NCPERS News Clips

9/8/2009

Rainy Labor Day

With the Labor Day holiday behind us, Members of Congress return to the nation's capital and the big push begins for health care reform. At the same time, President Obama and Treasury Secretary Timothy Geithner have unveiled their plans to help Americans better prepare for retirement (see first article, which has a link to the report "Secure Retirement for American Families"). Perhaps this fall session of Congress will bring about serious work toward achieving some important goals for America's citizens.

• Statement of Treasury Secretary Tim Geithner on the Administration's New Retirement Security Initiatives
  Today, the Administration announced steps we are taking to make it easier for working families to save, particularly for retirement. Working Americans should be able to retire with dignity and security, but nearly half of the nation's workforce has little or nothing beyond Social Security benefits to get by on in old age.
• Pensions, 1980 vs. Today
  I have an article today that discusses how a retirement system based on private savings is affecting the job market. In short, when the economy is contracting, and employers are trying to shrink their payrolls, older workers cling to their jobs because their nest eggs have shrunk.
• California Senate Approves Placement Agent Disclosure Rules
  California's Senate passed a measure requiring more disclosure by placement agents seeking to win state and local government pension fund business and lengthening so-called revolving door prohibitions.
• VA: VRS Releases 2009 Returns
  The Virginia Retirement System (VRS) experienced a -21.1 percent return on its investment portfolio for fiscal year 2009, ending the year with $42.9 billion in assets.
• TX: New law could affect taxpayers
  A new law that keeps city retirement benefits profitable even in economic downturns could end up costing city taxpayers, city officials said.
• Editorial: Equalize state employee, taxpayer contributions to Ohio state pension funds
  The Ohio Retirement Study Council will on Wednesday review funding plans submitted by Ohio's public pension systems on how they propose to stay solvent. Most state taxpayers won't be at the meeting, but their interests are at stake.
• GA: Cobb County employees will have to ante up more for retirement
  Cobb County's pension fund is $301 million in the hole because of poorly performing investments, so employees are being told they will have to ante up more toward their retirement.