NCPERS News Clips

10/27/2009

Million Dollar Bill

New pension-related news coming out of Congress leads off our links today. Representatives Earl Pomeroy (D-ND) and Pat Tiberi (R-OH) today introduced legislation that is expected to provide defined benefit pension funding relief. In the wake of the historic economic downturn, many employers face pension costs that are double, or more, of those in 2008. The Preserve Benefits and Jobs Act is expected to provide funding relief necessary to help restore defined benefit pension plans to soundness over time. While the legislation is aimed at shoring up private sector pensions it has not yet been determined whether the bill also could be used to help provide relief for public pension plans. NCPERS will continue to watch this legislation and will report on any new developments.

• US: Two US Reps Offer Bill To Ease Pension Funding Requirements
  Two U.S. House of Representatives members put forth legislation Tuesday that provides additional pension relief and extends measures enacted by Congress last year that eased plan sponsors' required minimum contributions.
• US: Pension Funds to Buy Gold as Insurance
  Pension funds will increase gold holdings to acquire "financial insurance," pushing prices higher as currencies drop, according to Shayne McGuire, director of global research at the Teacher Retirement System of Texas.
• NV: PERS investments perk up at last
  Happy days apparently are here again for participants in Nevada's Public Employees Retirement System as its investments have soared in value by $6 billion since March. Ken Lambert, the PERS investment officer, said the system's investments now are worth $21.4 billion, up nearly 40 percent since they hit a bottom of $15.4 billion on March 6.
• NY: Public pension sign-ups surge
  Public pension costs have drawn notice lately with their investment funds decimated by the Wall Street crash and Gov. David Paterson's push to institute a less-generous "Tier V" program for future employees.
• MO: Pension board makeup unresolved
  Still agitating over police and fire representation remaining unchanged, Mayor Jim O'Neal and City Councilman Dan Chiles on Wednesday successfully lobbied for a council committee to take yet another look at the issue.
• MO: City employees agree to help pay cost of retirement program
  City of Independence employees will soon contribute to the cost of their retirement program for the first time in more than 20 years.
• CA: CalPERS tweets back at 'misinformation'
  The California Public Employees' Retirement System wants to get its message out directly, so it launched a Web site that links to its social media posts on Twitter, Facebook and YouTube.
• CA: Imposed firefighter contract includes 12% cut in pay, benefits
  After months of negotiations, the city of Auburn has implemented a contract with the Auburn Firefighters Association that will result in a 12 percent loss in pay and benefits.
• VT: Groups Join To Protect Pension System From Major Changes
  Two large groups have joined together to protect Vermont's public pension system from significant changes. But AARP-Vermont and the state's Teachers Association say some changes to the current system are needed.