Search for “pension”
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Michigan’s largest debt declines
Gov. Whitmer asks to put less into the pension system
… for public school employee pension debt is down by roughly $5.2 … administration.
Lawmakers promised pension benefits to workers in a state-mandated … what was promised. State pension funds are not like Social … up. (They don’t.)
Instead, pension fund managers have flexibility … estimates, the costs for pensions are as employees are working, … more
How to Control the Pension Debt
The costs of pension liabilities have grown out of control
… as I watch the government pension scandal across the country.
Pensions provide retirees with a decent … six states, they say, total pension liabilities have grown beyond … for them. This means that pension debt is growing faster than … matter with this trend. If pension obligations grow a lot from … more
Governor Granholm Called to Underfund Pensions 6 Years Before Company Bankruptcy
There is no natural constituency for properly funding pensions
… of pressure to underfund pensions, and the promises that guarantee … employees with defined benefit pension plans, they are required to … bankruptcy, the employee pension plan was terminated and taken over by the Pension Benefit Guaranty Corporation. … criticized federal rules governing pensions and called for weakening … more
Taking the Pension Task Force to Task
Governments should stop generating new pension debt
… ere is a well-established pension funding principle that was … cover the full costs of the pension benefits earned by their employees that year. This prevents pension debt from growing out of control. … fundamental challenge for financing pension systems. To keep them from … burden on future taxpayers, pension managers need to accurately … more
Why Michigan Pension Reform Matters
Michigan now a national leader on fixing pension problems
… of the 2017 public school pension reform is a transformational … state officials to promise pension benefits to new school employees … participants in the state’s school pension system. It covers 189,761 … from this system.
But the pension fund is underfunded. The state … has saved to pay for their pensions and the amount the system’s … more
Don’t redirect pension funds
Lawmakers should be wary about lowering pension debt payments
… million out of the state’s pension debt payments and spend it … should be careful. Underfunded pension debts have a long history … part of the state-managed pension and retiree health insurance … pay for their employees’ pensions, and the state pays out pension checks to employees when they … more
How to Control the Pension Debt
The costs of pension liabilities have grown out of control
… as I watch the government pension scandal across the country.
Pensions provide retirees with a decent … all but six states, total pension liabilities have grown beyond … pay for them. It means that pension debt grows faster than the … matter with this trend. If pension obligations grow a lot from … more
Schoolchildren, Teachers, Taxpayers Harmed When Pension Managers Assume Too Much
The realities of Michigan's $26.5 billion pension liability
… retirement system to base annual pension contributions on an assumption … means contributions into the pension fund will be insufficient … to pay.
Michigan’s school pension system has put taxpayers on … last year.
Several state pension officials quoted in a recent … year to adequately fund the pension system. Failing to reach assumed … more
State Policies Created School Pension Pain
The only real solution is to close public pensions to new employees
Pension costs are forcing tough choices on Michigan’s school … policies will be. To pay for pension benefits, the state assesses … its payroll to the school pension system, while the employees, … annual responsibility for pensions. It also announced that it … districts to cover a portion of pension benefits. Currently, that’s … more
New Bill Fixes a Pension Problem, Leaves Major Problem Untouched
Boosted pensions aren't the main cause of underfunding
… boost their taxpayer-funded pension benefits. The bill could can … runaway costs of an underfunded pension system.
The problem with public pensions in Michigan is not how generous … they earn credit towards a pension that they will collect when … employer puts money into a pension fund. This ensures that the … more
Alleged ‘Transition Costs’ Avoidable In Detroit
Shouldn't be used as a roadblock to pension reform
… requirement that the city close its pension systems to new members — is … that have reformed their pension systems show.
Transition … to catch up on underfunded pensions. Detroit does not have enough money saved in its pension system to pay for the benefits … other governments have made pension reforms without making this … more
Pension Underfunding Has a Cause — But it is Not Smaller Workforces
Pensions do not operate like Social Security
… costs of defined benefit pension systems are meant to be paid as pension credits are earned by employees. … lack of understanding of how pension funding actually works leads … This is because government pension funds do not, in fact, operate … Security. When a worker earns a pension, his or her employer is supposed … more
$1 Billion of Tax Money Thrown Into a Growing Deficit
Michigan increased pension funding and it’s still not enough
… into the school employee pension fund. But the extra state … determines the amount of money the pension system needs each year based … much the state still owes in pension debt. This is different from … supposed to pay for the school pension system has increased with … annual costs of running the pension system — it does nothing to … more
Use Better Assumptions to Pay for Pensions
Lawmakers should pay close attention to state pension systems
… to contribute money to the pension system during each employee’s … retirements of the people who get pensions. A well-funded pension system has enough money to … in the system to pay their pensions.
What employees earn for … long they will collect a pension. Likewise, how much the state … more
Media Misinterpreting Detroit Pension Bill
Legislation doesn't address pension underfunding
… city and unions could negotiate for pension or hybrid plans as long as the city … determine a city's obligation to fund pension benefits, payments are split into … do not calculate the value of the pensions earned by each employee individually, … to the system in general. If the pension funds develop an unfunded liability, … more
Michigan's Underfunded Pensions: A Tale of Two Counties
Wayne County governments have dug a $3.4 billion pension hole
… $4.2 billion in unfunded pension benefits to their employees, … communities run a defined benefit pension plan for their employees, … closed its defined benefit pensions to new hires, instead giving … retirement accounts. The legacy pension system that serves county … date is well-funded. The pension systems of most cities in … more
Seven Ann Arbor Retirees Getting Six-Figure Pensions
The highest pension was for $126,216 to former fire chief who worked 25 years
… are currently collecting pensions that exceed $100,000 a year, … records from the city-run pension system.
The highest payout … of service.
The average pension payout from Ann Arbor’s retirement … in 2003 receives an annual pension of $43,000.
Gretchen Virlee-Wagner … Virlee-Wagner now collects an annual pension of $68,036.
The New York … more
Lansing’s $402M pension problem could become ours
City’s unfunded pension debt continues to grow, even with state help
The city of Lansing pays pensions to 1,790 former employees, but it lacks a fully funded pension system. If the city fails to fully fund its pension obligations, the burden will … Mackinac Center.
Lansing’s net pension liability was $402,497,602 … fire and police department pension system and $164 million in … more
The Lose-Lose Situation in Pension Funding
Pension underfunding, not defined contributions, is the problem
… give them control over their own retirement.
Pension plans in governments are expensive yet are not … contribution plans. Most of the money going into pension funds is not to pay for the benefits being earned … and paying for them later has created a hole in pension systems across the state. This is the real lose-lose … more
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