State Budget Solutions In the News
State Budget Solutions is a known expert in fiscal responsibility and pension reform. Every month, countless media outlets and financial professionals cite the work of SBS's expert analysis and publish the opinions of SBS leaders. Illinois legislators will fail to save pensions State Journal Register
- June 27, 2013
As Illinois heads into a special legislative session, elected officials need to carefully consider their duties to uphold the state constitution.
The Illinois constitution protects government employee retirements, deeming participation in a retirement plan a contractual obligation, “the benefits of which shall not be diminished or impaired.” Read More
Work needed to truly fix Oklahoma pension systems
NewsOK - July 7, 2013
All signs point to pension reform being a central issue in Oklahoma's next legislative session. Both Gov. Mary Fallin and Treasurer Ken Miller have said the state's unfunded pension liability, which market valuations estimate are as high as $33 billion, is the one of the final hurdles in the state's quest to regain its AAA credit rating.
With pension reform a possibility, though, the governor and legislators should focus on truly fixing the state's pension problems. They need to know what creating a defined contribution (DC) system for new hires does to reduce the existing unfunded liability: nothing. That move should be accompanied by reforms to the existing defined benefit (DB) structure. This dual approach is the only way to ensure that the growth in retirement obligations doesn't crowd out funding for vital public services like education. Read More