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| Benefits & Administration |
| Judges Sue CalPERS over Pension Change |
| Six judges elected to California superior courts
in 2012 claim in a lawsuit that putting them in a new pension plan effectively
reduced their compensation, which violates the state constitution. The lawsuit
states that the Public Employees Pension Reform Act was unfairly and
retroactively applied to judges who were elected to the bench before the
enactment of the law in 2013. The judges have sued the state, the state
controller, the Judicial Council and the California Public Employees Retirement
System (CalPERS), according to Courthouse News Service.Read more > |
| A year-end analysis from Towers Watson finds the
aggregate pension funded status for Fortune 1000 companies fell to about 80% at
the end of 2014, down 9% from a year earlier to give back much of the gains
from 2013.Read more > |
| Time to Focus on Gen X Retirement Readiness |
| The oldest members of Generation X—those born between 1965 and 1980—are turning 50 in 2015. Few financial services
companies acknowledge Generation X’s most troubling financial planning
concerns, according to a study from Weber Shandwick, a communications
strategist for financial services companies. The study, “Leveraging the Gen X Retirement
Market: From Overlooked to Opportunity,” found that Gen X is an engaged group
of workers and investors who are doing many things well. But, Brooke Worden,
senior vice president of financial services at Weber Shandwick, tells
PLANSPONSOR there is a significant problem that plan sponsors and advisers can
help with.Read more > |
| The City of Cincinnati, along with retirees and
various unions representing current employees, have reached a deal to fully
fund the city’s pension system within 30 years. A statement from Cincinnati
Mayor John Cranley’s office says recent estimates put the unfunded pension
liability at roughly $862 million.Read more > |
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| Industry Voices |
| Industry Voices: Mind the (Coverage) Gap |
| The first step towards solving a problem is
admitting there is one, but it’s important to apply an objective perspective. A
number of solutions have been proposed to address the issue of workers not
covered by employer-sponsored retirement plans, and these proposals have a
laudable goal—expanding participation in retirement saving. However, each potential
solution starts with different assumptions about the characteristics and
demographics of the uncovered worker population, which can lead to unintended
consequences.Read more > |
