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Economy


Article

Defining pension options

Defining pension options

Detroit’s bankruptcy has underscored the importance of a well-funded government pension plan. Even though a 2011 Boston College Center for Retirement Research study found that most state and local retirement plans are fiscally solvent, a few large cities, including Chicago, Philadelphia and Providence, R.I., have significantly underfunded plans and will likely have to take extraordinary measures to remain solvent.
  • Written by Sharon Scanlon and Richard Snyder
  • 22nd August 2013
Detroit’s bankruptcy has underscored the importance of a well-funded government pension plan. Even though a 2011 Boston College Center for Retirement Research study found that most state and local retirement plans are fiscally solvent, a few large cities, including Chicago, Philadelphia and Providence, R.I., have significantly underfunded plans and will likely have to take extraordinary measures to remain solvent. Pension contributions comprise a relatively small portion of state and local operating budgets. In fact, approximately...

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  • When spending federal stimulus dollars, local governments are considering long-term, community impact
    From staffing constraints to budget shortfalls and an unprecedented pivot into the digital realm (driven by the pandemic), local governments have confronted myriad challenges over the last few years. But in this, there’s a bright spot: The federal government is investing an unprecedented amount of money into local governments. “The covid pandemic shuffled the deck for everybody—there’s been a terrible financial impact, without stimulus,” said Darryl Booth, managing director of govtech at Accela’s Center of...

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  • Partnership launches no-cost wastewater monitoring service for local governments
    Of all the important lessons cities and counties have learned since the pandemic began, high up on the list is the value of working together. No one community can solve cross-jurisdictional challenges alone—that’s a concept that’s at the heart of a new initiative launched by the National League of Cities (NLC) and WastewaterSCAN that brings no-cost wastewater monitoring services to local governments. “This partnership’s work to expand access to wastewater monitoring tools and analysis will...

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  • With passage of PACT Act, veterans service officers are preparing for an influx in applicants
    With the recent passage of legislation that expands medical access for veterans exposed to airborne toxins during their time in military service, county veterans service officers are preparing for an influx in applicants who were previously rejected. The Honoring our Promise to Address Comprehensive Toxics (PACT) Act, having passed the Senate after being struck down last week over funding concerns, is expected to be signed into law by Pres. Joe Biden next week. Among other things,...

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  • community
    Proposed update to Community Reinvestment Act could support neighborhood recovery
    The Community Reinvestment Act (CRA) is a U.S. federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining. Historically, the idea of CRA and its required activities really centered around ensuring that available credit and general banking opportunities...

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When spending federal stimulus dollars, local governments should consider long-term, community impact dlvr.it/SWXJWZ

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