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-10044532591958416862012-01-10T11:56:00.001-08:002012-01-10T11:56:52.519-08:00

Who Knew? 80% Funding Target for Pension Funds Just An Urban Legend "People refer to one report or another to substantiate their claim that some presumed experts actually made this assertion (including a GAO report and a Pew Center report that both cite unidentified experts), but nobody actually names these alleged 'sources.'" (WPRI.com)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-86726774071104586272012-01-09T11:46:00.001-08:002012-01-09T11:46:56.181-08:00

Understanding the Three Main Pillars That Create the Foundation for Retirement in the U.S. "[T]hose pillars consist of Medicare, Social Security and Retirement Plans. Each of these pillars is complex in its own right." (Seeking Alpha)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-79607414792182123682012-01-07T18:53:00.001-08:002012-01-07T18:53:42.428-08:00

Retirement Account Balances, Updated January 2012 "The retirement savings of American households took a big hit when the stock market crashed in 2008. Recently, however, a good portion of these losses has been reversed. This fact sheet follows trends in retirement account balances since the beginning of 2005." (Urban Institute)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-34493408932742918852012-01-07T06:00:00.000-08:002012-01-07T06:00:08.119-08:00

Nearly one-third of Pennsylvania town's fire department retires Fire Chief Robert Scheirer predicted months ago that some 50 firefighters would retire before the union's contract that contained a generous pension clause was set to expire Dec. 31, echoing a similar mass exodus six years ago in the police department. Now that the paperwork has settled, city officials say 42 firefighters left in

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-91014945989950931882012-01-06T05:57:00.001-08:002012-01-06T05:57:56.987-08:00

:   Walsh, a firefighter in the New York City Fire Department, got into a loud and heated argument with a fellow firefighter in the kitchen of the firehouse.  Their dispute, fueled by prohibited consumption of alcohol, escalated from mutual taunting and provocative insults to assault, when the other firefighter hit Walsh over the head from behind with a metal chair, knocking him to the floor. 

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-42327548175968048772012-01-06T05:56:00.001-08:002012-01-06T05:56:54.824-08:00

According to preliminary data from the National Law Enforcement Officers Memorial Fund, 173 officers were killed during 2011, up 13 percent from 153 line-of-duty deaths in 2010.  For the first time in 14 years, more officers died from firearms-related incidents than traffic-related incidents.  Sixty-eight officers were shot and killed in 2011, up 15 percent from 2010 when 59 officers died from

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-8950634910099777892012-01-04T11:48:00.000-08:002012-01-04T11:48:01.083-08:00

State-Sponsored Pensions: Developments Update for November 28, 2011 The week's update since the November 21 report includes articles from newspapers and organizations. (The Williams Report)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-45070591610514090342012-01-03T13:16:00.001-08:002012-01-03T13:16:41.055-08:00

Alicia Munnell, the director of the Center for Retirement Research at Boston College, is a weekly contributor to “Encore. In some ways, it’s old news. Defined benefit plans in the private sector are disappearing. But the extent to which this shift has occurred in the last several years is stunning. According to Towers Watson, only 13 of this year’s Fortune 100 companies offered new employees a

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-28057160473242580712012-01-03T12:27:00.001-08:002012-01-03T12:27:49.560-08:00

FLORIDA PENSION NEWS STORIES ON POLICE AND FIREFIGHTERS Prepared by Fred Nesbitt, Director of Public Information fnesbitt911@gmail.com December, 2011 Florida legislators target extra pension benefits for police, firemen By Laura C. Morel, Bradenton Herald, December 25, 2011 Cities throughout Florida would no longer be required to fund extra pension benefits for police and firefighters under

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-9900118097903682942012-01-02T18:02:00.000-08:002012-01-02T18:02:01.058-08:00

  By William Selway - Dec 28, 2011 U.S. public pension-fund assets fell in the third quarter by the most since 2008 as stocks sank amid concern that Europe’s debt crisis would curb economic growth, Census Bureau data showed. Assets of the 100 largest public-worker plans decreased $237 billion, or 8.5 percent, from the prior quarter to $2.53 trillion by Sept. 30, the bureau said today in a

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-15460791605509992352012-01-01T16:55:00.000-08:002012-01-01T16:55:00.110-08:00

Overtime Inflation Pervades Connecticut's State Pension System "Counting overtime in the pension formula has added tens of millions of dollars to the obligations of the state's grossly underfunded pension system. It is perhaps the biggest labor-management issue on which the Malloy administration, despite dispensing various prescriptions for fiscal woes, has accomplished the least." (Hartford

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-12145688390219002272011-12-31T17:01:00.000-08:002011-12-31T17:01:00.158-08:00

When Divorce Unravels Retirement Plans "For starters, both parties in a divorce are likely to face a drop in their living standard. But women tend to fare worse . . . . On average, they work fewer years than men since they are more likely to take time off to raise the children. This means they haven't built up as many assets and therefore have less negotiating power." (The Wall Street Journal)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-16340901519554165402011-12-29T11:38:00.000-08:002011-12-29T11:38:00.165-08:00

Pension Changes to Affect South Carolina Lawmakers "The proposal would end the practice of lawmakers retiring but remaining in office and replacing their $10,400 annual salaries with much larger pension benefits — more than $30,000 a year, in some cases." (The State)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-58050397419284513012011-12-29T11:37:00.000-08:002011-12-29T11:37:00.460-08:00

Arizona Senate Leaders Looking to Repeal Pension Contribution Legislation "Prior to the July legislation, workers in the Arizona State Retirement System each contributed an equal amount of the assessment levied to keep the fund financially solvent. After the legislation was passed, workers now have to pay 53% of the total contributions to the plan and the amount paid by their employers is now

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-72641664871293455712011-12-28T17:56:00.001-08:002011-12-28T17:56:36.128-08:00

Proposal weakens Florida's presumption that police, fire jobs create work-related ills By JENNA BUZZACCO-FOERSTER Sunday, December 25, 2011 NAPLES — Florida lawmakers will be asked during the 2012 legislative session to change, for the second year in a row, the way local governments operate public safety pension plans. But two bills — House Bill 365 and Senate Bill 910 — meant to reform

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-27814027441758588982011-12-28T17:01:00.001-08:002011-12-28T17:01:16.397-08:00

Florida Legislators Target Extra Pension Benefits for Police and Firemen "Cities throughout Florida would no longer be required to fund extra pension benefits for police and firefighters under a proposed bipartisan bill. Instead, cities could apply those funds to basic pension benefits in the future, or avoid having to increase property taxes to pay for the enhanced benefits, proponents of the

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-23114117081771501022011-12-28T11:36:00.000-08:002011-12-28T11:36:00.150-08:00

Public Pension Plans Look Toward Rate of Return "If pension fund managers can boost earnings, there's diminished pressure on employees and taxpayers to plug funding gaps through increased contributions." (The Pew Charitable Trusts)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-43917773390735640492011-12-27T12:49:00.000-08:002011-12-27T12:49:00.438-08:00

Why Are Americans So Bad at Saving? "[W]e asked two economists on different sides of the debate — Laurence Kotlikoff of Boston University and Annamaria Lusardi of George Washington University — to answer the question . . . ." (NPR)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-47229593633503504912011-12-27T10:36:00.000-08:002011-12-27T10:36:01.148-08:00

Rhode Island's Landmark Pension Reforms Will Test Contract Law "Disappointed labor leaders are expected to seek redress in the courts. Their complaint is that, in violation of contract law, benefits will be frozen, modified and even reduced for incumbent employees and cost-of-living adjustments (COLAs) will be frozen for current retirees." (Governing)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-77393002391559929682011-12-27T07:30:00.000-08:002011-12-27T07:30:02.656-08:00

   Laws governing state pension funds should not be changed to allow defined contribution plans to replace defined benefit plans because 401(k) plans are woefully inadequate for those who rely on them for their primary retirement income, said Thomas DiNapoli, New York state comptroller and sole trustee of the $134 Billion New York State Common Retirement Fund.  The reality is that 401(k)s were

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-78367890355359193102011-12-26T12:47:00.000-08:002011-12-26T12:47:00.438-08:00

How to Make Your Nest Egg Last Longer "You probably know the conventional wisdom: When spending retirement savings, drain taxable accounts first, to give the money in tax-deferred 401(k)s and individual retirement accounts more time to grow, and leave tax-free Roth IRAs for last. But with many nest eggs today smaller than they should be, a better approach, some financial advisers say, is to

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-22041794385253588962011-12-26T10:35:00.000-08:002011-12-26T10:35:00.405-08:00

Pension Math: How California's Retirement Spending is Squeezing the State Budget (PDF) "This report examines the current state of California's public employee pension systems. It examines benefit levels, accounting methods and assumptions, projected future costs, measured by contribution rates, and it outlines the likely impact of increased pension spending on California's non-pension

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-18365419846230838582011-12-25T18:33:00.000-08:002011-12-25T18:33:00.587-08:00

Why Americans Spend Too Much, Save Too Little and Borrow and Barrow "We need to clearly do more to curb predatory lending, and I think we need to revise our tax laws, which right now incentivize really affluent taxpayers to contribute to their retirement accounts and to buy more and more housing, while not incentivizing lower- and middle-income households to put more of their money away in

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-20908131583400254312011-12-25T12:42:00.000-08:002011-12-25T12:42:00.322-08:00

How Some People Are Saving for Retirement and What Financial Advisers Think of Those Strategies "The Game Plan takes a look at how individuals and families are saving for retirement — and then asks financial advisers to comment on those strategies." (The Wall Street Journal)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-83965865196631986812011-12-24T10:32:00.000-08:002011-12-24T10:32:00.694-08:00

Retirement Fears Jump the Wealth Gap to Strike Affluent Americans "Against the backdrop of public policy debates on the gap between rich and poor, a new survey of affluent Americans from Wells Fargo & Company shows that many of the affluent are feeling some of the same deep insecurity felt by middle-income Americans about their ability to retire in comfort." (Employee Benefit News)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-79708353475299297502011-12-23T05:45:00.001-08:002011-12-23T05:45:01.152-08:00

  :  Texas Governor Rick Perry collects a salary and retirement benefits simultaneously (presumably through a D.R.O.P.).  Perry’s personal financial disclosure form shows that he is collecting his $7,700 monthly state pension, which is allowable under state law, while also receiving his annual governor’s salary of $133,000.  Collecting retirement benefits while drawing a state salary will likely

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-3440126433828995172011-12-22T07:29:00.001-08:002011-12-22T07:29:53.756-08:00

Chapter 2011-216, Laws of Florida (SB 1128), effective July 1, 2011, made amendments to the definitions of “compensation” or “salary” under Chapters 175 and 185, Florida Statutes.  Said chapter also made amendments to the provision for boards of trustees.  We and several other Florida pension attorneys requested that Patricia F. Shoemaker, Benefits Administrator, Municipal Police Officers’ and

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-24092575068274317542011-12-21T12:46:00.000-08:002011-12-21T12:46:00.485-08:00

Pension Trustee Cautions on the Measure of Risk Behind Risk Parity "'To invest based on risk parity, you must have an accurate measure of risk.' That is the advice championed by Damon Krytzer, a trustee at the San Jose Police and Fire Retirement Plan and managing director of Waverly Advisors." (Asset International, Inc.)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-70504366207807340162011-12-21T10:30:00.000-08:002011-12-21T10:30:01.377-08:00

DC PLAN WOULD INCREASE N.H. RETIREMENT SYSTEM’S LIABILITY:  If the New Hampshire Retirement System eliminates its public pension program to establish a defined contribution system modeled after private-sector 401(k)s, the change would add $237 Million to a $3.7 Billion unfunded liability.  That conclusion, according to Seacoastonline.com, was reached by an independent actuary in a report to NHRS.

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-81897495510593781042011-12-21T09:19:00.000-08:002011-12-21T09:29:23.267-08:00

From Asset Charts

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-30679781461644053292011-12-20T12:48:00.001-08:002011-12-20T12:48:25.420-08:00

Retired Rhode Island Police and Firefighters Agree to Pension Cuts "As cities, towns and counties struggle with fiscal pain, there has been speculation that they could shed their pension obligations in bankrup.tcy. Some have said it might, in fact, be easier for local governments to drop those obligations than it is for companies, which use a different chapter of the bankrup.tcy code." (The

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-59387086220170638892011-12-20T10:29:00.000-08:002011-12-20T10:29:00.307-08:00

FLORIDA’S SPECIAL RISK POPULATION DIES ALMOST TWELVE YEARS EARLIER THAN GENERAL POPULATION: Brevard County, Florida Sheriff J.R. “Jack” Parker has conducted a Florida Mortality Study, comparing the mortality of Florida law enforcement and corrections officers to the Florida population in general.  During the 2011 legislative session, changes made to the Florida Retirement System extended by five

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-10555534330729465262011-12-19T18:31:00.000-08:002011-12-19T18:31:00.080-08:00

CITY OF HARRISBURG BANKRUPT? … NOT SO FAST:  On October 11, 2011, The City Council for the City of Harrisburg, Pennsylvania filed its petition for relief under Chapter 9 of the Bankruptcy Code (see C&C Newsletter for October 20, 2011, Item 6). The Commonwealth of Pennsylvania, the County of Dauphin and the City of Harrisburg by its Mayor and other creditors and interested parties objected to the

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-84881953633457812802011-12-19T12:43:00.000-08:002011-12-19T12:43:01.823-08:00

Kansas Panel Opts for Higher Cost State Retirement Plan "A plan to help fix Kansas' multibillion pension fund shortfall could cost taxpayers millions more dollars a year than its closest alternative. The Kansas Public Employees Retirement System Study Commission failed to offer a formal plan to close what is at least an $8.3 bil.lion official funding gap needed to meet all of its projected

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-67338046759358764552011-12-18T18:30:00.000-08:002011-12-18T18:30:01.294-08:00

:  Based on the Public Pension System model, Secure Choice Pension would permit private-sector employers to provide workers, not otherwise covered, with a guaranteed retirement income (see C&C Newsletter for September 29. 2011, Item 4).  A recent survey conducted for National Conference on Public Employee Retirement Systems reached a total of 500 small businesses nationwide, ranging from 2 to 49

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-70229809932616651112011-12-18T12:40:00.000-08:002011-12-18T12:40:01.463-08:00

Report on New Hampshire Retirement System Finds Switch to 401(k) May be Costly "Currently the New Hampshire legislature is looking to eliminate the NHRS defined benefit plan to develop a defined contribution system. If NHRS eliminates its public pension program to develop the 401(k) type plan, it would add $237 mil.lion to a 3.7 bil.lion unfunded liability, the report says." (PLANSPONSOR.COM)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-60474058897734348742011-12-17T18:29:00.000-08:002011-12-17T18:29:00.532-08:00

States and localities account for pensions in their financial statements according to standards laid out by the Governmental Accounting Standards Board.  Under these standards, state and local plans generally follow an actuarial model and discount their liabilities by the long-term yield on assets held in the pension fund, roughly 8 percent.  Most economists contend that the discount rate should

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-47751213804132940942011-12-17T11:11:00.000-08:002011-12-17T11:11:00.483-08:00

State emergency workers in Florida and elsewhere throughout the country have long been eligible for special retirement benefits because of the inherent danger in their jobs. But a trend that’s opened the door for scores of other state employees to collect those same benefits adds heavily to the $70 billion that U.S.taxpayers pump annually into state retirement funds. Expanding eligibility for

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-50210520861763430102011-12-16T15:54:00.000-08:002011-12-16T15:54:26.333-08:00

Cities back revamp of pensions {HEADLINE2} They claim the law for police and firefighter benefits drains budgets. - Fire Engineering

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-19122454733562192712011-12-16T14:56:00.000-08:002011-12-16T14:56:00.641-08:00

Pension Should Be a Personal, Not Government, Responsibility "If . . . the federal government wants to keeps its hands in retirement planning, then it should also look at other, nontraditional funding options that restrain overall personnel costs within a lower total federal budget. For example, it can reset starting wages at a lower amount for new employees, similar to what is already

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-41498570962836837022011-12-15T14:55:00.000-08:002011-12-15T14:55:00.903-08:00

Are Employees Saving Too Much for Retirement? "[A recent paper underwritten by the North American Society of Actuaries reports] that traditional replacement rate calculations have so many limitations and fallacies that they shouldn't be counted on by workers trying to plan their retirement savings." (Thomson Reuters via Employee Benefit News)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-72354288841583211502011-12-14T14:54:00.000-08:002011-12-14T14:54:00.877-08:00

Four Ways to Take Control of Your Retirement "['The super prepared' make a series of smart decisions that impact] their finances to put them in control. Here are four decisions that differentiate the super prepared from the unprepared . . . ." (Forbes.com LLC)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-40240308428405860242011-12-13T14:54:00.000-08:002011-12-13T14:54:00.635-08:00

Make Your Savings Last As Long As You Do "If you're near retirement, you don't have a lot of time to increase the size of your nest egg. But there are steps you can take to make the money you've saved last longer." (USA TODAY)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-73266197354883729022011-12-12T11:11:00.001-08:002011-12-12T11:11:52.164-08:00

Cities want to rollback pension standard OK’d under Jeb Bush by John Kennedy | December 12th, 2011 Florida cities said Monday that they are poised to make another attempt at revamping costly pension requirements that emerged under former Republican Gov. Jeb Bush. The current Republican-led Legislature may be wary of antagonizing police and firefighter unions, a frequent election-year ally. But

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-32970723149376243912011-12-11T13:15:00.000-08:002011-12-11T13:15:00.207-08:00

Using Behavioral Economics to Improve Retirement Expenditure Decisions "[This paper] identifies how accumulated assets can be used optimally throughout retirement to produce life-long income when required, to make provision for contingencies — such as unanticipated spikes in expenditure — and to optimize the size and timing of bequests." (Social Science Research Network)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-86435203828153917922011-12-10T11:23:00.000-08:002011-12-10T11:23:00.390-08:00

The Five Big Lies of Retirement Planning "[O]ften what passes for wisdom amounts to little more than wishful thinking. So take off those rose-colored glasses! Recognize the five big lies of retirement planning — and make sure they don't undermine your own retirement." (Charles Schwab & Co., Inc.)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-39654007438369028722011-12-07T13:13:00.000-08:002011-12-07T13:13:00.649-08:00

Creating a New Public Pension System (PDF) "Sound pension reform meets four general criteria: (1) establish transparency with respect to the true cost of the benefits promised to public employees; (2) mandate that the pension plan sponsor pay the full cost of accrued benefits each year; (3) mandate that the pension plan sponsor pay down the unfunded accrued liability over a reasonable time

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-30966887570057828872011-12-06T11:50:00.001-08:002011-12-06T11:50:03.440-08:00

Many Workers in Public Sector Retiring Sooner "In part, the flood of retirements reflects a broader demographic picture. Baby boomers, wherever they work, have begun reaching the traditional retirement age. But increasingly workers fear a permanent shift away from the traditional security of government jobs, and they are making plans to get out now, before salaries and retirement benefits

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-51720096833502442652011-12-04T17:57:00.001-08:002011-12-04T17:57:29.555-08:00

  Prepared by Fred Nesbitt, Director of Public Information fnesbitt911@gmail.com November, 2011 1 of 3 Florida municipal pension funds gets D or F for underfunding BY Rob Kozlowski, Pensions&Investments, November 11, 2011 Nearly one-third of Florida municipal pension plans grade out as a D or F for their funding ratio, according to a report card released by the public policy organization

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-59169424048752953082011-12-04T13:11:00.000-08:002011-12-04T13:11:00.675-08:00

In “Goodbye, Golden Years” (Sunday Review, Nov. 20), Edward L. Glaeser writes that older workers are delaying retirement because of long-term factors and the Great Recession. We disagree about the role of the recession, based on our research cited by Professor Glaeser. In our 2009 book, “Reconsidering Retirement,” we show that retirement rates began falling in 1994 as workers delayed retirement

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-45262044746205628412011-12-04T11:21:00.000-08:002011-12-04T11:21:00.765-08:00

Workers Financially Unprepared for Retirement at Crisis Level, According to Survey "A new small business survey by Nationwide Financial finds that 75% of small businesses agree that so many Americans are financially unprepared for retirement that it has reached crisis levels. However, only one in five of these businesses offer their employees a 401(k) or other employee self-funded retirement

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-40333059989611729402011-12-03T13:08:00.000-08:002011-12-03T13:08:00.052-08:00

Plans for Phoenix Pension Reform Due "Phoenix's Pension Reform Task Force, after meeting most of the year, plans to offer two proposals to the Phoenix City Council that may save taxpayers more than $50 mil.lion annually by having city employees pay more for their retirement benefits." (azcentral.com)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-63862935319927107202011-12-02T13:07:00.000-08:002011-12-02T13:07:00.091-08:00

Steering Clear of Pension Benefit Restrictions "Negative asset performance and declining valuation interest rates during 2011 will cause some pension plans to face benefit restriction issues for the first time in 2012. Potential repercussions include limits on accelerated distributions (lump sums), restrictions on plan amendments increasing the value of benefits, mandatory benefit accrual

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-67833107664160383912011-12-01T13:06:00.000-08:002011-12-01T13:06:00.688-08:00

Pennsylvania Supreme Court restores costly pension benefit for Erie firefighters The Pennsylvania Supreme Court, ruling on a municipal pension benefit, has delivered a decision that is likely to cost the city of Erie and benefit its older firefighters. In a unanimous opinion, the high court said Erie must restore the reverse Deferred Retirement Option Program, or D.R.O.P., for firefighters. The

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-16746515227721491702011-12-01T12:01:00.001-08:002011-12-01T12:01:20.497-08:00

COMPANION BILL FILED TO CHANGE FLORIDA MUNICIPAL PLANS:  To date, there have been 8 bills filed relating to public sector retirement plans.  Of these, House Bill 365 (see C&C Newsletter for October 20, 2011, Item 1) by Representatives Costello and Julien and Senate Bill 910 by Senator Hays specifically relate to local pension plans.  Specifically, House Bill 365/Senate Bill 910 amends s.

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-24107447464687703232011-11-29T11:27:00.001-08:002011-11-29T11:27:48.057-08:00

Macon Police and Fire Pension Board in Turmoil Tuesday, November 29 2011 01:07 Dustin Wilson Turmoil continues with the Macon Fire and Police Pension Board. Monday evening, the group tabled a special called meeting to hear a financial report from the actuary. Before the meeting got underway, representatives for the police and fire departments disagreed with other members, saying all parties

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-37832217991502894682011-11-27T16:49:00.000-08:002011-11-27T16:49:00.127-08:00

Gordon L. Clark, Oxford University Center for the Environment, has written a piece entitled “Fiduciary Duty, Statute, and Pension Fund Governance: The Search for a Shared Conception of Sustainable Investment.” Published in Social Science Research Network, Clark says fiduciary duty is the golden rule regulating the relationship between trustees and beneficiaries.  In principle, it regulates

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-58185832823921079832011-11-26T17:59:00.000-08:002011-11-26T17:59:00.147-08:00

The United States Census Bureau has released its Annual Summary of the Survey of State and Local Public-Employee Retirement Systems for 2009. The survey provides revenues, expenditures, financial assets and membership information for public employee retirement systems. Data in the report were collected from fiscal years that ended July 1, 2008 to June 30, 2009, and do not reflect data for the

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-71076252879348444932011-11-26T08:43:00.000-08:002011-11-26T08:43:00.387-08:00

By EDWARD HADAS, AGNES T. CRANE and RICHARD BEALES Published: November 22, 2011 The One of the most puzzling British and American trends in the last three decades is the vast increase in the share of national income allocated to the very rich. The High Pay Commission, a nongovernmental body in Britain, which published a report on Tuesday, points out that the share of British national income

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-91819832915204516992011-11-26T07:07:00.000-08:002011-11-26T07:07:26.413-08:00

Tampa, St. Petersburg get high marks for pensions

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-43326124390746191002011-11-25T17:58:00.000-08:002011-11-25T17:58:00.399-08:00

: UC Berkeley Center for Labor Research and Education has published “Meeting California’s Retirement Security Challenge.” One chapter deals with making the employer case for defined benefit pensions. Employers can use DB pensions to their advantage to recruit skilled employees who are committed to the long-term success of the organization, they can more easily retain skilled employees with DB

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-28199911443814444822011-11-25T16:59:00.000-08:002011-11-25T16:59:00.650-08:00

Retirement Income Study by Charles Schwab (PDF) "While most pre-retirees give themselves an 'A' or a 'B' grade on how prepared they are to pay themselves a monthly income in retirement, almost half would change something about how prepared they are. Results suggest multiple gaps in retirement income preparation . . . ." (Charles Schwab & Co., Inc.)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-27890079376693716522011-11-24T16:58:00.000-08:002011-11-24T16:58:00.662-08:00

Government Worker Pensions ARE Wall Street "In an editorial posted in January 2011 entitled 'Wall Street & Public Sector Unions,' we identified an irony still lost on the occupy movement's rank and file—Wall Street is financed by the pension funds of unionized government workers. Every year, taxpayer funded government agencies pour hundreds of billions of dollars into Wall Street investment

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-86290674186463628682011-11-24T11:49:00.000-08:002011-11-24T11:49:00.751-08:00

Retirees with Financial Advisers More Financially Secure "[The Society of Actuaries, LIMRA and the International Foundation for Retirement Education] study found individuals who have calculated how long their money might last in retirement are more confident they have saved enough money to live comfortably than those who have not." (PLANSPONSOR.COM)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-47337889188303275202011-11-22T11:18:00.000-08:002011-11-22T11:18:00.540-08:00

Americans Continue to Lose Confidence about Retirement, According to Poll "As a result, a growing number of Baby Boomers (73% compared with 67% in March) say they plan to keep working in retirement, according to an Associated Press-LifeGoesStrong.com poll." (planadviser; free registration required)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-44783931757185253032011-11-21T11:17:00.000-08:002011-11-21T11:17:00.463-08:00

Public-Sector Pensions Are Protected in California Constitution "[The U.S. Constitution states that] 'No state shall . . . pass any . . . law impairing the obligation of contracts . . . ' As widely interpreted — most importantly by the courts (or so we laymen are told) — the clause means that pensions promised state and local government workers on the day they were hired cannot be reduced [

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-80579556780522915942011-11-19T03:57:00.000-08:002011-11-19T03:57:00.077-08:00

Myth of Early Retirement Has Important Policy Implications "[F]ocusing on Americans' supposed proclivity for early retirement makes proposed cuts appear less harsh, since it is easier to suggest that workers in their early 60s postpone retirement than to ask people to work into their late 60s or beyond. And because many people are unaware that lifetime Social Security benefits are the same

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-36662829096693956432011-11-18T15:18:00.000-08:002011-11-18T15:18:27.753-08:00

Audit finds risky investments for Arizona police, fire pension

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-44863223205764869052011-11-18T03:56:00.000-08:002011-11-18T03:56:00.628-08:00

Illinois House Committee Approves Pension Reform Bill "House Bill 512 would require teachers, state workers, university employees, and lawmakers who started work before January 1 to pay significantly more to keep their existing pensions." (PLANSPONSOR.com)

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-47635516022844174272011-11-17T16:15:00.000-08:002011-11-17T16:15:00.079-08:00

Voters Approve Pension Reform in San Francisco "Proposition C . . . [was supported by] unions and most of the city's political leaders. It will save an estimated $1.3 bil.lion over the next decade by requiring city workers to contribute 7.5 percent of their salaries to the pension fund, a percentage that would rise in bad economic times and fall when the city — and its pension plan — was flush

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-4522325823890711622011-11-17T05:29:00.001-08:002011-11-17T05:29:14.297-08:00

We recently did a brief review of “Report Card: Florida Municipal Pension Plans” from Leroy Collins Institute (see C&C Newsletter for November 10, 2011, Item 2). Foster & Foster, actuary for public plans in the State of Florida, felt compelled to issue a public response to the report because it was so off the mark. The report begins by stating that it focuses on two critical measurements of

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-83236361040552013552011-11-16T11:41:00.001-08:002011-11-16T11:41:06.654-08:00

2011 Customer Service Results 037(function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "http://www.scribd.com/javascripts/embed_code/inject.js"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(scribd, s); })();

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0tag:blogger.com,1999:blog-4129730588787687546.post-84784192576456769692011-11-16T09:20:00.000-08:002011-11-16T09:20:38.634-08:00

Ken Rudominerhttp://www.blogger.com/profile/04639095328007133115noreply@blogger.com0