NCPERS News Clips

8/18/2009

All Of The Truth

NCPERS, along with the IAFF, AFSCME, NEA, and the Teamsters, will be hosting a webinar at noon on September 1, 2009 to provide an update on GASB Statements 43 and 45. We hope you'll join us at NCPERS.org for the event. More details will be available soon on the website. Also, be sure to check out Bill Gallagher's clear thoughts on the Pennsylvania Public School Employee Retirement System in the second link; it's a really compelling piece from a retired teacher.

• One Public Pension Fund Speaks Out Against Placement Agent Ban
  Since the Securities and Exchange Commission announced its proposed ban on placement agents, comment letters have flowed in from all corners of the investment world, except one: the public pension community itself.
• Opinion: Don't blame Pennsylvania's pension spike on school employees
  Many members of the media, the Legislature and others seem to take as fact that the 2001 legislation giving future school retirees a raise in pension benefits is the primary -- or even sole -- reason school pension contributions for employers will rise significantly in the near future.
• Opinon: Public pensions under pressure in Minnnesota
  Retirement has taken a hit as the stock market has suffered. The average 401K account fell 27 percent in calendar year 2008. Those accounts, plus the promise of Social Security, have become the primary retirement plan for many private-sector workers.
• OH: Greenberg,Former Executives To Settle AIG Holder Suit Source
  Maurice R. "Hank" Greenberg, American International Group Inc.'s (AIG) former chief executive, and a group of former AIG executives have agreed to pay $115 million to settle a shareholder lawsuit over alleged false statements regarding the insurer's financial results.
• CA: Officials call for state pension reform
  Predicting public pension system failures and government bankruptcies in the near future, state and local leaders Monday called for reforms to retirement systems statewide that are turning a growing number of public servants into "$100,000 pension club" millionaires.
• MI: Lawsuit claims Textron misled investors on backlog
  A U.S. institutional investor sued Textron Inc (TXT.N) on Thursday, charging the world's largest maker of corporate jets with misleading investors with an overly rosy picture of business conditions.
• Texas Teachers fund keeps hands off toxic assets for now
  The Teacher Retirement System of Texas will not be gobbling up any toxic bank assets at this point but it might have the appetite for such investments later.
• Missouri State Employees' Retirement System investments rise nearly $1B
  The Missouri statewide public pension fund's investment portfolio has earned close to $1 billion since March.

National Conference on Public Employee Retirement Systems
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Tel: 1-877-202-5706 Fax: 202-624-1439