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Corporations face looming pension bills
trueThe pending expiration of federal contribution relief and increasing longevity mean U.S. corporations face the need for large contributions to their pension plans in coming years.
New Jersey governor slashes state pension contribution in FY 2016 budget
trueNew Jersey Gov. Chris Christie on Friday used a line-item veto to reduce the amount of money approved by the Legislature for a state payment to the $79.2 billion New Jersey Pension Fund, Trenton, for the fiscal year starting July 1.
Illinois House to revote bill to delay Chicago Public Schools pension payment
trueA bill to extend the deadline of a $634 million payment to the Chicago Public School Teachers’ Pension & Retirement Fund will be called for another Illinois House vote on June 30.
GFOR: Healthy, and not so healthy, DB plans
trueOfficials from Florida and North Carolina described their states' healthy defined benefit plans at Pensions & Investments' Global Future of Retirement conference in New York on Monday, but a third executive — the superintendent of pensions in Costa Rica — expressed concerns about the management of ...
Chicago Public Schools faces $634 million pension fund contribution by June 30
trueAs the deadline looms, the Chicago Public School Teachers' Pension & Retirement Fund expects the Chicago Public Schools Board of Education to contribute the full $634 million due before the close of its fiscal year on June 30, said Frances Radencic, director of communications of the $10.2 billion ...
U.K.'s Pensions Regulator highlights importance of employer contributions to plug deficits
truePension funds that cannot afford to take higher risk to help plug growing deficits should turn to their employer for increased contributions, so they do not have to extend their recovery plan end date, said The Pensions Regulator.
Bill dies in Texas House that would have raised firefighters' pension fund contributions
trueA bill to increase Houston firefighters’ pension contributions and save the city more than $70 million in pension payments over the next three years fell apart after failing to reach a full vote of the Texas General Assembly before the legislative session ended.
Maryland governor wants to spend more on pension underfunding
trueMaryland Gov. Larry Hogan said Thursday he will make an additional contribution toward the state's unfunded pension liability.
UPDATED: Chicago's pension funds by the numbers
trueOn Tuesday, Moody's Investors Service downgraded the city of Chicago's credit rating to junk. In light of the Illinois Supreme Court's May 8 ruling that deemed the state's 2013 pension reform law unconstitutional, the ratings agency said it believes “the city's options for curbing growth in its own ...
Colorado House passes bill to issue pension bonds
trueThe Colorado House of Representatives passed a bill to issue up to $12 billion in pension obligation bonds for the $45 billion Colorado Public Employees' Retirement Association.
Kansas governor signs bill to issue $1 billion in pension bonds
trueKansas Gov. Sam Brownback signed off on a bill to issue $1 billion in pension obligation bonds for the $16 billion Kansas Public Employees Retirement System, Topeka.
Moody's further downgrades New Jersey bonds, citing pension shortfalls
trueMoody's Investors Service downgraded New Jersey's general obligation bonds by one notch to A2, citing the state's “weak financial position and large structural imbalance, primarily related to continued pension contribution shortfalls.”
Wilshire: S&P 500 funded status plummets in 2014 despite strong returns
trueThe aggregate funded status for pension plans sponsored by S&P 500 companies fell 720 basis points to 82.5% in 2014 as liability growth outpaced assets, said an annual report from Wilshire Consulting.
MassPRIM expects 3.3% reduction in fiscal year 2016 budget
trueMassachusetts Pension Reserves Investment Management Board, Boston, projects a 3.3% reduction in its fiscal year 2016 budget — a decrease of $12 million from fiscal 2015, said Nicole Giambusso, spokeswoman for the $62 billion pension fund.
N.J. high court sets date for oral arguments on Christie pension contribution cut
trueThe New Jersey Supreme Court set oral arguments for May 6 to hear a challenge by more than a dozen public employee unions against Gov. Chris Christie's withholding $1.57 billion in contributions from the state's $77.1 billion pension system for the fiscal year ending June 30.