Presenting a budget he said was “honest with the people of Illinois,” new Illinois Gov. Bruce Rauner (R) has proposed massive cuts to balance the state’s budget, with state pension plans bearing the brunt, The New York Times reports.   “Our top priority for financial reform must be our pension... READ MORE

Legislation just introduced in the Oregon State Senate brings the Beaver State a step closer to establishing a state-run retirement savings program.The legislation, backed by the Oregon Senate Majority Leader Diane Rosenbaum (D-Portland), would create an Oregon Retirement Savings Board tasked with... READ MORE

The Kentucky House of Representatives currently has legislation before it that, if enacted, would make the Bluegrass State the second to have a state IRA program in place. Rep. Martha Jane King (D-Lewisburg) on Feb. 3 introduced HB 261, a measure that would establish the Kentucky Retirement Account... READ MORE

Illinois has become the first state to put in place a state-run retirement plan in which private-sector employees can participate. Gov. Pat Quinn (D) on Jan. 4 signed into law SB2758, the measure that creates the Illinois Secure Choice Savings Program. All employers in Illinois must offer the... READ MORE

It’s no secret that state pension plans are beset by obligations beyond their ability to fulfill them. A new study by State Budget Solutions (SBS) is the latest to outline how serious this problem is, based on 2014 data. Collectively, the states are nearly $5 trillion behind, a figure that’s $600... READ MORE

UPDATED DECEMBER 04, 2014More than a dozen states are at various stages of considering some kind of “automatic IRA” proposal — but the Land of Lincoln may have just leapt to the front of the line.The Illinois General Assembly is on the verge of sending legislation to Gov. Pat Quinn (D) that would... READ MORE

As industry consolidation continues apace, the universe of 401(k) plan providers is shrinking. But that doesn’t necessarily mean that competition among the providers is correspondingly reduced. Workforce Online reports that the remaining providers are offering more services as a result of... READ MORE

We hear a lot about how well Americans are saving — or not — for their retirement. Legg Mason Global Asset Management has unveiled EZ IRA, a payroll deduction IRA program intended to provide a way to build that savings rate. “Hopefully — and I truly believe this — this is just the beginning.... READ MORE

The IRS and Social Security Administration have issued their cost-of-living adjustments relevant to retirement benefits for 2015.   IRS Limits The IRS on Oct. 23 announced COLAs affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Some of the limits... READ MORE