NCPERS News Clips

11/17/2009

Conference Call

With nothing significant to comment on in this edition of the News Clips, we'll use this space for blatant advertising of our Annual Legislative Conference. The Conference will be held February 7-9, 2010 at the Hyatt Regency Capitol Hill in Washington, DC. To learn about how Congress and federal regulators affect public pension plans, register for the 2010 Annual Legislative Conference by clicking here.

• OH/NJ: Marsh & McLennan Settles Pension Plans' Suit for $400 Million
  Insurance broker Marsh & McLennan Cos. Inc. will pay $400 million as part of a class action settlement filed five years ago by state pension plan administrators in New Jersey and Ohio in connection with a probe of the company's acceptance of contingent commissions.
• TX: Teacher Retirement System has nearly halved its billions in market losses
  The state's $88 billion public school employee retirement system has recovered some of the staggering market losses it suffered this year but still needs billions more in gains to support retirements beyond 2040, officials said Friday.
• LA: Plan to keep pension contributions flat faces legal hurdle
  The New Orleans City Council could soon face a precarious choice: either locate an additional $10.3 million for a city budget that already includes furlough days and parking meter increases or risk litigation.
• MO: Judge rules State Auditor lacks authority to audit large retirement system
  A judge in Jefferson City has determined State Auditor Susan Montee has no authority to conduct audits of a retirement system that serves local government employees.
• NY: Pension fund rebounds, up $16B since May
  New York state's pension fund rebounded over the summer and fall behind an 18 percent rate of return on investments, state Comptroller Thomas DiNapoli said Monday. The fund was valued at $126 billion as of Sept. 30, the halfway point of the state's fiscal year. That's up $16 billion, or 15 percent, from values reported in May.
• WV: Huntington Police, Fire Pension Issue Included in Special Session
  West Virginia Governor Joe Manchin on Friday, Nov. 13, issued the long awaited call for a special legislative session that among other items will address the pension funding issues of Huntington, Charleston and Wheeling.
• UT: Double dippers may cost retirement system $900 million in coming decade
  A state audit recommends the Legislature do away with double dipping by public employees, a practice in which retired workers go back to work and collect their salary and pension.
• NJ: Proposed legislation targets pension payments for retired state workers who return to full-time public jobs
  New legislation to prevent New Jersey workers from receiving a pension payments after retirement while continuing to work in another full-time public-employment position has been proposed by state Sen. Bill Baroni.