NCPERS News Clips

June 11, 2013

News Clips for June 11th, 2013

U.S. News

• Hedgies cut ties with think tank
  Money management heavy hitters Cliff Asness, Henry Kravis and Thomas McWilliams have blinked. The trio are cutting their ties to the Manhattan Institute, the conservative think tank whose policy experts have called for the abolition of defined benefit public pension plans, The Post has learned.
• Pew Study: Retirement Security Across Generations Are Americans Prepared for Their Golden Years?
  This report explores how the Great Recession affected the wealth and retirement security of baby boomers relative to younger and older age groups. It also explores the retirement security of each group by calculating replacement rates, or the extent to which retirees can use their accumulated wealth and savings to replace pre-retirement income.
• USA Today: Will Boomers Ever Be Able to Retire?
  The financial outlook for aging baby boomers is pretty grim: while a majority of U.S. workers have set aside funds for retirement, research suggests they haven’t saved nearly enough, forcing reliance on Social Security despite the system’s impending insolvency.
• Pension Plans Beat 401(k) Savers Silly -- Here's Why
  If you were aiming to save enough money to retire, really retire, and feel secure in your old age, would you be better off in a traditional pension plan? Sure, but not for the reason you think.
• Governor signs bill adjusting police, firefighter pension rules
  (Kansas) New law increases worker contribution, retirement benefit
• Legislature's actions now under microscope
  (Louisiana) The pension plan landscape will change dramatically for New Orleans fire fighters if the governor signs several pension reform bills into law.
• Judge rules in union pension case
  (New Hampshire) A superior court justice has ruled in the lawsuit that state unions filed to block pension reform that state workers are contractually protected beginning at the time of employment.
• Corbett focusing on 3 key pieces of legislation
  (Pennsylvania) Gov. Tom Corbett has been steadfast that he wants the state Legislature to finish three important pieces of legislation along with a new budget by June 30: transportation funding, liquor privatization and pension reform.
• Tensions Flare Anew Between Raimondo's Office and Siedle
  (Rhode Island) State Treasurer Gina Raimondo's office and one of her most prominent critics, Ted Siedle, are trading shots anew after the state's largest public-employee union hired Siedle to review the work of the state Investment Commission.
• South Dakota Retirement System streaks beyond $9 billion level, fueled by over-valued stock market
  The market value of the South Dakota Retirement System’s investments exceeded $9.1 billion as of May 31, state investment officer Matt Clark said Wednesday.
• Quinn offers new pension proposal, but fate in legislature uncertain
  Ill. Gov. Pat Quinn is asking lawmakers to approve a plan that has previously stalled in the state senate. He has called legislators back to Springfield next week for a special, one-day session to address pension reform after they adjourned for the summer without sending a bill to the governor’s desk for approval.

Canadian News

• Canada’s Top Ten pension funds help drive national prosperity: landmark study
  Canada’s ten largest public pension funds, dubbed `the Top Ten,’ “provide Canadians with one of the strongest retirement income systems in the world and also contribute significantly to national prosperity,” according to a media release citing a study by the Boston Consulting Group.