pension

LRC Public Information

House Speaker Greg Stumbo has called for an impromptu meeting of the state House of Representatives Tuesday to discuss the state’s troubled pensions systems.

Aleksey Butov, 123rf Stock Photo

Update Friday Afternoon:

Illinois’ payment to its largest public-pension fund is expected to increase by more than $400 million next year. The Teachers Retirement System trustees agreed Friday to lower the assumed rate of return on investments from 7.5% to 7%.

LRC Public Information

Kentucky's Speaker of the House Greg Stumbo has called a meeting of all state representatives to discuss the beleaguered public pension system. 

Rebecca Schimmel | Ohio Valley ReSource

Miners in Kentucky, Ohio, and West Virginia who helped keep the country’s lights on are worried that their retirement benefits could go dark as a result of a wave of bankruptcies in the coal industry. They hope Congress will approve a bill called the Miner’s Protection Act to shore up the pensions and health benefits promised to union miners. 

Kentucky Retirement Systems (kyret.ky.gov)

A western Kentucky dermatologist selected to replace a state pension board’s chairman has declined Governor Matt Bevin’s appointment. William Smith of Madisonville informed the governor in a letter that after careful consideration he decided to respectfully decline the appointment.

Kentucky Retirement Systems (kyret.ky.gov)

Governor Matt Bevin appointed a Madisonville dermatologist to the Kentucky Retirement Systems Board of Trustees Friday. William F. Smith, M.D. replaces Thomas K. Elliott.

Bevin removed Elliott earlier this week seeking “a fresh start” to for the beleaguered pension system.

iStockPhoto

Seeking "a fresh start" Governor Matt Bevin is removing the chairman of the Kentucky Retirement Systems board of trustees. Bevin issued the executive order saying the board was opposed to transparency under the existing leadership. 

LRC Public Information

Significant public pension debt has led to consternation among state officials during the almost-completed General Assembly session. 

LRC Public Information

Lawmakers’ state-run retirement funds would be subject to open records requests under a bill that a House committee approved Wednesday morning.

The Illinois Supreme Court today struck down a recently passed law designed to fix the nation's worst funded public pension system, putting Illinois lawmakers and the state's new Republican governor back to square one as they try to solve a huge state budget crisis.

The law enacted in December 2013, would have eliminated annually occurring 3% cost of living increases in pension benefits. It also would have upped the retirement age for state workers and limited the amount of salary that could be used to calculate pensions.

Pages