Pension News

Unable to round up enough Senate votes for a sweeping measure to overhaul the state's public employee pension system, Gov. Pat Quinn has backed off in favor of a plan to a form a committee designed to forge a compromise on the hot-button issue.

The six-step plan was developed by officials from the University of Illinois and Northern Illinois University.

Senior citizens in Scotland would benefit from stronger pension safeguards than those elsewhere in the UK if Scotland became independent, the Finance Secretary has said.

Emergency Manager Kevyn Orr and Detroit's union leaders and pension fund representatives are gearing up to meet Thursday in what some experts said could be a pivotal turning point in efforts to keep Michigan's largest city out of bankruptcy.

The House State Government Committee has plans for a hearing on the governor's pension reform proposals Wednesday morning, less than two weeks before lawmakers expect to take heir summer vacations after the state budget deadline, June 30. That leaves little time for lawmakers to enact a major overhaul of the two pension systems.

The Bel Air Town Commissioners unanimously voted against a budget amendment Monday that would have put $55,000 in savings toward the town employee pension funds in order to review the "overall health" of the pensions, which are short by more than $100,000 for the 2013 fiscal year.

California may be boasting a $1.2 billion budget surplus this year, but it and other states still face the growing problem of what to do about pensions for state workers, according to The Economist.

New York City has settled a lawsuit in which the federal government accused it of improperly reducing retirement benefits for current and former police officers who served in the military after Sept.

A plan to cut pension benefits previously thought sacrosanct for 30,000 workers and retirees may tip Detroit into bankruptcy as Emergency Manager Kevyn Orr negotiates over $17 billion in debt and obligations.

As Will Weatherford tells it, his plan to shut down the state's pension fund to new hires won't affect people already in it.

Texas Republican John Cornyn supplemented his Senate salary with a trio of public pensions last year from his days as a Texas judge and elected official-a practice some fiscal watchdog groups have attacked as "double dipping."

The "triple lock" is the guarantee it will rise every year in line with prices, earnings, or 2.5 per cent, whichever is higher Mr Webb has boasted about bringing in the lock, which ensures that pensions rise by at least 2.5% a year, in the past.

Marty Bilek, who resigned as chief deputy of the Douglas County Sheriff's Office to become Mayor Jean Stothert's chief of staff, will collect a county pension of more than $67,000 in addition to his $112,500 city salary.

A pension fund for priests cited as a priority in a $200 million fund-raising campaign by the Archdiocese of Philadelphia has fallen precariously short of money, and church officials want parishes and retired clergy to help cover the shortfall.

Thousands of parents may be forced to take days off work as teaching unions warned strikes could close schools across Suffolk and Essex.

The UK's pensioners get a bad press these days. Seventy-five per cent of us own our own homes and over 50 per cent of welfare payments go to us.

As lawmakers strain again this week to find a fix for the state's $97 billion pension crisis, the stalemate between House Speaker Michael Madigan and Senate President John Cullerton highlights the evolving relationship between two powerful Democratic friends who've seldom had such a prolonged disagreement on such an urgent issue.

First off, Happy Father's Day to all the dad Kossacks here. Second, I received an e-mail today regarding Gov. Tom Corbett's pension cuts plan: Right now, the governor is planning to weaken the state's two retirement funds - the Public School Employees' Retirement System and the State Employees' Retirement System - by diverting new state workers ... (more)

Illinois university employees would pay more toward their pensions and receive annual retirement-pay increases tied to inflation in a reform plan the Senate president supports.

Chrysler Group LLC freezing its pension for salaried employees isn't out of the ordinary in today's business environment, according to one financial analyst.