Sentences with phrase «reduce pension benefits»

Alternatively, when a recession hits, legislators can reduce pension benefits for new workers without angering any particular constituency.

The law includes a number of reforms that reduce pension benefits for retirees and current employees.

A group of active and retired Chicago city employees and four unions that represent them — AFSCME Council 31, the Chicago Teachers Union, the Illinois Nurses Associations and Teamsters Local 700 — filed suit today in Cook County Circuit Court to overturn Senate Bill 1922 (Public Act 98 - 0641), legislation to sharply reduce pension benefits for city workers and retirees who participate in the Municipal Employees Annuity and Benefit Fund (MEABF).

In New Jersey, a flood of teachers are retiring this month in response to a proposal to reduce pension benefits for future retirees.

«We really are up against it,» Mayor Michael R. Bloomberg said during a recent trip to Albany, urging the state to reduce pension benefits for future public employees.

He contrasted the mayor's desire to let the millionaire's tax sunset this year — which he said would blow a $ 5 billion hole in the state budget — with the mayor's insistence in his State of the City address that the city needed to be able to reduce pension benefits and lay off «more expensive» senior teachers to cut costs.

But those unions are now angry that McDonald fell in line with other Republicans (and Andrew Cuomo) voting to reduce pension benefits for new public employers.

The governor was criticized for using messages of necessity, long a staple of backroom deal - making at the Capitol, when he brokered agreements to reduce pension benefits for new public employees and change legislative district lines.

In 2012, he pushed to reduce pension benefits for new public employees in exchange for allowing legislators to draw their own district lines, breaking a campaign promise to reformers and helping Republicans retain their grip on power in the state Senate.

The biggest shot Cuomo has taken at organized labor was the 2012 agreement to reduce pension benefits for new workers.

All four candidates also said they would favor collective bargaining with city employee unions over possibly reducing pension benefits for new employees in order to rein in the budget, rather than a unilateral decision by the city.

The Tier 6 proposal is nothing more than a false choice of accepting severely reduced pension benefits or joining an inefficient 401k style pension system.

Public employee unions were angry with the governor for reducing pensions benefits for new workers, and teachers were upset over a property tax cap, which impacts school budgets, and test - based evaluations.

New Yorkers also oppose (56 - 37) reducing pension benefits for public employees, despite the fact that experts like the Empire Center's EJ McMahon have warned the state is headed for a serious fiscal mess if generous taxpayer - funded benefits packages aren't scaled back soon.

But the unions are not in a mood to cede further ground, after failing this year to block legislation that reduced pension benefits for future public workers.

Cuomo had just reduced pension benefits for newly hired public workers and cut taxes on the rich.

Last year, Cuomo proposed and the state legislature approved reducing pension benefits for new state workers.

Legislators were accused of «pension theft» for making prospective changes that only reduced pension benefits for those who had 20 years -LRB-!)

He pointed out that top Canadian earners fought for principles of equal work for equal value, yet their children now face lower wages and reduced pension benefits even if they're doing the same work at the same employer.

The High Court's decision to reject BT's plan to reduce pensions benefits comes as good news for 84,000 former and existing BT employees that joined the telecoms firm after it was privatised in 1984.

Not exact matches

Expanding CPP with an optional add - on to the point where many employees wouldn't need a corporate pension at all would allow companies to reduce benefits without leaving their workers in the lurch.

Government has passed painful austerity measures — tax hikes and cuts to benefits, salaries and pensions — to reduce state debt and strengthen confidences in its finances.

Union officials, who have vowed to fight any effort to reduce benefits to retirees and vested workers, claim the city has undermined the pension fund by outsourcing city services to workers who don't pay into the system.

The commission recommended several reforms including reforming civilian and military retirement programs, reducing agricultural program spending, eliminating in - school subsidies in federal student loan programs, and giving the Pension Benefit Guarantee Corporation the authority to increase premiums.

Many pensions will be forced to reduce return expectations, reduce benefit payments, or force municipalities to cut other government services.

Corporate defined benefit plan sponsors have pulled many levers in recent years in an effort to reduce the financial risk of pension obligations.

Indeed, many workplace pension schemes have a CPP - offset provision that would reduce the employer's pension costs as CPP premiums and benefits rise.

The premium hikes would be spread over at least five years (Addition — the CLC has proposed seven), and those employers already offering generous workplace pensions will likely reduce their pension costs to reflect increased CPP benefits.

The point of public pension reform is to reduce the risk for New York taxpayers, who — in addition to their own financial concerns — now stand behind a constitutional guarantee of defined - benefit pensions for all current and future state and local government retirees.

Astorino will also propose that new lawmakers be required to join a «defined contribution plan,» as opposed to the current «defined benefit plan,» for future pension benefits, a move that will reduce the state's long - term pension costs.

But reducing the overall tax «burden» meant going much further, and funding additional cuts in taxation by reducing the money that the government is able to spend on the things that, it might be argued, are best provided collectively: schools, hospitals, pensions, unemployment benefits, disability allowances, the police and the armed forces.

The presentation predicted massive «membership loss... reduced staffing, pressure on CTA pension and benefits system [and] potential financial crisis in locals not positioned to survive loss of revenue.»

:: Urgently pay Edo State pensioners over 42 months outstanding pension benefits and entitlements from the over N29bn Paris Club refunds received by your government and meant for the payment of pension arrears and gratuities;:: Adopt a human rights policy of guaranteeing regular payment of pension benefits and entitlements so that pensioners and their families can live decently;:: Recognize the human rights of Edo State pensioners and ensure their full and effective enjoyment of those rights, as well as provide them with information to enable them to claim their rights;:: Treat all pensioners in Edo State as individuals with humanity and dignity and respect and promote their higher standard of living and improve economic and social conditions for all pensioners;:: Provide Edo State pensioners with proper support and assistance to alleviate their plight, including by ensuring informal, community - based and recreation - oriented programs for pensioners to help develop their sense of self - reliance and independence;:: Reduce opportunities for corruption in the spending of the Paris Club refunds

The legislation we have proposed will continue to benefit the people of Wales as the Government focuses on reducing the deficit and restoring economic stability, reducing and preventing crime, proposing constitutional reforms, and modernising the pension system.

In 2009, a new pension tier with reduced benefits was created for newly hired public employees - called Tier V.

Works and pensions secretary Ian Duncan Smith sought to do a means - tested consolidation of several social support programmes, motivated by the goal of reducing «benefits».

The contract for the workers at the Hilton Albany expired back in April, and now, they say the owners want to reduce pay increases and cut benefits including pensions.

«For instance, the proposal for a new state pension Tier 6 with dramatically reduced benefits and increased employee costs is called a reform, but would be very destructive to public service.

At issue is how to resolve the diminished disability benefits for New York City's uniformed work force following a change in 2009 that reduced the pension from 75 percent of a final year's salary to 50 percent.

State worker unions have opposed the proposed pension changes, saying future workers would see their retirement benefits reduced by as much as 40 %, or, if they choose 401k's will be subject to gyrations of the stock market.

Unions were furious, using a pre planned rally to express their anger, saying the new benefit tier will reduce pensions by as much 40 % for future state workers.

The governor, in his budget proposal, wants a new benefit tier that offers the choice of a reduced public pension or a 401k style plan, but he says he's open to discussions.

Savings could be made by raising the normal retirement age and reducing the rate at which pension benefits are earned.

And spokesman Rich Azzopardi says Cuomo has already created a new pension tier for retired workers with reduced benefits and taken over the costs for the growth of Medicaid.

«Many millions of people in the private sector have in the last couple of years seen their pay frozen, their hours reduced, and their pension benefits restricted,» George Osborne told the Commons.

That this House declines to give a Second Reading to the Welfare Benefits Up - rating Bill because it fails to address the reasons why the cost of benefits is exceeding the Government's plans; notes that the Resolution Foundation has calculated that 68 per cent of households affected by these measures are in work and that figures from the Institute for Fiscal Studies show that all the measures announced in the Autumn Statement, including those in the Bill, will mean a single - earner family with children on average will be # 534 worse off by 2015; further notes that the Bill does not include anything to remedy the deficiencies in the Government's work programme or the slipped timetable for universal credit; believes that a comprehensive plan to reduce the benefits bill must include measures to create economic growth and help the 129,400 adults over the age of 25 out of work for 24 months or more, but that the Bill does not do so; further believes that the Bill should introduce a compulsory jobs guarantee, which would give long - term unemployed adults a job they would have to take up or lose benefits, funded by limiting tax relief on pension contributions for people earning over # 150,000 to 20 per cent; and further believes that the proposals in the Bill are unfair when the additional rate of income tax is being reduced, which will result in those earning over a million pounds per year receiving an average tax cut of over # 100,000Benefits Up - rating Bill because it fails to address the reasons why the cost of benefits is exceeding the Government's plans; notes that the Resolution Foundation has calculated that 68 per cent of households affected by these measures are in work and that figures from the Institute for Fiscal Studies show that all the measures announced in the Autumn Statement, including those in the Bill, will mean a single - earner family with children on average will be # 534 worse off by 2015; further notes that the Bill does not include anything to remedy the deficiencies in the Government's work programme or the slipped timetable for universal credit; believes that a comprehensive plan to reduce the benefits bill must include measures to create economic growth and help the 129,400 adults over the age of 25 out of work for 24 months or more, but that the Bill does not do so; further believes that the Bill should introduce a compulsory jobs guarantee, which would give long - term unemployed adults a job they would have to take up or lose benefits, funded by limiting tax relief on pension contributions for people earning over # 150,000 to 20 per cent; and further believes that the proposals in the Bill are unfair when the additional rate of income tax is being reduced, which will result in those earning over a million pounds per year receiving an average tax cut of over # 100,000benefits is exceeding the Government's plans; notes that the Resolution Foundation has calculated that 68 per cent of households affected by these measures are in work and that figures from the Institute for Fiscal Studies show that all the measures announced in the Autumn Statement, including those in the Bill, will mean a single - earner family with children on average will be # 534 worse off by 2015; further notes that the Bill does not include anything to remedy the deficiencies in the Government's work programme or the slipped timetable for universal credit; believes that a comprehensive plan to reduce the benefits bill must include measures to create economic growth and help the 129,400 adults over the age of 25 out of work for 24 months or more, but that the Bill does not do so; further believes that the Bill should introduce a compulsory jobs guarantee, which would give long - term unemployed adults a job they would have to take up or lose benefits, funded by limiting tax relief on pension contributions for people earning over # 150,000 to 20 per cent; and further believes that the proposals in the Bill are unfair when the additional rate of income tax is being reduced, which will result in those earning over a million pounds per year receiving an average tax cut of over # 100,000benefits bill must include measures to create economic growth and help the 129,400 adults over the age of 25 out of work for 24 months or more, but that the Bill does not do so; further believes that the Bill should introduce a compulsory jobs guarantee, which would give long - term unemployed adults a job they would have to take up or lose benefits, funded by limiting tax relief on pension contributions for people earning over # 150,000 to 20 per cent; and further believes that the proposals in the Bill are unfair when the additional rate of income tax is being reduced, which will result in those earning over a million pounds per year receiving an average tax cut of over # 100,000benefits, funded by limiting tax relief on pension contributions for people earning over # 150,000 to 20 per cent; and further believes that the proposals in the Bill are unfair when the additional rate of income tax is being reduced, which will result in those earning over a million pounds per year receiving an average tax cut of over # 100,000 a year.

The two labor leaders were in town for a lobby day that drew thousands of union members to Albany to protest the governor's proposal to create a sixth pension tier, which they insist will reduce retirees benefits by 40 percent.

It would be a fool's errand for current Governor Rauner to attempt, once again, to reduce benefits of current workers with the current pension clause in place.

A long - standing literature has regularly shown that DB pensions substantially reduce turnover compared to other retirement benefits, suggesting that a benefit switch will increase turnover.

By staying on, they postpone withdrawing benefits and ultimately reduce the total value of their pension.