Government Pension Reform

May 10, 2012 at 9:22 am Leave a comment

An emerging trend is calling for pension reform at the state and local level.  Notably, the governors of Illinois and Louisiana have both made proposals recently.  The following article from Ray Long at the Chicago Tribune describes some of the discussion going on in Illinois at http://www.chicagotribune.com/news/local/breaking/chi-rahm-emanuel-illinois-pensions,0,6926697.story.

Many other states and local governments are already making changes.   Most of these plans are reducing benefits and increasing retirement ages.   The changes should reduce pension funding shortfalls.  The aim appears to be increasing government accountability by ensuring the plans have enough funds to pay out their participants and beneficiaries when needed.

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

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