The December issue of Budget & Tax News describes efforts by the board of trustees of the Illinois Municipal Retirement Fund to end pension “spiking,” which allows government workers to pad their future retirement incomes by receiving large pay hikes during the last years or even months of employment. The Chicago Tribune has estimated pension spiking has cost Illinois taxpayers $145 million over the past 10 years.
Also in this issue:
- A Florida gubernatorial candidate has proposed phasing out the state’s corporate income tax, but some groups worry it could harm a scholarship program that benefits from business tax credits.
- New Jersey Gov. Chris Christie has held up a proposed rail tunnel beneath the Hudson River over worries about soaring construction costs that could leave state taxpayers owing billions of dollars more than projected.
- The Securities and Exchange Commission and State of New Jersey have settled fraud charges the SEC levied against the state for misleading investors about the state’s pension funding.
- Allowing private entities to serve as first responders to burglar alarm activations--almost all of which are false alarms--could save communities big money and free up police for high-priority calls.
- Two-thirds of the companies that have received $368 million in Texas state funds failed to deliver on their job-creation promises by the end of 2009, according to an independent study.
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