NCPERS News Clips

December 20, 2011

News Clips for December 20th, 2011

• Small Businesses Look for Better Ways to Provide Pensions
  Most small business owners surveyed by the National Conference on Public Employee Retirement Systems (NCPERS) want to provide their employees with some sort of retirement plan.
• Opposing view on public pensions: Blame Wall Street
  With revenues plummeting during the economic crisis, states and cities across the country face real budget challenges. It is simply wrong, however, to suggest that modest retirement benefits paid to public service retirees are a cause, or even a part, of the budget problems facing governments.
• Census Bureau Reports State Government Revenue Up 79 Percent in 2010
  Total state government revenue increased to $2.0 trillion in 2010, up 79.0 percent from $1.1 trillion in 2009, resulting mainly from large increases in social insurance trust revenue, according to the latest findings from the U.S. Census Bureau.
• Experts: VA is uncompetitive and risks talent drain
  When it comes to salaries and benefits, a legislative audit revealed that Virginia's state employees and teachers are not fairing as well as workers in the private sector.
• Expand and enhance pensions for all Canadians
  The C.D. Howe Institute's claim that federal pensions represent a $227 billion liability must be a surprise to the Chief Actuary of Canada, who stated in his most recent report that the plans are adequately funded and running a surplus.
• NY State Pension Trustee Calls 401(k) Plans 'Woefully Inadequate,' Defends DB
  In a wide-ranging discussion of the New York public pension system, Thomas DiNapoli, the state's comptroller and sole trustee of the $133.8 billion New York State Common Retirement Fund (CRF), defended defined benefit (DB) plans.
• Michigan Supreme Court won't hear appeal on state employee pay deduction
  The Michigan Supreme Court today declined to hear the Snyder administration's appeal of lower court rulings that said requiring state employees to put 3% of their pay checks toward retiree health care is unconstitutional.
• KPERS plan still unclear
  A pension study commission voted 8-5 last week to recommend that the state move new and non-vested public employees out of the Kansas Public Employees Retirement System and into a defined-contribution plan similar to a 401(k). But it is unclear how it would do that and eliminate KPERS' unfunded liability, estimated at about $8.3 billion through 2033.
•  McDonnell budget includes $2.2B for retirement system
  Virginia Gov. Bob McDonnell's proposal to pump $2.2 billion into the depleted Virginia Retirement System was warmly received by state employees Thursday, but critics fear the move would place an additional burden on cash-strapped localities already struggling with their own fiscal woes.