NCPERS News Clips

10/6/2009

Whispers of October

This week, we would like to call your attention to two items that aren't included as links within the News Clips. The first is that the October issue of the Monitor is available. To download the Monitor, please click here.

The second item is a notice that the Public Pension Coordinating Council Standards Program is now open for application. For more information and links to the online application, please click here.

• US: Treasury Kicks Off Toxic-Asset Program
  The Treasury Department's long-delayed initiative to purchase toxic assets from financial firms launched Wednesday, nearly a year after Congress authorized the government to tackle what once was billed as the most critical problem facing the banking system.
• KS: KPERS' long-term problem is fixable (Op-Ed)
  The Kansas Public Employees Retirement System is not bankrupt ("KU report: KPERS could see shortfall of $8 billion," Sept. 24 Local & State). Currently, there are more than $11 billion in assets being held by KPERS.
• OR: Retirement system lost $13.3 billion in '08
  Nearly everyone's investments lost money last year, and the Oregon Public Employees Retirement System was no exception. Figures released by consultants show the system's assets lost more than 25 percent of their value in 2008, or about $13.3 billion.
• WA: Lawmakers warned of pension shortfall
  Washington lawmakers will have to double yearly payments in its two oldest pension plans to keep them solvent, That was the message state Actuary Matt Smith delivered this week to the Pension Funding Council meeting in Olympia.
• CA: Retiree health care funds hinge on bill
  San Bernardino County's retirement board would be the first local agency in California allowed to take money from other agencies and invest it to pay for retiree health care under a bill awaiting Gov. Arnold Schwarzenegger's review.
• NV: Ex-firefighters sue over cut in retirement
  Five retired Las Vegas firefighters are suing the city of Las Vegas and the public retirement system, alleging that officials broke a contract when their retirement pay was cut. According to the lawsuit, filed in state District Court this month, the Public Employees Retirement System changed the rules governing what counts as a retirement contribution after their retirements and subsequently reduced the firefighters' retirement pay accordingly.
• NC: Treasurer imposes new travel expense policy
  State Treasurer Janet Cowell released new rules Tuesday governing travel reimbursements for employees who visit companies through which North Carolina's public pension funds invest money.