NCPERS News Clips

5/11/2010

News Clips for May 11th, 2010

News Clips for May 11th, 2010

• The New Fat Cats
  The indefensible pensions of public-sector employees.
• 15.7 Times Final Pay Needed for Retirement Readiness
  The average U.S. employee will need 15.7 times their final pay in retirement resources to maintain their current standard of living during retirement, according to a new Hewitt Associates analysis.
• Employers: 401(k)s Won't Fully Fund Worker Retirement
  Employers generally offer 401(k)s to attract and retain productive workers, not to propel those employees into a secure retirement.
• New York state, city plans settlement with Countrywide
  New York State Common Retirement Fund, Albany, and the five pension funds in the New York City Retirement Systems will receive a total of $624 million from Countrywide Financial and KPMG to settle a federal class-action lawsuit accusing the mortgage lender of violating securities law by making misstatements and omitting material facts about underwriting risky loans.
• North Carolina Pension May Shift Bond Holdings to Boost Returns
  North Carolina's $69 billion pension, the 10th-largest U.S. public system, is considering whether to shift some money out of bond investments to boost returns, its trustee said.
• San Diego sues its pension system
  The city of San Diego is suing its retirement system in a dispute regarding how much financial responsibility, if any, city workers should bear for a pension deficit topping $2 billion.