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State pension plans are facing a massive $1.4 trillion funding gap, according to a new analysis from the Pew Charitable Trust. Pension liabilities in all 50 states increased by $295 billion to ...
They point to lessons learned from the Russian invasion of Ukraine, stating that many fiduciaries, including state pension plans, failed to recognize similar warning in 2022.
Local plans are 78.2% funded in 2022, compared to 77.8% for statewide plans. However, the historical funding trends of municipally-managed plans are similar, if not identical to statewide plans. Locally-managed public pension plans account for approximately 12% of all unfunded liabilities of non-federal retirement systems.
But carrying over 10% cash for long periods of time has had a material cost to the pension plans.” If North Carolina plans had only performed at the national average of state plans for the last ...
However, since state and local plans are managed independently from one another, the scale of the challenges facing pension funds varies widely by state. The image below shows the 2021 and 2022 funded ratios of states as of July 2022 — illustrating both the spectrum of pension health in the US and the impact of market volatility on funded ratio.
The South Carolina State House. The South Carolina Statehouse corruption investigation was a probe into unlawful interactions between members of the South Carolina General Assembly, the political firm of Richard Quinn, Sr., and major state institutions and corporations from 2013 to 2021.
The gist of it: ERISA was created to protect workers by overseeing retirement accounts like traditional pension plans and, eventually, 401(k) and most 403(b) plans, but it only safeguards some of us.
In March, 2012, a federal judge ruled that US$369,000 of Robinson's pension fund could be seized to help cover restitution owed due to his sham business deal. [9] Robinson served his sentence at various federal prisons in South Carolina, Louisiana and Florida. He was released on September 19, 2016, on five years' supervised release. [11]