NCPERS News Clips

12/1/2009

It's a Shocker!

As Social Security is the third rail of national politics, so are- to a degree- public pensions at the state and local level. However, whether based in fact or rooted in perceived political advantage, politicians are scapegoating pensions for current budget woes. As we head into 2010, be prepared for more of the same.

• PERS: Barbour stirs hornet's nest
  One of the "third rails" of Mississippi politics has long been the state's Public Employees Retirement System.
• Taxpayers to get bill for legislative perk
  The cost to taxpayers for legislators' pensions is projected to skyrocket by more than 460 percent in the next budget, in large part because of a benefit enhancement they quietly voted into law four years ago.
• Madoff loss hits pension fund
  The Municipal Employees Retirement System of Louisiana lost at least $5 million to confessed swindler Bernard L. Madoff, officials say in a civil suit filed in Baton Rouge federal court against several financial and accounting firms.
• State unions call for different pension options
  Vermont's two largest unions aren't buying what the state treasurer is selling. The Vermont State Employees Association and the Vermont chapter of the National Education Association have voiced major concern with the proposed modifications to their retirement pensions and benefits proposed by Treasurer Jeb Spaulding, who is also chairman of a commission created by the Legislature designed to find ways to curtail the rising costs.
• Counties, cities may give more to pensions
  Local governments already worrying about their fiscal 2010-11 budgets got a bit of bad news this month, learning they'll likely have to spend more to underwrite their workers' future pensions.
• LA analysts project $1-billion budget gap by 2013
  Los Angeles could face a $1-billion deficit by the time Mayor Antonio Villaraigosa wraps up his second term in 2013, a dire forecast driven primarily by escalating employee pension costs and stagnant tax revenues, the city's top budget analyst said Wednesday.
• US corporate and public plans up in Q3
  The median corporate and public pension funds posted positive returns in the third quarter, with results of 12.1% and 11.7%, respectively, according to data compiled by Mercer.
• Towns, schools to face pension increases
  Town and school officials in Southern New Hampshire can only hope the economy continues to improve since in a year and a half, they could face what one local leader calls "crippling" budget hikes.