Economics and Finance

CSG South

Sujit M. CanagaRetna, Fiscal Policy Manager at the SLC, gave this presentation before the Idaho Senate Task Force on Treasure Valley Transportation Issues in Nampa, Idaho, on December 4, 2007.

CSG South

Very few topics generate as much interest among both policymakers and the general public as a discussion on the financial viability of the United States’ retirement infrastructure. Research indicates that every element of our nation’s retirement architecture, both private and public, remains tenuous—a development that demands the focus of policymakers at every level of government.

Public pension plans are an important component of the U.S. economic architecture. This issue brief highlights the need for policymakers to focus on retirement systems, the finances of state retirement systems, several key developments and strategies employed in states across the country to bolster the finances of their pension systems.

Suggested State Legislation: According to a Maryland Legislative Services Fiscal Note, Maryland Chapter 509 of 2005 provides some protection for homeowners who deal with foreclosure “rescuers.” It requires “foreclosure consultants” enter into consulting contracts with homeowners that lay out the terms of their agreements, give disclosures, and affords basic consumer protections such as a three-day rescission period.

Suggested State Legislation: The Uniform Real Property Electronic Recording Act (URPERA) builds upon the work begun in the Uniform Electronic Transactions Act (UETA), and the Electronic Signatures In Global and National Commerce Act (E-Sign; 15 U.S.C. 7001 et seq.) by expressly authorizing land records officials to begin accepting records in electronic form, store electronic records, and set up systems for searching for and retrieving these land records.

Suggested State Legislation: This Act directs that an employer shall not intentionally employ an unauthorized alien or knowingly employ an unauthorized alien. On receipt of a complaint that an employer allegedly intentionally employs an unauthorized alien or knowingly employs an unauthorized alien, the attorney general or county attorney shall investigate.

State Suggested Legislation: All business entities created by the filing of organizational documents with the Secretary of State are required to have registered agents for service of process. The intent of this legislation is to make all statutory provisions for registered agents the same, whether the registered agent is acting for a corporation, a limited liability company, or any form of formally-organized partnership. It also applies to unincorporated nonprofit associations.

Suggested State Legislation: This Act establishes penalties for knowingly employing an illegal alien. It defines “knowingly” as having actual knowledge that a person is an illegal alien or having a duty imposed by law to determine the immigration status of an illegal alien and failing to perform such duty. Violators can have their business license suspended. The Act also permits local governments in the state to enter into a written agreement with the United States Department of Homeland Security to help enforce federal immigration laws concerning investigating, detaining, and removing illegal aliens.

Suggested State Legislation: The Uniform Prudent Management of Institutional Funds Act (UPMIFA) provides states a modern law for charitable funds and endowment spending which were operating in most jurisdictions under the 1972 Uniform Management of Institutional Funds Act (UMIFA). UPMIFA provides modern articulations of the prudence standards for the management and investment of charitable funds and for endowment spending.

Suggested State legislation: This Act makes it a felony to knowingly transport, conceal or harbor an illegal alien. Anyone found in violation and convicted may receive up to one year in prison and/or a fine not less than $1,000.

Suggested State Legislation:This Act creates a program to reimburse education costs for residents who obtain an associate degree or a bachelor’s degree in the state, and live, work and pay taxes in the state thereafter.

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