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Democrats for Pension Reform
Keywords:
After heated debate Governor Christie and leaders of the democratic party in the legislature agree on changes to New Jersey's public employee retirement and health benefits and pension system. New Jersey's pension system has unfunded liabilities of $54 billon and some estimates forecast that it will run out of money to pay pensions by 2018. The retirement age for new workers is now set at 65 not 62, pension contributions go up to 7.5% from 5.5% for state workers and to 10% from 8.5% for public safety officers. A major change is to delay annual cost of living adjustments till the pension fund returns to a stable financial footing. The absence of this change would have meant reducing retirees pension value by 30% in the next ten years. After the plan is 80% funded a new employee-employer pension governing board will modify the contribution rates and pension rules based on advice from actuaries. On health benefits the changes are for workers earning more to pay a larger share of premiums- so that a worker earning $60,000 would pay 27%, and a worker earning $95,000 would pay 35%. This particular change is phased in over 4 years and saves $300 million.
Governor Chris Christie of the U.S. state of New Jersey
10/22/2010
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How U.S. states overstate the extent to which pensions are funded.
10/16/2010
Using a discount rate of 4% (for government borrowing costs) would correctly show the extent to which pensions are funded in Illinois, than the rate currently used rate of 8%. Using Illinois methods Dutch plans would be 200% funded says an expert in Holland. With lower savings of American workers as they approach retirement adequately funded pension systems are critical to the safety net.
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Pension Pinch Busts City Budgets
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Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
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Economist 10/16/2010
Wall Street Journal 03/05/2012
Chicago Mayor Seeks Alterations to Repair Badly Underfunded Pension Plan
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Solutions and reforms for financial problems of U.S. states.
10/16/2010
Public worker's pay is skewed largely towards pensions, health insurance and benefits.
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Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
American states' pension funds: A gold-plated burden
Economist 10/16/2010
Illinois Supreme Court Rejects Lawmakers’ Pension Overhaul
New York Times 05/08/2015
Public Pension Funds Roll Back Return Targets
Wall Street Journal 09/05/2015
Transparency and disclosures of the actual condition of state pension funds.
10/16/2010
Effors to bring realistic accounting and annual disclosures.
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American states' pension funds: A gold-plated burden
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GOP Bill Takes Aim at Pension Disclosures
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State Pension Plans Lose Ground
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States Lean on Public Workers for Bigger Pension Contributions
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Florida Governor Hits Road to Sell His Budget Overhaul
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Wisconsin elected Republicans to the Governor's office and to both houses of the legislature. Governor Walker has a sweeping plan to fix the state's $137 million deficit. He is planning cuts to the public employees benefits unilaterally without negotiating with the unions.
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Wisconsin May Take an Ax to State Workersâ Benefits and Their Unions
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Wisconsin Senate Fails to Vote on Union Law
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The wildly underfunded pension system of the American state of New Jersey.
09/30/2010
Need to increase the retirement age to 65 from 62, and increase pension contributions to 8.5%, says Governor Christie of New Jersey. With the lower savings of workers in the U.S. as they approach retirement, adequately funded pension systems are critical to the safety net.
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Pension Pinch Busts City Budgets
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Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
BusinessWeek 09/30/2010
Public-sector pensions: Three-trillion-dollar hole
Economist 10/16/2010
American states' pension funds: A gold-plated burden
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Efforts to fix the budget deficits in U.S. states: 2010-2012
01/05/2011
Some of the worst budget deficits are in Illinois, California and New Jersey, with other states not far behind.
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California’s New Problem: Too Much Money
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Chris Christie: The conservative crush
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Illinois Braces for Tax Increases
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Funding the budget and pension deficit in the U.S state of Illinois
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Pension Pinch Busts City Budgets
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Illinois Pension Fix Faces Political Test
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Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
American states' pension funds: A gold-plated burden
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Wall Street Journal 10/30/2013
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Illinois Pension Fix Faces Political Test
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Wall Street Journal 08/27/2010
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Pension Issues Spice Dinner Debates
Wall Street Journal 02/18/2011
The Pension and Benefits Debate in American society
08/27/2010
With 12.5% of U.S. workers being state and local government workers, there is someone, a neighbor, a friend, who works for state and local government. The lunch or dinner conversations often wander into the issues about benefits and pensions in the private and government workplaces.
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Public Pensions and Our Fiscal Future
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American states' pension funds: A gold-plated burden
Economist 10/16/2010
Pension Issues Spice Dinner Debates
Wall Street Journal 02/18/2011
Wall Street Journal 06/16/2011
Beware the Registered Investment Adviser
BusinessWeek 10/27/2011
Wall Street Journal 04/22/2012
Public sector unions and state budget deficits in the U.S.
01/04/2009
Public-worker unions are preparing to fend off cuts in benefits by newly elected Republican governors in the U.S..
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Concessions Foreshadow a Tough Year for Unions
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The public sector unions: The battle ahead
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Wisconsin May Take an Ax to State Workersâ Benefits and Their Unions
New York Times 02/11/2011
Public-Worker Unions Steel for Budget Fights
Wall Street Journal 02/14/2011
Public Workers in Wisconsin Protest Plan to Cut Benefits
New York Times 02/16/2011
Wisconsin governor Scott Walker and the public sector unions in the U.S.
01/04/2009
Walker's confrontation with the unions as county executive for Milwaukee, USA.
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Concessions Foreshadow a Tough Year for Unions
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Behind Scott Walker, a Longstanding Conservative Alliance Against Unions
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Wisconsin Gov. Scott Walker has history of going up against unions
Washington Post 02/19/2011
For Wisconsin Governor, Battle Was Long Coming
New York Times 02/19/2011
Indiana Democrats Block Action on Union Bill
Wall Street Journal 02/22/2011
Katrina vanden Heuvel - Wisconsin - it's about democracy
Washington Post 02/22/2011
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