Pension Reforms Highlights Rhode Island And Michigan

Pension Reforms Highlights: Rhode Island Michigan In order to make a more comprehensive analysis of the two cases presented in this report the information is going to dissected into three categories: Policy, Politics and Public Opinion in order to convey a more detailed view of the reform process. Rhode Island Background As early as 1993, the net present value of the State Employees’ pension fund represented only about 72 percent of the expected liabilities. The Teachers’ fund was in worse shape. Some modest attempts were made by the General Assembly to improve the situation in the mid-2000s, such as raising state employees’ minimum retirement age. While these changes slowed the decline of Rhode Island’s pension fund stability, they did†¦show more content†¦Ã¢â‚¬ ¢ 2. Implemented a Hybrid Defined Benefit (DB) and Defined Contribution (DC) Plan: The hybrid DB/DC plan aims to reduce DB liabilities with a DC fund while also maintaining support from union groups who desire the security of a DB system. †¢ 3. An increase in retirement age for current employees so that it matched Social Security’s age thresholds. †¢ 4. Extended Amortization Rate of Liabilities. †¢ 5. A plan to help local governments bring their unfunded pension liabilities under control. †¢ Reforms by itself is not enough, it is crucial to assure that the legislature always make their legally required contributions to the pension fund. Public Opinion †¢ Roughly 62 percent of state employees are union members, meaning that law makers in the GA are generally wary of pushing too hard on publicly unpopular policy reform that affected unionized labor. †¢ Pension-reform allies decided that before they could effectively move pension reform through the General Assembly, they needed to ensure that everyone was clear on the risks to the system and on what reform was trying to accomplish. †¢ They determined that forming coalitions of the interested parties in advance of the legislation would effectively lay the groundwork for reform specifics †¢ Reformers choose to campaign for the reform ideas they settled on to gain buy-in from stakeholders prior to any legislative debate. †¢ A blue ribbon panel â€Å"Pension Advisory Group† was a drivingShow MoreRelatedFundamentals of Hrm263904 Words   |  1056 PagesWorkplace 323 Management Commitment and Employee Involvement 323 Worksite Analysis 323 Hazard Prevention and Control 324 Retirement Benefits 297 WORKPLACE ISSUES: Flying High No More: Airline Pensions Crash and Burn 298 Defined Benefit Plans 299 Defined Contribution Plans 299 Money Purchase Pension Plans 299 Profit-Sharing Plans 299 Individual Retirement Accounts 299 401(k)s 300 Paid Time Off 300 Vacation and Holiday Leave 301 DID YOU KNOW?: Benefits Around the Globe 301 Disability InsuranceRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. 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