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All employees would contribute more, and the plan also eliminates a retirement program that allows workers to officially retire but remain on the job to accumulate benefits.
The compromise includes a plan to use casino revenues to bolster the long-term financial health of the Kansas Public Employees Retirement System, which has a projected $8.3 billion shortfall.
As the Social Security Administration is making online statements available this month, many Americans are reluctant to enter personal information online, but this is a necessary step in financial planning, according to Allsup, a nationwide provider of Social Security disability representation and Medicare plan selection services.
Kansas may dedicate revenues from state-owned casinos to pensions for teachers and government workers as part of a broader bill bolstering the long-term financial health of the state's retirement system.
Thee proposal would create a cheaper investment account similar to a 401(k) plan for state employees hired after July 1, 2013, instead of a monthly retirement payment based on their salaries and years of employment.
Chicago Mayor Rahm Emanuel brought his clout and high profile to the public pension debate Tuesday by advocating money-saving changes to city retirement plans.
Chicago Mayor Rahm Emanuel brought his clout and high profile to the public pension debate Tuesday by advocating money-saving changes to city retirement plans and importantly for Gov. Pat Quinn shining a light on similar troubles at the state level.
The Ohio Senate fast-tracked legislation on Tuesday aimed at shoring up four of Ohio's five public pension funds, with both political parties supporting passage of the changes as early as next week.
Despite a significant increase in the amount of money being put into state retirement coffers, Massachusetts still faces a huge shortfall in plan funding, according to the Boston Herald.