October, 2013

27
Oct
2013

Report Warns of Mounting Pension, OPEB Liabilities in MA

Categories: New England Developments,OPEB/GASB 45/75

Public worker pension and retiree health liabilities in Massachusetts are continuing to mount at an alarming rate, warns a report from the Massachusetts Taxpayers Foundation. The total for covering all pension and retiree health benefits promised to current state and local employees and retirees is about $146 billion, but state and local governments have set aside only $63 billion of that amount, leaving $83 billion in unfunded pension and retiree health care obligations. Of the $83 billion, $46 billion is for OPEB.

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22
Oct
2013

San Jose, Calif. mayor launches pension reform initiative

Categories: California Developments

The mayor of California's third largest city offered a plan on Tuesday to help the state rein in spending on public pensions, drawing rebukes from a group representing public employees as well as the state's pension fund for public-sector workers. San Jose Mayor Chuck Reed said his measure, which he hopes to qualify for the November 2014 ballot, would urge voters to amend California's constitution to allow local governments to reduce pension expenses associated with their current employees.

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15
Oct
2013

The City of Galt Adopts the PARS OPEB Trust: “A Superior Solution.”

Categories: Hot Sheets,OPEB/GASB 45/75

As other post-employment benefits (OPEB) liabilities keep piling up, public administrators are grasping for solutions. Many California agencies have taken action by joining the PARS OPEB Trust. Even if budgets are tight, it makes good sense to make partial contributions to lower unfunded liabilities.

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11
Oct
2013

IRS Ruling on Same-Sex Marriage and Domestic Partnerships

Categories: National Developments

In the wake of the Supreme Court's ruling striking down a section of the federal Defense of Marriage Act, the Internal Revenue Service (IRS) has just issued Revenue Ruling 2013-17 to provide some guidance on the impact of this ruling on the implementation of the Internal Revenue Code (IRC).

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10
Oct
2013

Federal judge says Sacramento County retirees aren’t entitled to permanent health care subsidies

Categories: California Developments

Retired Sacramento County employees have no legal right to unending health care subsidies from the county, a federal judge has ruled. The Sacramento County Retired Employees Association and six individuals sued the county in 2011 on behalf of four categories of retirees, challenging the decision to reduce or terminate subsidies that help pay for medical and dental care.

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