Archives: Pension Reform / Articles

Archives: Pension Reform / Articles

  • The Williams Report: November 2018, Part 2 image

    The Williams Report: November 2018, Part 2

    BUDGET Connecticut: General Assembly Democrats May Need GOP Help to Pass Next CT Budget Connecticut is currently projected to have a $2 billion deficit next budget cycle. The “volatility cap,” …

  • The Williams Report: November 2018 image

    The Williams Report: November 2018

    BUDGET Indiana: Hoosiers Will Vote “Yes” or “No” on Balanced Budget Amendment Indiana voters will decide this November whether or not state legislators must pass a balanced …

  • The Williams Report: October 2018, Part 2 image

    The Williams Report: October 2018, Part 2

    BUDGET: Arkansas: Hearings on State’s Budget to Get Going As budget hearings begin, Arkansas legislators will learn the details of programmatic and state agency funding needs, and what Governor …

  • The Williams Report: October 2018 image

    The Williams Report: October 2018

    BUDGET: Alaska: New State Budget Report Predicts State Savings Accounts Will Be Empty by 2021 Alaska’s persistent funding crisis continues as the state is forced to underfund entitlements and …

  • The Williams Report, September 2018 image

    The Williams Report, September 2018

    Budget: Connecticut: Small Surplus Projected with Current Budget Two months into Connecticut’s fiscal year, the state’s budget chief is projecting a nearly $138 million operating surplus, driven …

  • The Pension Crisis is not a Black Swan Event image

    The Pension Crisis is not a Black Swan Event

    Close your eyes and envision a swan. What color is it? Most likely, it is a white swan. Because most of us go our entire lives coming across only white …

  • The Williams Report, August 2018 image

    The Williams Report, August 2018

    Budget: Illinois: State Admits to Billion-Dollar Budget Hole The Rauner Administration acknowledged a $1.2 billion structural deficit in an offer to sell $920 million in state bonds.

  • Chicago Pension Obligation Bonds, a Strategy or Gamble? image

    Chicago Pension Obligation Bonds, a Strategy or Gamble?

    Chicago Mayor Rahm Emanuel’s administration is exploring the possibility of issuing billions of dollars of pension obligation bonds and investing the proceeds in order to reduce the city’s $28 …

  • Converting from Defined Benefit to Defined Contribution: The “Free” Money Pays Down Unfunded Liabilities and Pays Dividends to Taxpayers image

    Converting from Defined Benefit to Defined Contribution: The “Free” Money Pays Down Unfunded Liabilities and Pays Dividends to Taxpayers

    Implementing a DC system delivers immediate payroll savings for the new plan’s participants. Using these savings to shore up the unfunded liabilities from the preexisting DB plans will ensure that past promises made are kept. At the same time, the new DC plan participants rest assured that each and every paycheck, funds are being deposited into an account belonging to them. Taxpayers win as the escalation in retirement overhead costs level off and eventually realize the full benefit of the savings.

  • Governor Walker’s State of the State: “Getting positive things done for the people of Wisconsin” image

    Governor Walker’s State of the State: “Getting positive things done for the people of Wisconsin”

    Wisconsin Governor Scott Walker delivered his 8th State of the State address in Madison, highlighting his “ambitious agenda” for the 2018 legislative session. Major areas of focus include education, …

  • Trouble in Paradise: Hawaii Governor Ige Acknowledges  Livability Concerns image

    Trouble in Paradise: Hawaii Governor Ige Acknowledges Livability Concerns

    The governor took note of several pressing concerns—energy, affordable housing, education, and income growth. However, many of his solutions threaten to aggravate the underlying problems.

  • Illinois State of the State: “We cannot tax and borrow our way into prosperity” image

    Illinois State of the State: “We cannot tax and borrow our way into prosperity”

    Governor Bruce Rauner focused largely on the financial stress plaguing Illinois during his 2018 State of the State Address and Budget Address. The Land of Lincoln is one …

  • New Jersey Inauguration: Governor Murphy Claims the Moral High Ground in Bid to Expand Government image

    New Jersey Inauguration: Governor Murphy Claims the Moral High Ground in Bid to Expand Government

    Governor Murphy failed to recognize that those on the other side of the aisle may share the same ultimate policy outcome goals—justice, fairness, and growth—albeit with far different policy preferences. This threatens to block pragmatic bipartisan progress on numerous pressing issues.

  • Governor Malloy Redefines “Fair” image

    Governor Malloy Redefines “Fair”

    In his final state of the state address, Connecticut Governor Dannel Malloy sidestepped the majority of the fiscal and economic issues plaguing the state in favor of paying lip service …

  • The Williams Report image

    The Williams Report

    Budget National: S&P finds tariffs could hurt state, city budgets Alabama: The Alabama Senate delivers a general fund budget to the governor’s office. Alaska: To avert shutdown …

  • Converting Pension Plans from Defined Benefit (DB) to Defined Contribution (DC): The Myths and the Messaging Part 3 image

    Converting Pension Plans from Defined Benefit (DB) to Defined Contribution (DC): The Myths and the Messaging Part 3

    The information monopoly possessed by Defined Benefit (DB) plan actuaries creates an enormous information imbalance in the discussion over how to transition from a DB to a Defined Contribution (DC) …

  • Colorado State of the State:  Hickenlooper’s Pursuit of Taxes image

    Colorado State of the State: Hickenlooper’s Pursuit of Taxes

    The governor is right that “by almost any measure, we’ve become one of the best places for business in America.” But expanding crony capitalism and increasing the tax burden make maintaining this coveted status more difficult. Following five consecutive years in the top 10 for economic outlook in Rich States, Poor States, Colorado dropped to 16th in 2013 and has failed to fully recover. A sharpened focus on regulatory reform and pension reform are required to guarantee continued success in the Centennial State.

  • The Williams Report image

    The Williams Report

    Budget Alabama: The Alabama Senate passed a $2 billion dollar general fund budget. The increase is due primarily to $51 million dollars of additional appropriations to the Department of …

  • California State of the State: A High Speed Train of Taxes and Spending image

    California State of the State: A High Speed Train of Taxes and Spending

    California Governor Jerry Brown boldly championed an unabashedly liberal agenda throughout his 16th—and final—State of the State address. The governor declared, “California is prospering,” a stark turnaround from the economic …

  • The Williams Report image

    The Williams Report

    Budget Alaska: Gov. Bill Walker aims to reduce state spending by 1.7 percent, eliminating over 200 positions. Arizona: Arizona Gov. Doug Ducey released his …