NCPERS News Clips

September 28, 2010

News Clips for September 28th, 2010

• Families struggle to build nest egg in wake of recession
  For decades, Americans have largely counted on the stock markets and real estate to finance life's biggest expenses, from their children's college to retirement.
• Debate Over Government Pension Plans Heats Up
  After losing billions during the economic crisis, bloated benefits of state and local government-employee pension plans across America have been thrust into the spotlight as officials consider the tough reforms necessary to ensure their funds' continued existence.
• Teachers, Government Workers Resist ND Switch From Pension to 401(k)-Style Retirement Plans
  Spokesmen for North Dakota school teachers and government workers are resisting proposals to put new employees into a 401(k)-style retirement savings plan.
• Why a 401(k)-Style Retirement Plan Won't Save the City Money
  (San Diego, CA) The problem is that such proposals misdiagnose the root cause of San Diego's ballooning pension payment and greatly overestimate the savings from switching to a defined-contribution system.
• French Unions Take To The Street Over Pension Plans
  French workers staged a nationwide one-day strike and rallies Thursday to protest government plans to increase the pension age and challenge a key plank of President Nicolas Sarkozy's economic policy. (subscription required)
• Massachusetts' Morton Hospital and Medical Center Stops Defined-Benefit Pension Plans for Non-Union Workers
  Morton Hospital and Medical Center in Taunton, Mass., has announced that 800 non-union workers at the hospital will have their defined-benefit pension plans replaced with 403(b) retirement plans, according to a Wicked Local report.
• PERS board approves employer rate increases
  (Oregon) The bad news was passed along quickly Friday when the board of the Oregon Public Employees Retirement System approved higher payroll-contribution rates for state agencies, local governments and school districts for the next two-year budget cycle.