NCPERS News Clips
10/13/2009
Health and Wealth
Today's News Clips kick off with three lengthy stories that affect the national debate on health care and retirement security. The first is news that the Senate Finance Committee approved Chairman Baucus' health care bill, while the second is a call for ending 401(k)s as the primary retirement vehicle for America's workers. The third story is another one-sided affair on the pension "crisis", and stems largely from a recent report by PricewaterhouseCoopers that suggests within 15 years public systems will have less than half the assets necessary to pay out benefits.
- US: Senate Finance Committee Approves Sen. Baucus' Health Care Bill
Democrats on the Senate Finance Committee, with the vote of a lone Republican, approved Chairman Max Baucus' $829 billion health care bill 14-9, kicking off what's expected to be a long and arduous path through Congress for final legislation.
- US: Why It's Time to Retire the 401(k)
Retiree Robert Shively spends his days on the golf course. For many, that would be a dream come true, but not quite in the way Shively does it. The 68-year-old is the cart mechanic at the Niagara Falls Country Club.
- US: Steep Losses Pose Crisis for Pensions
The financial crisis has blown a hole in the rosy forecasts of pension funds that cover teachers, police officers and other government employees, casting into doubt as never before whether these public systems will be able to keep their promises to future generations of retirees.
- TX: Perry to replace teacher retirement board chairman after less than a year
Gov. Rick Perry plans to reshuffle the board leadership of the state's $88 billion teacher retirement system, an unexpected move that has reignited concerns among the members that Perry is meddling with their pension fund.
- CA: Limits on pension agents is now law
Gov. Arnold Schwarzenegger has signed a bill clamping down on placement agents, the marketing middlemen at the heart of a multistate probe into corruption of public pension funds.
- CA: Pension guru could have large payday
The county retirement system's newest investment guru could earn as much as $4.51 million over the three years and three months of his initial contract, a review of public records shows.
- NY: Two Plead Guilty In Pension Case
A political power broker and an investment executive who advised government officials in several states have pleaded guilty to securities fraud in connection with a "pay-to-play" scandal at New York's public pension fund.
- NY: Cuomo Announces Legislation to Reform State Pension Fund
Attorney General Andrew M. Cuomo, along with New York Senate Majority Conference Leader John L. Sampson, Senator Brian X. Foley and Senator John Flanagan today announced new, bipartisan legislation that would replace the sole trustee at the New York State Common Retirement Fund with a board of trustees and eliminate pay to play in state public pension funds.
- OR: Agencies brace for PERS rate hikes
Local governments and agencies are measuring a looming new budget blow -- and hoping for mercy -- in the wake of a new report released by the Oregon Public Employees Retirement System.
