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S&P: Kentucky's pension funding ratios weak despite improvements

S&P: Kentucky's pension funding ratios weak despite improvements
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Florida Senate Passes Bill to Move Most State Workers to DC Plan

Opponents say the proposed legislation attempts to solve a problem that doesn’t exist.
The Florida state Senate has passed a bill that would eliminate the option for nearly all new state employees to participate in a defined benefit (DB) plan, instead requiring them to join a defined contribution (DC) plan.
The bill, which was sponsored by Republican Sen. Ray Rodrigues, would require new hires as of July 1, 2022, to enroll in a 401(k)-style investment plan. Employees are currently given the option to participate in either the DB plan or the DC plan. The bill excludes “special risk class” employees such as firefighters and police officers. ....

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Republicans question how pension funding in stimulus is pandemic aid

Republicans disagree, saying pension funding has nothing to do with pandemic relief.
Pension plans were at risk prior to COVID-19, and the aid will help around 10 million Americans.
President Joe Biden s $1.9 trillion stimulus plan passed the House on Wednesday, setting it up to become law this week, but where the money in the bill is going remains controversial. One of the controversial recipients: pension plans.
Democrats included $86 billion in direct aid for pension funds in the stimulus bill, which will help the 10.7 million active and retired workers who fall under multiemployer pension plans, and lawmakers say doing so is a necessary component of pandemic relief. ....

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The stimulus includes money to help 10.7 million pension plans. Republicans don't see how that's pandemic aid.

The stimulus includes money to help 10.7 million pension plans. Republicans don t see how that s pandemic aid.
asheffey@businessinsider.com (Ayelet Sheffey)
Biden s stimulus bill includes $86 billion in pension funding, which Democrats say is necessary.
Republicans disagree, saying pension funding has nothing to do with pandemic relief.
Pension plans were at risk prior to COVID-19, and the aid will help around 10 million Americans.
President Joe Biden s $1.9 trillion stimulus plan passed the House on Wednesday, setting it up to become law this week, but where the money in the bill is going remains controversial. One of the controversial recipients: pension plans.
Democrats included $86 billion in direct aid for pension funds in the stimulus bill, which will help the 10.7 million active and retired workers who fall under multiemployer pension plans, and lawmakers say doing so is a necessary component of pandemic relief. ....

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Pension Reform Success Stories

Pension Reform Success Stories
Most states and many municipalities have passed some kind of pension reform in recent years, but only a few did so in a way that addresses the immediate unfunded liability of their plans.
Plus: Has pension reform gone too far?
Brian Peteritas
|
April 2013
For Chris Bartley, the turning point in Lexington, Ky.’s pension deal came when the city finally budged. The longtime firefighter and union chief was slow to trust politicians. So he stood his ground and well into fall 2012, Bartley and other representatives returned again and again to the negotiating table. Tasked with fixing the city’s looming pension debt created by slow revenue growth and soaring entitlement costs, they had made no progress. ....

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