NCPERS News Clips

6/30/2009

Quiet is the New Loud

The first link in today's clips concerns a new report, issued by the Philadelphia Research Initiative of the Pew Charitable Trusts, on the state of Philadelphia's employee benefits. The report indicates that the current recession and past failures by the city to make actuarially required contributions have resulted in Philadelphia's pension plan facing significant funding challenges. The report also notes that employee unions and the city are currently seeking ways to meet the city's pension and health care obligations. Hopefully an equitable resolution can be found so that the system finds itself on better financial ground.

• Pew Trust Report on Philadelphia Employee Benefits
  To help inform the public discussion, the Philadelphia Research Initiative, with assistance from the Pew Center on the States, sought to update the situation regarding pension and health-care conditions in Philadelphia and the comparison cities, based on interviews with officials as well as the latest available documents.
• The U.S. retirement system: Pretty good on average. But who's average?
  The OECD published its charmingly mistitled once-every-few-years report Pensions at a Glance on Tuesday. It's 280 pages long, and there appears to be lots of stuff in it about the troubles the financial/economics crisis poses for pension funding. But I always go straight for the charts that compare pension systems across countries.
• SEC Proposes Rules to Halt Money-Market Fund Losses
  The U.S. Securities and Exchange Commission proposed rules aimed at preventing losses for money- market fund investors after last year’s collapse of the Reserve Primary Fund triggered a run on the $3.8 trillion industry.
• Schwarzenegger: Cut retirement benefits for new hires
  Gov. Arnold Schwarzenegger, calling current benefits "unsustainable," proposed a sweeping reduction in pension and retiree health benefits for new state workers.
• Pension cut proposal is Ohio budget sticking point
  A proposal by Gov. Ted Strickland to cut the amount Ohio contributes to a pension fund for government employees has emerged as a major sticking point in budget negotiations, as lawmakers worked Saturday to meet an impending budget deadline.
• MI: Pension records targeted in bill
  State Rep. Tim Bledsoe introduced legislation Friday that would require municipal pension plans in Michigan to keep travel records and other documents for five years.
• Wyoming investments continue rebound
  The value of Wyoming's investments continues to rebound after falling sharply in last year's stock market collapse.
• Jacksonville Mayor: City should cut staff and pension, raise taxes
  Mayor John Peyton said raising property taxes by 14 percent, curbing pension costs and cutting city staff and wages is necessary to pull the city out of a financial crisis.
• PA: Pension fix in budget 'probable'
  Legislation intended to rescue municipal pension funds reeling from the global economic downturn could be part of the state budget proposal, a top state pension official said Tuesday.
• IA: Public employee pension fund could be reduced
  State officials say Iowa's largest public employee pension fund could be forced to lower benefits for future retirees because of the struggling economy.

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