Miami city commissioners, who in recent years have cut severance pay and pensions to balance budgets, could vote Tuesday to allow four of the city's highest earners to return from retirement and collect their pension on top of their hefty salary.
No longer just concerned with saving the state's underfunded pension system money, reform efforts now seek to stop allowing interlopers who aren't state workers into the taxpayer-supported retirement systems.
A pension reform bill that would have moved new state workers and teachers into a 401K plan and blocked them from enrolling in the state pension system, failed in the Florida senate. Several Republicans joined the Democratic minority to defeat the measure 22-18.
Source: Newark Star-Ledger | New Jersey |
April 15, 2013
While local pension costs will grow in the new state budget, the bill would be $540 million higher without reforms that forced public employees to pick up a greater share of the pension costs and stopped cost of living adjustment for retirees.
Most states and many municipalities have passed some kind of pension reform in recent years, but only a few did so in a way that addresses the immediate unfunded liability of their plans. Plus: Has pension reform gone too far?
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