The challenges of the past decade have required the state and local sector to make many significant adjustments to its workforce.
Center in the News
SLGE’s Joshua Franzel talks to PIMCO about changes in state and local government retirement programs in the United States.
Most public pension plans improved their funded status in 2014 and are likely to be more than 80% funded by 2018, according to a report by SLGE.
Reductions in pension funds’ cost-of-living allowances have affected new and existing employees about the same, but retirees have been hit hardest by this policy.
New rules mean that local governments will have to record the cost of health insurance and other benefits on their financial statements.
In some localities badly hurting for revenue, public employment may never return to pre-recession levels.
As government pensions become less generous for new hires, automatic enrollment in supplemental savings plans can make a big difference.
After years of wage stagnation, state and local governments are finally seeing room in their budgets for slight wage increases and bonuses.
Massachusetts has committed to paying more than $15 billion over the next 30 years for health insurance for its retirees. But the state has set aside almost none of the money needed to pay for it.
SLGE’s VP of Research Joshua Franzel speaks to Wall Street Journal re: New Jersey Governor Chris Christie’s pension study committee proposal to move state’s public employee retirement system toward “cash balance” plans as a way to control costs and control liabilities. http://on.wsj.com/1EQlaDE
As private-sector wage growth outpaces the public sector’s, Center President/CEO Elizabeth Kellar writes in Governing Magazine about the challenge governments face attracting and retaining talented employees.
How widespread are municipal bankruptcies? Are municipal defaults increasing? What about state and local pension funding? State and local government revenues have been slowly improving, making it possible for many officials to take steps to address their fiscal challenges. ICMA and the national organizations representing the nation’s governors, state legislatures, and state and local officials Read More
Center President/CEO Elizabeth Kellar writes in Governing Magazine about the need for government leaders and the public to have honest and open communication.
Center Vice President of Research Joshua Franzel recently talked with US Bank’s newsletter about public sector Baby Boomers and retirement. (10/27/14)
Center President/CEO Elizabeth Kellar tells Pensions&Investments that even good GASB numbers should not take attention away from the need for elected officials to focus on funding plans and decisions about setting annual contribution rates. (9/15/14)
Plansponsor.com reports that as more state and local governments reform pensions following the recession, public sector employees have more concerns about retirement. (8/20/14)
Governing covers the joint Center/TIAA-CREF Institute survey of public sector employees’ retirement confidence. (8/20/14)
BenefitsPro.com reports on the Center’s new issue brief on pension obligation bonds. (7/7/14)
PlanSponsor on the Center’s new report on the use of automatic enrollment by retirement plans offered by local governments. (7/1/14)
Center Vice President of Research Joshua Franzel tells Stateline that people who postponed retirement because of the recession are now starting to leave the workforce. (6/20/14)