NCPERS News Clips

5/18/2010

News Clips for May 18th, 2010

• Miami offers unions cuts up to 12%
  Facing a potential $95 million budget gap next fiscal year, the City of Miami is asking its union employees to take pay cuts up to 12% and suggesting a switch to a defined contribution pension plan, according to proposals still under negotiation.
• The importance of a good education
  But trustee education is important as many board members still struggle to get their heads around the idea of hedge funds.
• Michigan teachers mull sweetened retirement deal
  Tens of thousands of senior Michigan teachers will have to decide this summer if a bill aimed at luring them into retirement is a good deal.
• Police, firefighters may be next for pension changes
  Police and firefighters may be next in line for changes in Illinois law that could limit their pensions, but in return are seeking power to demand payment from municipalities.
• States scaling back public pension plans to close funding gap
  To help close the gap, some states are scaling back their retirement plans.
• City's Unions Demand Right to Sue Wall Street for Lost Pensions
  New York City's teachers, police and firefighters lost billions of dollars in pension funds in the Wall Street crash, and now they want Albany to give them the right to sue to reclaim them.
• Regulation Forthcoming On 401(k) Investment Advice (subscription required for viewing)
  The Employee Benefits Security Administration hopes to move forward with a regulation on investment advice for individual account plans, such as 401(k)s (subscription required for viewing)
• Massey Directors Opposed By Funds (subscription required for viewing)
  A coalition of public pension funds is recommending the ouster of three Massey Energy Co. board members, (subscription required for viewing)