News Clips for February 25, 2014

NCPERS News

NCPERS Applauds Arizona Ruling Upholding Constitutional Pension Rights
NCPERS applauds the Arizona Supreme Court's unanimous ruling upholding a trial court decision finding that a reduction in post-retirement benefits to retired judges and other elected officials violated the pensions clause of the Arizona Constitution.

NCPERS Testimony On Private Sector Pension/Retirement Plans, In Front Of The Pensions Subcommittee Of The Maryland Senate Budget & Taxation Committee

NCPERS Executive Director, Hank Kim, testifies in front of the Pensions Subcommittee of the Maryland Senate Budget & Taxation Committee, on the Secure Choice Pension Proposal. Click here to read his testimony.

NCPERS Washington Update for February 21, 2014

State News

Efforts to Rein in Public- Sector Pension Costs are Falling Short, Experts Say When Gov. Chris Christie of New Jersey overhauled the state's pension system in 2011, he celebrated it as a bold, bipartisan step toward paying down the state's costly promises to its retired workers.

U.S. Ranks 19th in World for Retirement Security U.S. retirees are facing worse conditions for their golden years than retired workers in many other developed countries -- from Canada and the United Kingdom to South Korea.

Mayor Brown could face tough sell on pension reform, poll finds

As Mayor Alvin Brown is trying to push a controversial plan to help solve the city's pension crisis, a new poll suggests the public could be a tough sell.

Kansas House panel rejects bills for boost in public pensions, 401(k)-style plan for new hires

A proposal to start a new 401(k)-style pension plan for new Kansas teachers and government workers and a competing plan to boost the benefits of public retirees failed Monday to clear a committee in the state House.

Pension Funds Sue on a Deal Gone Cold
Sitting around a table in Baton Rouge, LA, in February 2008, a handful of baord members of the Firefighters' Retirement System of Louisiana heard an investment pitch that would later come back to haunt them.

Detroit files plan for adjustment detailing eventual bankruptcy exit: Report
Detroit's emergency manager filed a plan Friday to restructure the city's $18 billion debt by making cuts to pensions and creditors while offering a blurprint for emerging from the largest municipal bankruptcy in U.S. history.

Rhode Island Pension 'Reform' Settlement Aside, Battle has Just Begun
Last Friday brought news that a proposed settlemtn in the pension lawsuit between the state of Rhode Island and union and retiree groups had been reached.

Canadian News

OMERS Reduces Funding Deficit, Improves Funded Status and Strengthens Balance Sheet During Year of Transition to New Public Markets Strategy

The OMERS Primary Pension Plan concluded 2013 with a $1.3 billion reduction in unfunded liability, an improvement in its funded ratio by 3% to 88%, $4 billion in total investment income, and a stronger balance sheet and cash flows to secure its long-term obligation to pay defined pension benefits to its 440,000 plan members.

Opinions

Pensions in Danger
Oklahoma politicians are taking a page out of Rhode Island's playbook to "reform" the Oklahoma public pensions. Rhode Island's State Treasurer's reforms led to small returns on investments while tens of millions of fees were paid to Wall Street. Is that where Oklahoma is headed?