A Michigan bill seeking statewide allowance for some former public employees to pay income taxes on pensions has been introduced by state Rep. Kathy Schmaltz, R-Jackson.
House Bill 4578, if passed, would exempt pensions of Michigan Department of Corrections retirees from the state income tax. Michigan allows retired police, firefighters, and county jail corrections officers to fully deduct their pensions from the Michigan income tax.
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It pays — twice — to be a recently retired employee of Metro Nashville.
The local government is paying about 200 people both for part-time work and monthly pensions, with double-dippers collecting up to $13 million from taxpayers.
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Monday morning on The Tennessee Star Report, host Leahy welcomed original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary.
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When Sam Semilia toted up his retirement finances, he was pretty sure that he was due a pension from his time working as a steam engineer for the Diamond Crystal salt company four decades before. Salty is one way to describe the search for his money, a four-year odyssey filled with shredded paper trails and assorted dead ends, along with a brief history of modern American capitalism.
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Tennessee’s state pension system made money for the 12th consecutive year, earning a 25.6% return last fiscal year; the fourth-highest rate since the Tennessee Consolidated Retirement System (TCRS) was consolidated in 1972.
The state continues to have one of the healthiest pension systems in the country, according to Pew Charitable Trusts research.
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A committee established this year to examine retirement security for Georgians focused on public servants’ retirement needs in a hearing Thursday, particularly those of law-enforcement officers strained by heightened crime and a hostile media.
Members of the Senate Retirement Security for Georgians Study Committee examined pension reform—specifically the potential shifting from the current 401(k) system to an entirely defined-benefit plan for state law-enforcers—to attract and retain more personnel.
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Sens. Rob Portman (R-OH) and Sherrod Brown (D-OH) have introduced a bipartisan bill aimed at giving Ohio workers and retirees a seat at the table when it comes to solving the nation’s looming pension crisis. As The Ohio Star previously reported, an estimated six million retirees and four million workers in the United States rely on multi-employer pension plans, called “MEPPs” for short, which are collectively bargained plans maintained by more than one employer to limit risk. A report conduct by Matrix Global Advisors CEO Alex Brill and sponsored by Protect Our Workers’ Earned Retirement (POWER) predicts that the Pension Benefit Guarantee Program—the federal backstop for MEPPs—is itself expected to “be insolvent in less than a decade.” The Central States Pension Fund, one of the largest MEPPs in the country, will also be insolvent by 2025, according to the report. “Even after legislative fixes to improve plans’ financial status in 2006 and 2014, one-third of the 10 million participants are in plans that are headed toward either a funding deficiency or insolvency. More than 1 million people are in plans expected to be insolvent within 20 years,” Brill states in his report. This could have a devastating effect on the…
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