Rising costs
of public employee pension plans are a source of fiscal stress in many cities and states and have led to calls for reform.
Hyping the difficulty
of public employee pension funds is one of the few growth industries in the current economy.
«CSEA is offended by the recommendation on mandating public employees» share of health insurance coverage and the proposal to undermine the integrity
of the public employee pension system,» said CSEA President Danny Donohue.
However, voters are fed up with the union's attempts to keep a failing public education system from being reformed and having massive debt foisted on them in the form
of public employee pensions.
Not exact matches
Blackstone Capital Partners VI attracted some
of the world's largest private - equity investors, including the California
Public Employees» Retirement System and the Canada
Pension Plan Investment Board, according to disclosures by the pension
Pension Plan Investment Board, according to disclosures by the
pensionpension funds.
Resnick noted that Oregon's
public employee pension fund lowered its assumed rate
of return this summer from 7.75 percent to 7.5 percent.
Given Osiris's strong five - year record
of growth and profitability, Bowers was able to help make Miller's wishes come true: he structured a deal that raised $ 13 million from a large local
pension fund — the Pennsylvania Public School Employees Retirement System (see «What Pension Funds Want,» [Article link]-RRB--- by selling a package of subordinated debt and convertible preferred stock, which included a fixed interest rate and dividend
pension fund — the Pennsylvania
Public School
Employees Retirement System (see «What
Pension Funds Want,» [Article link]-RRB--- by selling a package of subordinated debt and convertible preferred stock, which included a fixed interest rate and dividend
Pension Funds Want,» [Article link]-RRB--- by selling a package
of subordinated debt and convertible preferred stock, which included a fixed interest rate and dividend yield.
Other top
pension PE players over the same period were the Teacher Retirement System
of Texas (15.5 percent); the Houston Firefighters» Relief and Retirement Fund (13.6 percent); the Minnesota State Board
of Investment (14.4 percent); and the Iowa
Public Employees» Retirement System (14.1 percent).
State and local
employees» contributions to the two largest
pension systems increased by 10 %, from 5 % to 5.5 %
of their annual salaries and increased the retirement benefit age for new
public employees, from 55 to 60 years.
The contribution agreements apply to the Colleges
of Applied Arts and Technology
Pension Plan, Healthcare
of Ontario
Pension Plan, Ontario
Public Service
Employees Union
Pension Plan, and Ontario Teachers»
Pension Plan.
The Firefighters»
Pension System
of the City
of Kansas City, Missouri, Trust, 414 East 12th Street, Kansas City, MO 64106, which held 100 shares
of our common stock on November 7, 2008; along with the following co-filers: Miami Fire Fighters» Relief and
Pension Fund, 2980 N.W. South River Drive, Miami, FL 33125 - 1146, which held 10,785 shares
of our common stock on November 8, 2008; and the City
of Philadelphia
Public Employees Retirement System, Two Penn Center Plaza, 16th Floor,
Legislators in New Jersey and teachers in Florida are now calling for
public employee pension funds to sell their shares
of firearms companies.
The reality
of the
pension crisis was underlined again last week when the board
of the largest $ 330 + billion US
public pension plan, California Public Employees Retirement System (CalLPERS), voted to shorten its period for amortizing future investment losses from 30 years to 20
public pension plan, California
Public Employees Retirement System (CalLPERS), voted to shorten its period for amortizing future investment losses from 30 years to 20
Public Employees Retirement System (CalLPERS), voted to shorten its period for amortizing future investment losses from 30 years to 20 years.
Eroding
pension plans by shifting risk onto vulnerable
employees and retirees with limited ability to absorb income cuts is quite in keeping with the Harper government's determination to lower the boom on
public sector workers and improve the profitability
of their corporate friends in the private sector.
Some folks have no
pensions; some have a defined contribution plan, which depends on the market; others, including most
public employees and more than half
of the private - sector ones have a defined benefits plan — you get a guaranteed
pension based upon years
of service.
The size
of Illinois»
pension crisis requires even bolder
pension reform that includes 401 (k)- style plans for
public employees.
Speaking at a
public meeting in which the Park District's $ 385 million budget was unveiled, Laurence Msall, president
of the Civic Federation, said the tax watchdog group supported the district's restraint in not raising property taxes and increasing
employee contributions to health care costs, but was troubled by the «
pension holiday.»
Additionally, the
Public Sector Pensions Commission recently estimated that a huge 94 per cent of public sector employees are still on unsustainable defined benefit schemes, compared to just 11 per cent in the private s
Public Sector
Pensions Commission recently estimated that a huge 94 per cent
of public sector employees are still on unsustainable defined benefit schemes, compared to just 11 per cent in the private s
public sector
employees are still on unsustainable defined benefit schemes, compared to just 11 per cent in the private sector.
We argued that there should be an increase
of employee contributions to all unfunded
public sector
pension schemes by a third.
«I believe
pension reform is in the best interest
of the
public employees,» Cuomo said.
Cuomo's press conference comes on the heels
of a WSJ report by Jacob Gershman (subscription required) in which the AG called
public employee pensions «disproportionate,» but stopped short
of backing a plan to shift more
of the cost — and risk — to workers.
Cuomo did call for some things that will be unpopular with
public employee unions (freezing pay, creating a Tier VI in the
pension fund, reducing the size
of state government — a move that will undoubtedly necessitate job cuts, but he makes no mention
of that I can find in «The New NY Agenda: A Plan for Action»).
Albert Teichman, Chief Assistant to Rice in her former position as Nassau County District Attorney, was accused
of double - dipping in the state's
public employee pension program.
With the city facing more budget cuts or even, as she suggested, «insolvency,» Miner was hoping for relief in an area where Albany is itself the prime culprit because
of the exploding cost
of pensions and benefits promised to
public employees.
What: Forced out
of office in 2006 for trading access to New York's $ 124 billion
public employee pension fund for $ 1 million in benefits — including campaign contributions and luxury trips to Israel and Italy.
Malliotakis» expressed view matches that
of much
of organized labor, opposing a convention on fears that it could result in weakening or eliminating the existing state constitution's prohibition on reducing
public employee pensions.
What: Forced out
of office in 2006 for trading access to New York's $ 124 billion
public employee pension fund for $ 1 million in benefits — including campaign
That law allowed for the
pensions of subsequently elected legislators to be taken after a criminal conviction, and defined «
public official» in a way that also included rank - and - file state
employees but excluded police officers, firefighters and teachers.
It's practically an annual tradition for state lawmakers at the end
of the legislative session: approving bills designed to expand
pension benefits for
public employees.
In particular, he singled out the high cost property taxes and the main cost - driver,
public employee pensions, taking issue with DiNapoli's office pointing to a record - high return for the fund at the end
of the 2013 - 14 fiscal year.
The mayor unveiled a $ 47 million proposed bill that would call for Albany to increase disability benefits
of «uniformed»
public employees hired after 2009 by changing the payment formula, boosting cost -
of - living adjustments and ending the policy
of subtracting the workers» Social Security earnings from their
pension checks.
To be sure, there are well - funded efforts advocating around the subject
of a constitutional convention, including unions who fear that delegates might revise
pension protections for
public employees.
The Comptroller shall review all revenue estimates and expenditure estimates for Medicaid,
public assistance and
pension contributions and health care insurance costs for County
employees to be used in the proposed tentative budget prepared by the County Executive and submit to the Legislature in writing by the 15th
of October a report indicating whether or not such estimates are suitable estimates for the upcoming fiscal year.
The Senate President's motivation for the reform package
of 2011 was to save the
pension system from going under, to ensure that hard - working
public employees received their
pensions during retirement that they had been counting on throughout their careers.
Whether it's been attacking
public employee pensions, refusing to help New York's unemployed workers, or failing to stand up to the Governor when he shut down hundreds
of construction jobs, there is a long line
of broken promises and actions in the Senate that have targeted the labor movement.
Seventy - seven percent
of those polled said the
pension stripping should apply to all state
employees - not just elected officials - who are convicted
of crimes that relate to their
public jobs.
The database includes every
public employer on the Island - from the Village
of Baxter Estates in Nassau, which has one active
employee in the
pension system, to the Brentwood Union Free School District in Suffolk, the largest on Long Island, with 2,987
employees in the system.
Newsday has assembled a database
of pension costs that reveals what
public agencies on Long Island pay into three state
pension systems - the
Employees» Retirement System, the Police and Fire Retirement System, and the Teachers» Retirement System.
On or before the 1st day
of October the County Executive shall submit to the Comptroller all revenue estimates and expenditure estimates for Medicaid,
public assistance, and
pension contributions and health care insurance costs for County
employees to be used in the proposed budget.
A Siena Research Institute poll in May found 77 percent
of voters wanted all state
employees, including legislators, to be stripped
of their
public pensions when convicted
of crimes related to their
public jobs.
«Stripping
pensions from legislators - as well as any state
employee - convicted
of a crime related to their
public jobs is an issue that has the overwhelming support
of New Yorkers,» Greenberg said.
It would force
public employees into a
pension gamble that virtually guarantees a lower level
of benefits.
Pensions of public employees are protected by the state constitution as property, even though Stevenson was not in the Assembly long enough to be vested.
Populist outrage is building over the state's historically untouchable
public -
employee unions, with their ever - expanding
pensions and outdated culture
of unfireable workers and overpaid bureaucrats.
«Isn't this part
of a much bigger issue which is there is growing anger in what she calls the court
of public opinion not just about the
pension and renumeration
of what are now
public sector
employees but about other
public sector fat cats including senior civil servants and dare I say it ministers about their very lavish and generous
pension?»
We need repeal
of union give - aways like the Triborough Amendment which rigs union contracts and benefits, repeal
of the Wicks Law which raises
public construction costs, reform
of binding arbitration rules affecting police and fire contracts, and movement toward defined contribution
pension plans for
public employees.»
He is expected to talk about his ongoing investigation into
pension padding, the idea that
public employees manipulate their salaries at the end
of their careers to boost their
pension benefits.
But the tone
of everything seems to be that the problem is
public employees and
public pensions and it's a terrible place to be.»
According to McMahon, one
of the key reforms
of Tier 6 was to end early retirement for
public employees, in which workers could retire as young as 55 after 30 years on the job and not see a reduction in their
pensions.
The state investigation into the use
of overtime to increase the
pensions of public employees, started with great fanfare in 2010 when then - AG Cuomo was prepare to run for governor, has been dropped without so much as a report.