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Allowing government workers to determine their own benefits — as New Jersey may soon do — seems a recipe for disaster. (Photo: Getty)(Bloomberg) –The massive shortfalls in public pension funds are the single biggest financial challenge for American’s states and cities. So allowing government workers to determine their own benefits — as New Jersey may soon do — seems a clear recipe for disaster.
The New Jersey Legislature on Monday passed a bill allowing the police and firefighters to control “how their retirement funds are invested and their levels of contributions and benefits,” according to NJ.com. It passed the Senate by 34-2 and the Assembly by 67-2, giving it broad bipartisan support, and now goes to Governor Phil Murphy, a Democrat, for his signature.
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The new retirement bill, aimed at expanding retirement coverage for workers not covered by an employer plan, would likely lead to worse retirement outcomes for most Gen Z and millennial workers, according to the Morningstar Center for Retirement's new research.
CVS Health's Aetna unit and Elevance Health last week turned their backs on part of the Medicare plan market.
For 13 years, she has been attempting to claim her husband’s $53,000 pension plan, which he amassed from working 10 years for the investment firm.
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Sponsored by LifeSecure Insurance Company
7 Must-Haves That Employers (and Employees!) Want in Workplace Benefits in 2025
Employers are revamping their benefits strategies--but are they offering what employees truly want? Discover the seven key elements shaping workplace benefits in 2025 to help your clients enhance satisfaction, retention, and enrollment.
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Sponsored by Nonstop Administration and Insurance Services, Inc.
Guide: Redefining the Role of the Broker
In 2025, you are uniquely positioned to make a real difference for your clients--both financially and in the wellness of their employees. Full of tips ranging from goal setting to relationship building, this is your guide to being a better partner this year, and beyond.
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Sponsored by Nonstop Administration and Insurance Services, Inc.
Everything You Need to Know About Medical Expense Reimbursement Plans (MERPs)
You can bet that many of your employer clients will be considering alternative funding models as they shop around for health plans this year. Download this short guide to learn about the difference between MERPs and HRAs, why they matter and how you can provide your clients with lower costs, more flexibility and greater satisfaction.
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