NCPERS News Clips
9/1/2009
Bearing Witness
The first story this week is a New York Times article on the recent hearings held by GASB on whether that organization should change the reporting requirements for public pension funds. After having sought comments from users of financial statements, GASB held public hearings in Connecticut and Washington, DC, where interested parties testified as to their views on the subject (NCPERS submitted comments, which can be found An Overhaul or a Tweak for Pensions
After more than three years of deliberations, the board that sets the accounting rules for state and city governments is still far away from issuing a new standard for public pension funds.
WI: Pension Board change saves the city millions of dollars
The Milwaukee Pension Board agreed Thursday to accounting changes that will stave off an estimated $55 million in city tax and fee increases and service cuts.
OH: State calls for public pension overhaul
Facing billions of dollars in future funding gaps, Ohio's public pension systems are getting ready to ask lawmakers to spread the pain among retirees, public employees and taxpayers.
AR: Teacher retirement system regaining value
The Arkansas Teacher Retirement System is regaining value after a $2 billion dip. The system’s investment adviser informed its board today that overall investments rose 5.6 percent in July, bringing system value to $9.2 billion, up from $8.805 billion at the end of the last fiscal year.
TX: City's pension board kills pay hike
The board that oversees the $1.9 billion pension fund for city employees voted down a proposed 6 percent payroll increase for the staff of the system, which incurred steep investment losses last year.
NY: Legislation corrects pension error for Elmira police officers
Gov. David Paterson has signed legislation that straightens out a retirement plan error involving three Elmira city police officers.
PA: City to propose amendment to state proposal that will give it two-year exemption
The city's pension board agreed on Saturday to ask for a two-year reprieve from a proposed state takeover of the city's struggling pension system.
LETTER: A More Secure Retirement
Re "About Your 401(k)" (editorial, Aug. 24): As you note, even before the market downturn, 401(k) account balances were woefully inadequate.
