NCPERS News Clips

1/5/2010

Happy New Year?

As we begin a new year and a new decade, we, unfortunately, should be prepared to face the same misguided and uninformed criticisms and attacks we bore in the last decade. Below are a sampling of news clips from around the country and aside from the lone positive piece on the Wisconsin plans, the rest are all critical of public pensions and benefits.

·         Pension Tension
The recent history of pension plans for state and local government employees can be summarized as "promise now, pay later." Eager to attract good workers -- or to placate unionized ones -- elected officials often contracted for generous retirement benefits, including health benefits, without increasing taxes to pay for them.

·         Groups say current pension funding will curb new jobs
Many employers will use money earmarked for job creation and capital improvements to fund their pension plans unless federal lawmakers provide more funding relief, according to a letter sent to President Barack Obama and members of Congress.

·         Public-pension tab in Ohio: $4.1 billion -- and growing
At a time when budget problems are forcing Ohio schools to lay off teachers and cities to raise taxes, eliminate jobs or both, one expense that government leaders have not cut is pensions for their workers.

·         N.Y. Teachers' Pension Change Prompts Rush to Lock In Benefits
Prospective full-time teachers are scrambling to get into the state pension plan before a measure designed to save New York taxpayers billions of dollars takes effect New Year's Day.

·         NJ Lawmaker Proposes Public Pension Reform
A New Jersey lawmaker is planning to introduce legislation that would bar nongovernmental workers from enrolling in the state's taxpayer-funded pension system.

·         Pension costs swell amid deficit
As service cuts and layoffs are being utilized to slash the budget deficit San Francisco is facing, the hidden expense of health benefits and pensions for workers is skyrocketing, putting a strain on city coffers.

·         Public employee pension funds have better year
After a disastrous 2008, Wisconsin's three major public employee pension funds rebounded during the first 11 months of 2009.