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Sweeping Changes Could Slash Generous Retirement Benefits

Some articles the staff at Benistar think you should read:

New York Faces $200 Billion in Retiree Health Costs

Excerpt: “The daunting size of the health care obligation raises the possibility that localities will be forced at some point to choose between paying their retirees’ medical costs and paying the investors who hold their bonds. Government officials aim to satisfy both groups, and have even made painful cuts in local services when necessary to keep up with both sets of payments.”

(The New York Times; free registration required)

New Ways to Manage Retiree Benefits

Excerpt: “Milliman offers a four-step strategy for managing GASB 45 sticker shock.” (Milliman)

Sweeping Changes Could Slash Generous Retirement Benefits of Former Cincinnati City Employees and Future Retirees

Excerpt: “With the troubled city retirement system struggling to dig out of a $1 billion-plus long-term hole, a new pension board – one on which outside financial experts recently replaced city officials with personal stakes in the decisions – is reviewing changes to lower benefits, raise retirement ages and cap pensions well below the current 90 percent-of-salary ceiling.”

Maryland Panel Recommends Sweeping Retirement Benefit Changes for Public Employees

Excerpt: “Maryland state workers would have to work for 15 years instead of the current five to become eligible for pension or retiree health care benefits, according to new recommendations from a study panel. An Associated Press news report said the Public Employees’ & Retirees’ Benefit Sustainability Commission is also recommending that state employees would have to spend 25 years working for the state, instead of 16 years, to receive the maximum retiree health care premium subsidy and put in 10 years instead of five to become pension vested.” (PLANSPONSOR.COM)

Retirement Benefits Helping Employers Attract and Retain New Workers, Towers Watson Survey …

Retirement benefits — especially defined benefit (DB) programs — are giving employers an added advantage when it comes to attracting and retaining new […]

QUOTATION OF THE QUARTER

“The past cannot be changed. The future is yet in your power.”

Mary Pickford