The taming of inflation was the main financial story. Bond and capital markets were cooperative, even if voters upset about property taxes were not. Governors, mayors, finance directors and pension pros may soon look back wistfully at 2024’s business-as-usual atmosphere.
Millions are falling behind on their retirement goals. There are proven policy solutions at the state level, and federal policymakers could build on those to help all workers save what they will need and reduce the burden on taxpayers.
Wayne County, Mich., nearly filed for bankruptcy in 2014. It just posted its tenth budget surplus in a row.
Milwaukee County Executive David Crowley convinced the legislature to allow localities to raise taxes. That helped his county address longstanding pension debt.
The state Capitol’s pension debt clock acted as a reminder for the last eight years of how much taxpayers were on the hook to pay. But now the state’s retirement system is fully funded and the digital clock has gone dark.
The major public funds have almost doubled their investments in high-fee, nontraditional vehicles, and important new research shows how costly it’s been. It’s a wake-up call for greater scrutiny of fee structures and consultants' assumptions.
Homeowners are being squeezed out of affordable coverage. Sustainable intergovernmental partnerships with the insurance industry offer a solution. And there may be a role for state and local pension funds.
Chris Ailman, the chief investment officer for the giant California teachers’ pension fund, is retiring. He showed the way in navigating a landscape of complexity, hazards and challenges to achieve steady investment success.
Since the Great Recession, states have moved to reform their public pension plans, making tough choices and frequently doing so with bipartisan support. Federal lawmakers should keep these lessons in mind.
With most public retirement systems seeing improved actuarial funding levels, there’s an opportunity to offer options that could make government compensation more competitive. But any impetus for change should come from pragmatic public employers, not partisans or lobbyists.
Research shows that traditional defined-benefit plans still play a key role in attracting and retaining government employees. To maximize these benefits’ impact, employers need to make sure their workers understand them.
Research shows that traditional defined-benefit retirement plans aren’t a path to improved recruitment or retention. When it comes to younger workers in particular, policymakers need to accept the new reality.
By 2030, an estimated 12 percent of people ages 75 and older will be working, more than doubling from 2000, due to longer lifespans and rising costs of living. In Florida, soaring insurance rates add to financial pressures.
State leaders promised a series of sweeping reforms to address problems in the disability pension system, just hours after the publication of a report highlighting poor management.
State budgets are on track for modest growth even as federal fiscal recovery funds wane, pension underfunding persists and AI promises (or threatens) to change everything.
There are millions of them, many of them still want to work, and they have a lot to offer. It’s time to rethink laws and pension rules that prevent them from contributing.
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