by rondelord | Jun 8, 2015 | Collective Bargaining, Fire, Health Insurance, Labor, Pensions, Police, Politics, Unions
This is a particularly bad year to put more fiscal stress on towns. Hats off to House Speaker Brendan Sharkey and Minority Leader Themis Klarides for apparently blocking a bill that would have done so. The bill, passed by the Senate 25-11 earlier in the week, has two...
by rondelord | May 30, 2015 | Collective Bargaining, Fire, Labor, Pensions, Police, Politics, Public Employees (Non-Sworn), Unions
CHICAGO — Illinois is facing one of the worst fiscal crises of any state in recent decades, largely because it has mismanaged its pension system. The shortfalls could potentially mean sharply higher taxes and cuts in spending. And even though the state’s highest court...
by rondelord | May 30, 2015 | Collective Bargaining, Fire, Labor, Pensions, Police, Politics, Public Employees (Non-Sworn), Unions
Mayor Rahm Emanuel’s plan to fix Chicago’s police and fire pension systems cleared its first hurdle at the Capitol on Friday, an approach that requires all city revenue from a Chicago casino to be paid into the funds and gives the city more time to restore the funds’...
by rondelord | May 30, 2015 | Collective Bargaining, Fire, Labor, Pensions, Police, Politics, Public Employees (Non-Sworn), Unions
The Governmental Accounting Standards Board is implementing new rules that require governments, for the first time, to report unfunded pension liabilities on their 2015 balance sheets. This sticker shock should create new urgency for meaningful pension reform. A...
by rondelord | May 30, 2015 | Fire, Labor, Pensions, Police, Politics, Public Employees (Non-Sworn), Unions
CARSON CITY, Nev. (AP) – The Nevada Assembly has passed a bill aimed at saving the state’s Public Employees Retirement System $1 billion every 10 years. Assembly members voted 41-1 on Friday to pass SB406, which is sponsored by Republican Senate Majority...
by rondelord | May 22, 2015 | Collective Bargaining, Fire, Pensions, Police, Politics, Public Employees (Non-Sworn), Unions
VERO BEACH — City leaders are poised to scrap the pension plan for 330 employees and shift to a 401(k)-like retirement plan to dig their way out of a $37.5 million hole. The change would go into effect June 30. It would take 12 years to pay down the shortfall. The...
