NCPERS News Clips

7/6/2010

News Clips for July 6th, 2010

• Lawmakers Raid Pension Fund
  When Gov. Robert F. McDonnell inked Virginia's new two-year budget, state lawmakers will have deferred $620 million in the usual payments to the retirement system, while promising to repay the money over ten years- with interest.
• Diageo Uses Scotch to Plug Gap in Pension Plan
  LONDON- Diageo, the maker of Johnnie Walker whiskey, found an innovative way to plug a gaping deficit in its pension plan: put aside 2 million barrels of maturing whiskey from its distilleries in Scotland.
• State Workers, Long Resistant, Accept Cuts in Pension Benefits
  Some public-sector unions, trying to avoid furloughs and layoffs, are accepting less-generous pension benefits for current workers and retirees, often for the first time in years. (subscription required)
• State worker retirement system changes cause concern
  Richmond, Va. -- Virginia's retirement system for state and local government employees has become a train on two tracks, with everyone hoping the engine has enough fuel for the long ride.
• Public plans take knife to benefits
  At least 24 public pension funds have cut benefits this year as fallout from the financial crisis continues to affect their plans' stability.
• Public employees' pension fund proposes changes
  HELENA - The largest state and local government employees' pension fund has proposed some changes to turn around and stabilize its finances after its investment assets lost a fourth of their value during the market downturn in 2008 and 2009.