2015 January

Texas (Dallas) — Deferred Retirement

Posted by StuartBuck in All on January 16, 2015 with Comments Off on Texas (Dallas) — Deferred Retirement

Law: Plan Amendment Election (November 2014)

Type of reform:  Police officers and firefighters in Dallas were allowed to participate in a Deferred Retirement Option Plan (DROP) and remain employed while their pension checks were deferred and held in special accounts with interest accruing at 8 to 10 percent.  On Nov. 13, 2014, the Dallas Police and Firefighter Pension System approved and ratified the results of a Plan Amendment Election held in October and November 2014, by which the police and firefighters agreed to reduce the interest rate earned on the deferred pension checks by 1 percent each year until it reaches 5 percent in 2017.  Additionally, the police and firefighters agreed to accelerate the withdrawal requirements for DROP accounts. The changes were scheduled to become effective on Jan. 1, 2015.

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California—Increased Employee Contribution, Changed Final Salary Calculation, Eliminated Spiking

Posted by StuartBuck in - -View All States - - on January 6, 2015 with Comments Off on California—Increased Employee Contribution, Changed Final Salary Calculation, Eliminated Spiking

Law:

AB 340 and trailer AB 197 enacting California Public Employees’ Pension Reform Act (PEPRA) (January 2013)

Type of reform:

The legislation reduced employer contributions, increased employee contributions, and restricted final pay to wages, excluding in-kind payments, unused accrued vacation, and overtime.

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California (San Francisco) –- Increased Employee Contributions, Reduced Benefits

Posted by StuartBuck in California on January 6, 2015 with Comments Off on California (San Francisco) –- Increased Employee Contributions, Reduced Benefits

Law:

Public Employees Pension Reform Act (January 2013)

Type of reform:

The act increased employees’ contributions from 8 to 14 percent, reduced salaries, and reduced pension benefits.

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