June, 2015

30
Jun
2015

East Providence, RI Enters Interlocal Trust To Help Meet OPEB Requirements

Categories: New England Developments,OPEB/GASB 45/75,PARS In the News

East Providence will soon join a growing list of municipalities in the Rhode Island Interlocal Risk Management Trust, a funding mechanism designed by PARS to help cities and towns maintain their OPEB requirements going forward.

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17
Jun
2015

Solano County Joins PARS’ New Pension Rate Stabilization Program

Categories: California Developments,Hot Sheets,OPEB/GASB 45/75,Pension Rate Stabilization

 

Situated halfway between the bustling cities of San Francisco and Sacramento, the County of Solano enjoys a close proximity while still maintaining its mix of rural and suburban life. One of the original California counties founded in 1850, Solano

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16
Jun
2015

Cutting Retiree Health Care

Categories: California Developments,OPEB/GASB 45/75

Municipal bankruptcy rarely produces good news for all involved –debtors, employees, retirees and the public agency itself; there’s no exception in the City of San Bernardino’s recent decision to eliminate its retiree health care. A tentative deal has been struck under which retirees would sacrifice the health benefits they currently receive in exchange for a guarantee that the City continues to fund current pension benefits. It’s not a done deal - the retirees’ group will get a chance to vote on the “deal” - but ultimately the courts will decide if it’s a go.

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12
Jun
2015

401(k)-style Plans To Replace Municipal Pensions? Possible in PA

Categories: New England Developments

A month after PA Republican lawmakers advanced a plan to end the traditional pension for new state workers, they've set their sights on doing the same for future municipal employees in Pennsylvania. The cited reason for the change has been repeated in most debates over public pensions: People are living longer, and the annual pension payouts for city retirees are getting harder for municipal governments to afford.

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10
Jun
2015

Judge approves sweeping RI pension settlement

Categories: New England Developments

R.I. Superior Court Associate Justice Sarah Taft-Carter granted final judicial approval Tuesday to a sweeping settlement that would end nearly all the legal challenges to Rhode Island’s 2011 pension overhaul, which saved taxpayers roughly $4 billion. The judge’s decision to green light the pension deal, which was expected, means there is only one step left before the settlement takes effect: approval by state lawmakers. Gov. Gina Raimondo, who was the architect of the original pension law as treasurer, hailed Taft-Carter’s ruling.

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