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.
House lawmakers in Illinois have passed the first step toward significant reform of the state's woefully underfunded pension system, but the controversial move would limit cost-of-living increases.
Last week, Illinois was only the second state to ever be accused of securities fraud -- but it may not be the last. The SEC's head of municipal securities wants to increase its enforcement.
A major ratings agency cast doubt over New Jersey Gov. Chris Christie’s proposed 2014 budget this week, saying that the Republican’s forecasts were too ambitious and relied on “new and untested revenues” to balance the ledger.
The overhaul raised the retirement age and lowered the benefits for public employees hired as of Jan. 1 of this year. It also changed the way pensions are calculated, which slices into benefits for workers who were on the job before then.
Illinois is only the second state to ever be accused of securities fraud. According to the SEC, the state misled investors about its underfunded pension system.
A dramatic standoff between Illinois’ largest state-employee union and Democratic Governor Pat Quinn ended last Thursday morning with a tentative contract agreement after more than 15 months of negotiations.
For most states, the new government accountability rules eliminate the main substantive barrier to moving toward less costly defined-contribution plans.
Source: AP/Philadelphia Inquirer | Pennsylvania |
February 28, 2013
The Republican governor's proposal to reduce benefits for current employees is the centerpiece of his initiative. But it faces an uphill fight in the legislature and possibly in the courts.
Public sector organizations are under intense scrutiny to operate as efficiently and effectively as possible and with maximum transparency. An important consideration is the way in which payments are made and managed. Prepaid cards can offer flexibility, security and accountability to governments as a method of dispersing benefits, healthcare and social care payments, child benefits and housing benefits to their constituents.