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Pensions

Pensions

PENSION DATABASE

Magnifying Glass Current legislation on pensions and retirement is available in a searchable database. Search 2013 pensions and retirement bills by topic, primary author, state, bill number, status or keyword.

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ENACTED 2012 PENSION LEGISLATION

U.S. Map In 2012, Ten states made major structural changes in state retirement plans in 2012. Kansas, Louisiana and Virginia replaced defined benefit plans with cash balance or hybrid plans for new employees. Michigan added an optional defined contribution plan for public school employees.

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GASB PENSION STANDARDS

DollarsOn Monday, March 24, the Governmental Accounting Standards Board (GASB) voted not to delay the implementation of Statement No. 68. The pension reporting requirements in Statement 68 are effective after June 15, 2014.

 

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PUBLIC SAFETY EMPLOYEES

Policeman State government sponsored retirement plans for public safety personnel—those whose duties are hazardous or dangerous and physically and psychologically demanding—have been subject to extensive revision in recent years.

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OVERVIEW | PENSIONS

State pension plans come in three varieties: defined benefit, defined contribution and hybrid/cash balance plans. State pension funds have been impacted by underfunding of obligations and by the severe economic recession. Many states have addressed pension plans in the last several legislative sessions and taken steps to ensure the economic viability of their pension funds.

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