Today, the Michigan State Senate passed pension-slashing legislation, Senate Bill 1040, that would undermine the retirement benefits of school employees and cost the state an additional $2-3 billion more than its current plan, according to the Michigan Office of Retirement …
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Frustrated with politicians trying to force teachers, fire fighters, nurses and other public employees alone to bear the burden of solving the state’s pension funding crisis—a crisis politicians themselves caused by failing for years to pay their share to public retirement systems—the union coalition We Are One Illinois has launched a new campaign to call for a fair solution supported by all parties.
On Tuesday, Arizona Governor Jan Brewer finally relented after suffering a major defeat in the Courts and signed off on legislation to reverse her illegal pension-slashing measure that placed a larger burden on the backs of teachers and other dedicated …
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A proposal for a 401(k)-style retirement plan for new teachers and government workers failed on a tie vote Thursday in the Kansas Senate, but its members later approved other changes designed to bolster the long-term financial health of the state pension system.
Yvonne Walker says Americans would be better served by a new type of pension instead of 401(k)s.
We live in a world of unintended consequences. Consider a 1978 change in the tax code designed to let corporate executives supplement their pensions with extra cash. Believe it or not, that was the idea behind this subsection in the Internal Revenue Code, better known as 401(k). It was never meant to be the nation’s de facto retirement system, but here we are.