NCPERS News Clips

August 9, 2011

News Clips for August 9th, 2011

• Bondholders Win in Rhode Island
  Retired city workers might not be so lucky. Instead of $296,000 in pension checks promised before Central Falls became the second U.S. municipality to seek Chapter 9 protection this year, the retirees could get only $196,000 in payments next month—a 34% cut.
• Teachers Union Rejects Pension Commission Proposals
  (Maryland) The state teachers union is rejecting most of the final recommendations of the special pension commission, particularly its proposal to shift half the funding of pensions onto county school boards or governments.
• Va. lawmakers wrestle with shifting retirement system
  State lawmakers continue to debate how to reduce the state's $17.6 billion deficit, including whether to change the benefits of state workers or restructure their pension system.
• Will Standard and Poor's Downgrade Force Pension Plans To Sell U.S. Bonds?
  The U.S. is no longer rated Triple-A by Standard and Poor's. Many people are speculating that Public and Private Pension Plans will have to sell their U.S. Bonds causing a selloff in the markets. However most pension funds have an Investment Policy Statement which allows for the new AA+ rating on U.S. Bonds.
• State workers flock to retirement plan
  Public employees are flocking to Florida's Deferred Retirement Option Program to beat a benefit cut.
•  Wisconsin recall votes grab national spotlight
  Across the St. Croix River on the western edge of Wisconsin, a long-brewing political storm will touch down Tuesday. There -- and in several other state Senate districts -- voters will cast ballots in extraordinarily heated political races that have huge implications for Wisconsin's political future.