Page 796 - Pensions News Today

Weighs down heavily on job creation and the economy and thats the issue of pensions. today the manager in detroit cut the pension of everybody in detroit by 34%. >> the city of detroit. >> the city of detroit. which is -- so even if youre currently retired, this was a real cut even for retireds. chicago has eight times the pension burden of detroit per capita. now, i know you already shown real courage -- >> illinois did a $100 billion pension reform that i signed into law last december. i think...

Martha: at the center of a debate on retirement plans that is going on in california. he is asking for an additional $75,000 on top of more than quarter of a million annual pension. the case is now before a judge. the ventura county and other communities trying to ditch their pension plans in favor of 401(k) plans. what is going on here? william la jeunesse joins us from los angeles. william, is this sheriffs case the tip of this iceberg? >> reporter: the ex-sheriff is symbol or poster boy for r...

>> reporter: san diego and san jose passed historic pension reforms though union lawsuits blocked the san jose 401(k) mandate for new employees. >> reforming pensions is really popular with voters in blue states, red states, doesnt matter. people want government workers to have benefits that are somewhat in line with what they expect to get in their private sector jobs. >> reporter: 20,000 state employees pulled down in excess of 100 grand a year. 73% of state voters in favor of 401(k)-style pla...

Pensions to 401(k)s. will the big unions go for it? beating mother nature at her own game. one town is using dynamite to take care of dangerous river ice. were going to tell you where, next. ♪ [ male announcer ] youre watching one of the biggest financial services cpanies in the country at work. hey. thanks for coming over. hey. [ male annouer ] how did it come to be? yours? ah. not anymore. its a very short story. come on in. [ male announcer ] by meeting you more than halfway. its how edwa...

Martha? martha: what are the cities doing about it? >> reporter: san jose voters passed a measure, not only putting future workers in 401(k)s, but gave current employees an option. take lower benefits or increase your monthly contributions. san diego voters approved something similar. unions claim in court that existing pensions can not be changed n a statewide initiative in november, that could settle the question. >> reforming these pensions is really popular with the voters in blue states, re...

In retirement. current employees claim the problem is fixed. >> theres no doubt about it. >> reporter: ventura county sheriff jeff dean worries that moving county employees, including 700 deputies, from a defined pension to a 401(k) would turn his force into a second rate department. >> its a great concern. because its about human beings and lives and the future of your organization youre talking about. >> deans predecessor earned $227,000 when he retired. a new data base shows his pension today...

Braced for cuts to pension and retirement plan this is morning. any minute now, tens of thousands of current and retired city workers in detroit expect word on cuts to pensions and retiree health care benefits. they would be part of the citys emergency management plan to bring i ddetroit bankruptcy if approved. the announcement due by march 1st is expected early this week. it is tax season. apparently the tax process in the u.s. is so complicate had the more ex pats would rather dump citizensh...

Are still not being paid very well for the hard work they do fighting the wars we fight. for retirees, either you do 20 years and get a pension. if you dont, you leave with nothing. i think there are changes you can make in the system. those who fought two tours say in six or seven years and get out, vested in some way with the safety net as opposed to going straight to government assistance. >> that was my question. do members of the military need to be paid more. our viewers might be surprised...

Benefits and the pensions. this is no small order, especially for the republicans. the republicans have been famous for running around the country telling everybody that they support the troops. remember those signs? after we went into iraq and after we were embroiled in the conflicts over there in afghanistan and iraq, there were all these signs on republican cars in america "we support the troops." who doesnt support the troops? the issue of who is going to pay for the troops has come up from ...

His members that would extend the debt ceiling until march of 2015 and does not include major spending cuts. it seeks to restore pension cuts that were passed as part of decembers budget deal. republicans want to offset the pensions by extending sequestration cuts to providers. a vote could come tomorrow and then the house is on recess. as hillary clinton eyes a possible 2016 run for president, echoes of the past refuse to stay there. today its the private papers of diane blair that are sheddi...