• Illinois' Credit Rating Downgraded
• BY: McClatchy News   |   Illinois   |   August 30, 2012
• Now, only California is ranked lower than Illinois by Standard & Poor's. But unlike Illinois, California has been given a "positive outlook."

• Controversial Pension Deal Struck in California
• BY: McClatchy News   |   California   |   August 29, 2012
• Gov. Jerry Brown and Democratic lawmakers unveiled a long-awaited deal Tuesday that for the first time would set statewide public pension formulas for new hires in both state and many local government jobs. The plan, which is likely to win approval in the Democratic-controlled Legislature, assumes higher contributions from existing employees and imposes pension caps, and raises the retirement age for new workers.
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• Gambling Veto Could Set Up Post-Election Horse Trading on Illinois Pensions
• Source: Chicago Tribune   |   Illinois   |   August 29, 2012
• Gov. Pat Quinn vetoed a major gambling expansion, setting up a post-election session in which new casinos could be tied to reforms of the state's out-of-whack government worker retirement system.

• North Carolina Pension Fund's Facebook Investment Raises Concerns
• BY: McClatchy News   |   North Carolina   |   August 27, 2012
• The state reported losing $4.1 million on its $26 million investment in the social networking company's initial public offering in May, but the actual damage could be much larger.

• Illinois Lawmakers Fail to Agree on Pension Reform
• Source: Chicago Tribune   |   Illinois   |   August 20, 2012
• Democrats and Republicans alike put the blame on what one leader called Gov. Pat Quinn's "catastrophic failure" of leadership.

• New Pension Rules Expose Bigger Funding Gaps
• Source: Washington Post   |   Nation   |   August 17, 2012
• Already-strapped state and local governments are coming under increasing pressure to reduce pension benefits or increase taxpayer contributions that help pay for them because of new rules that would require them to report those obligations more honestly, advocates say.

• Pension Loophole for Ex-Illinois Lawmakers Closed
• Source: Chicago Tribune   |   Illinois   |   August 17, 2012
• Former lawmakers will cost the state less money when they fatten their state pensions with short-time lucrative jobs with cities, counties and other local governments under a law Gov. Pat Quinn signed.

• Are State Pension Funds Paying Wall Street Too Much?
• BY: Mike Maciag   |   August 15, 2012
• A report suggests pension funds pay too much in fees for paltry returns. See how much each state pays Wall Street.
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• Looming Pension Reform Leads to Rush to Retire in Illinois
• BY: McClatchy News   |   Illinois   |   August 13, 2012
• During the 12-month period ending June 30, nearly 4,750 rank-and-file state employees retired. That's almost as many as the prior two years combined.

• Despite Landmark Reforms, Pensions Burden Rhode Island Towns
• Source: Reuters   |   Rhode Island   |   August 13, 2012
• Last year, Rhode Island enacted what experts said was the most far-reaching, sophisticated public pension reform in the country to date. Yet the smallest state in the United States can't say it has won the fight.

• Massachusetts Pension Board to Give Big Bonuses Despite Fund Losses
• Source: Boston Globe   |   Massachusetts   |   August 10, 2012
• The Massachusetts state pension agency is set to give a huge $815,000 performance bonus package to most of its 25-member staff, including a nearly $100,000 payout to its executive director, despite the fact that the fund sputtered through a fiscal year that ended with a slight loss in value.
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• Pension Plan Changes Pose Challenges for Lawmakers
• BY: Alan Greenblatt   |   Chicago   |   August 9, 2012
• Lawmakers have become acutely familiar with the financial challenges caused by pension underfunding, and they're certainly aware of the political difficulties involved in trying to change pension formulas. But the legal hurdles involved in changing pension benefits can be formidable as well.
• 1 Comments

• Taming the OPEB Beast
• BY: Charles Chieppo   |   August 8, 2012
• The non-pension benefits that governments owe their retirees threaten to swamp their budgets. The time to fund those benefits is now, not when they come due.
• 2 Comments

• NYC Sued Over Pensions Cuts for Police in Military
• Source: Reuters   |   New York   |   August 3, 2012
• New York City was sued by the U.S. government on Thursday over allegations it unlawfully reduced pension benefits for police officers who have served in the military since the September 11, 2001, attacks.

• San Diego Pension Overhaul to Proceed
• Source: AP/San Francisco Chronicle   |   San Diego, Calif.   |   August 1, 2012
• A judge on Tuesday rejected a union-backed attempt to halt a measure that curbs pensions for San Diego city workers, setting the stage for it to take effect as early as next month.