Data-Z News

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Senate passes legislation to modernize, safeguard the Florida Retirement System

APRIL 9, 2021 | THE FLORIDA SENATE | by Press Release

Includes “… The legislation modernizes the Florida Retirement System (FRS) by closing the pension plan (defined benefit) to new enrollees … ‘We have seen examples in other states of how quickly conditions can change and a government can experience financial crisis under the weight of its future retirement obligations.” 

Aloha stadium plan will burden taxpayers. Is it worth the risk?

APRIL 9, 2021 | HONOLULU CIVIL BEAT | by Blaze Lovell

By Blaze Lovell, includes “Financing for the state’s portion of the new stadium costs would be handled entirely through general obligations bonds backed by taxpayer dollars. As it stands now, more than half of the state’s investment would be paid back directly by stadium revenues.”

Public pension plans are thirsty for liquidity

APRIL 8, 2021 | PLANSPONSOR | by Charles Millard

By Charles Millard, includes “The Chicago River flows backward. Due to a feat of civil engineering completed around 1900, it flows backward. Its liquidity goes the wrong way. Unfortunately, that is what is happening for the Chicago municipal pension system, too. Its liquidity is flowing the wrong way.”

Florida Senate set to vote on bill called ‘ideological crusade’ against state pensions

APRIL 8, 2021 | TALLAHASSEE DEMOCRAT | by James Call

By James Call, includes “Sen. Ray Rodrigues introduced a state pension reform to the Senate floor Wednesday that public sector labor unions and retirees warn will jeopardize the retirement fund for more than a million workers. The bill (SB 84) prohibits most new hires from joining the Florida Retirement System's traditional pension, or ‘defined benefits,’ plan. …”

State should issue bonds to finance teachers’ retirement

APRIL 8, 2021 | VTDIGGER (VERMONT) | by Stephen Walke

Op-ed by Stephen Walke, includes “The state of Vermont should honor its obligation to fully fund its teachers’ retirement system. It is simply not fair to place the burden on our educators. … Whether the approximately $1.5 billion owed appears on the state’s balance sheet as obligations backed by the full faith and credit of the state — that is, bonds — or as a pension fund liability, the state’s fiscal position is the same.” hmm

Pennsylvania pension system officials disclose federal probe

APRIL 8, 2021 | PITTSBURGH POST-GAZETTE | by Marc Levy

By Marc Levy (AP), includes “… The calculation — 6.38% growth over the nine years ending last June 30 — was slightly above a 6.36% growth threshold, thus protecting nearly 100,000 active school employees who are retirement system members from seeing a higher risk-sharing contribution rate kick in …”

Stop the budget bleeding

APRIL 7, 2021 | CITY JOURNAL | by Adam Schuster

By Adam Schuster (Illinois Policy Institute), includes “Under Emanuel’s administration, Chicago taxpayers were hit with $864 million in annual tax hikes. Residents have been fleeing the city: Chicago has posted five consecutive years of population loss.”

Pension obligation bond to satisfy debt: A good idea?

APRIL 7, 2021 | NOOZHAWK (CALIFORNIA) | by Ron Fink

By Ron Fink, includes “If you owed a couple of hundred thousand dollars on your house and suddenly the interest rates went down, would you refinance the house to save a substantial sum of interest over the 15-year life of the new loan?” 

Irvine has switched to a defined contribution plan and cut their UAL by 23% in 4 years

APRIL 6, 2021 | CHICO TAXPAYERS ASSOCIATION (CALIFORNIA) | by Editorial

Includes “… What stuck out to me was that he knows the CEO of CalPERS by first name. … This article explains how they’ve reduced their UAL 23% over the past four years without issuing Pension Obligation Bonds.”

‘We have never seen so much money’ – Federal cash pours into Colorado’s cities and counties

APRIL 6, 2021 | CANON CITY DAILY RECORD (COLORADO) | by Justin Wingerter

By Justin Wingerter, includes “For Colorado’s local governments, the money represents an opportunity they have never had and may not get again soon. It’s a chance to fill holes in budgets and bridges, to address decades-long addictions and afflictions, to build up and better their towns.”

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