Posts tagged insolvency

    Research ● Labor Unions

    Illinois needs responsible Tier 2 pension reform

    November 22, 2024 // Illinois is at risk of getting in costly trouble with the federal government over its Tier 2 public employee retirement benefits. Here’s a solution that doesn’t make the state’s monstrous public pension debt even worse. Illinois’ public pension problems are facing a new threat impacting the newer hires covered under the more modest “Tier 2” retirement benefits: the state can either add $280 million a year into their plans or face the feds demanding over $856 million a year.

    AFSCME federal law Illinois Illinois General Assembly insolvency IRS pension crisis pension reform private-sector workers Public Sector Workers retirement benefits Robert Martwick Safe Harbor Social Security state pension systems Stephanie Kifowit Tier 2 retirement benefits

    News Article ● Labor Strike Unions

    Sacramento schools again at risk of financial distress with enrollment declines, new contracts

    April 26, 2022 // Sacramento City Unified School District is again facing financial distress just weeks after it approved labor agreements to end its eight-day teacher strike, Sacramento county education officials said last week. The Sacramento Office of Education gave the district's budget a negative certification, stating the contracts and the strike itself would cost the district millions of dollars and could threaten insolvency.

    180 instructional days approved labor agreements classified employee union Dave Gordon declining enrollment district budget education officials extending school year financial distress financial penalties fiscal penalties general fund balance health care benefits insolvency Local 1021 Los Angeles lost revenue make up time missed class time Oakland potential funding losses Sacramento City Teachers Association Sacramento City Unified Sacramento City Unified School District Sacramento county Sacramento County Superintendent Sacramento Office of Education salary Sawsan Morrar SCTA SCTA President David Fisher SEIU SEIU Local 1021 shut down campuses structural deficit substitutes teacher strike The Sacramento Bee unable to meet its financial obligations

    Op-ed / Commentary ● Unions

    Biden helps unions attack California pension…

    December 13, 2021 //

    Barack Obama California California Public Employee’s Retirement System California Public Employees’ Pension Reform Act California public schools DOL Gavin Newsom insolvency Jerry Brown LCFF Local Control Funding Formula Marty Walsh Pension PEPRA public employee unions Public transit agencies Redefined benefits Retirement Trump Administration