“It's a huge burden,” the executive director of the National Conference on Public Employee Retirement Systems said as he discussed the tax proposal.
The changes are taking place in an era when some state and local governments are struggling with pension costs.
Laws keep evolving, budgets keep tightening and more experienced attorneys are ready to retire, making automation that much more important for governments.
As Congress steps back on supporting small business employee retirement accounts, the state treasurers from Illinois and Oregon point out the need to continue forward.
In response to the budget strains and funding challenges, some states have looked to alternatives to traditional pensions.
At a California forum, experts and officials discuss implementing the state’s new Secure Choice Act.
The mayor of Florida’s largest city continues to fume over fiscally troubled police and fire pensions and calls a possible $45 million miscalculation by an actuary “outrageous.”
Also in our State and Local Daily Digest: New York governor vs. controller power struggle; California town is exempt from state ban on plastic bags; Tucson mayoral candidate sues city
Hundreds of cities now allow golf carts to be driven on some public roads. But are they safe?
Volunteers in the graying states are helping seniors remain in their homes.
State-sponsored automatic enrollment programs are now possible.
Some older retirees are finding that Snow Belt states, where their families live, may be more to their liking than the sunny states they first retired to.
Since 2012, more than half the states have considered bills to study or implement legislation that would provide retirement accounts to their uncovered workers.
For many Americans, a major barrier to saving more is that their employers don’t offer a retirement plan.
The coming demographic shift could pit families with children against retired boomers in a fight for limited tax dollars.
The American suburbs are already aging. But car-centric neighborhoods with multilevel homes and scarce sidewalks are a poor match for people who can’t climb stairs or drive a car.
But challenges and uncertainty persist, especially for deeply troubled retiree benefit systems in states like Kentucky and Illinois. “Some plans are still in real trouble.”
Policymakers seek to ensure that new programs can be implemented successfully, impose minimal burdens on employers, protect retirement savings, and are cost-effective and sustainable.
More than 40 percent of full-time workers have no pension or 401(k); geography, ethnicity, employer size and worker income all play a part.
Anywhere from 30 to 40 percent of state workers are eligible to grab their retirement packages and go.
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