NCPERS News Clips

August 5, 2013

News Clips for August 6th, 2013

U.S. News

• NCPERS Video Blog!-- Detroit Bankruptcy Filing & PEW Program
  NCPERS Executive Director Hank Kim discusses Detroit's bankruptcy filing and the PEW Charitable Trust, Urban Institute and Laura & John Arnold Foundations October program- Sustainable State & Local Retirement Systems: Responsible Stewardship of Public Funds and Fairness to Employees.
• Detroit’s Pension Problems: Not as Bad as They’re Portrayed
  Detroit’s emergency manager, Kevyn Orr, claims Detroit owes $3.5 billion (pdf) to its public pension funds. This is more than five times the $640 million the funds’ actuaries estimated in 2011,1 (pdf) vaulting pensioners into the ranks of the city’s major creditors, which isn’t a good place to be.
• Public Pensions After Detroit
  Detroit’s bankruptcy and the problems facing its pension funds offer two important lessons to other communities. One is that state and local governments need to do a much better job managing retirement funds. The other is that they should not pre-emptively reduce hard-earned benefits at the first sign of trouble.
• San Bernardino Bankruptcy to Get Nevada Judge as Mediator
  The judge in San Bernardino, California’s bankruptcy said she will appoint a judge who oversaw a $6.5 billion casino reorganization to mediate talks between the city and its creditors.
• A Plan to Avert the Pension Crisis
  IT isn’t politically feasible for Washington to bail out Detroit, but President Obama and Congress must step in to avert the worst fiscal collapse in urban American history.

Canadian News

• OMERS Trustees Needed—Finance Novices Need Not Apply
  Ontario Public Service Employees Union (OPSEU) is seeking new trustees for two of its pensions, but interested applicants had better sharpen up their No. 2 pencils.
• Allianz and Borealis Infrastructure Complete the Acquisition of Czech Gas Transmission Operator NET4GAS
  Allianz and Borealis Infrastructure are pleased to confirm that the previously announced acquisition of NET4GAS, s.r.o. by their joint venture holding company completed on August 2, 2013.