Michigan Court: Reduce Pensions or Reduce Retirement Health Benefits

By Mike Shedlock
Editor’s Note: Notwithstanding recent court challenges that could go either way, one way to negotiate meaningful steps towards financially sustainable defined benefit pensions, i.e., reductions or suspensions of COLAs, prospective reductions in the multiplier, increased employee contributions towards the unfunded liability and not just towards the normal contribution, etc., is to offer to reduce OPEB...

TAGS: defined benefit pensions, OPEB, Other Post Employment Benefits

Evaluating Total Unfunded Public Employee Retirement Liabilities in 20 California Counties

By Bill Monet
Summary:  Using officially reported figures from the most recent financial statements available, this report calculates the total unfunded employee retirement liabilities for the 20 California counties with their own independent retirement systems. This study is the first of its kind to compile for these counties not only reported pension fund assets and liabilities, but also retirement...

TAGS: OPEB, Other Post Employment Benefits

Evaluating Public Safety Pensions in California

By Robert Fellner
Summary: To accurately assess how much pension obligations for current workers are going to cost, it is necessary to calculate average pensions for retirees who retired after 1999 when pension benefits were enhanced. Because public safety employees represent about 15% of California’s total state and local government workforce , but an estimated 25% of the...

TAGS: CalPERS, Deferred Retirement Option Plan, Other Post Employment Benefits, San Jose Police and Fire Retirement Plan