The Center for State & Local Government Excellence (CSLGE) came out with an issue brief today examining pension reforms in state and local government plans in the aftermath of the financial crisis so what better time to examine both their brief and the CSLGE itself.
and $753,478 to a place called ICMA:
Included in the 254,514 compensation package was $25,174 for retirement and other deferred compensation but no 5500 forms come up on http://www.efast.dol.gov when searching under their EIN (do they have a SEP?)
Now to excerpts from the brief:
- 74 percent of state plans and 57 percent of large local plans have cut
- benefits and/or raised employee contributions to curb rising costs.
- While the majority of state and local plans reduced benefits for new employees only, 25 percent also cut benefits for current employees.
- The two most common benefit reductions for current employees were increases in employee contributions and reductions to the COLA.
- New employees experienced the greatest reductions in core benefits, most commonly: (1) increases in the age and tenure required to claim benefits and (2) reductions in the benefit multiplier and lengthening the period used to calculate final average salary.
- Plans more likely to make cuts had the highest annual required contribution (ARC) as a percentage of revenue or had lower employee contributions.