NCPERS News Clips

September 17, 2013

News Clips for September 17th, 2013

National News

• NCPERS Video Blog--Gearing up for the rest of 2013
  Executive Director Hank Kim talks about NCPERS recharging for the remainder of the 2013 legislative year and keeping an eye out on Pennsylvania and other states that are looking for public pension plan reform.
• Rise of 401(k)s Hurt More Americans than It Helped
  According to a new report from the progressive think tank the Economic Policy Institute (EPI), the rise of 401(k) accounts has contributed to social inequality by dimming the retirement prospects of millions of Americans with the result that ?retirement insecurity has worsened for most Americans as retirement wealth has become more unequal.?
• American Money: The Retirement Wealth Gap
  401(k) plans are failing most workers
• Pension fight on Capitol Hill
  Obama appointees said a decision to allow General Motors to cut salaried retiree pensions while topping up those of their hourly counterparts was reasonable and not an effect of political pressure.

State News

• San Jose and unions make final argument in battle over pension cuts
  California's third largest city, San Jose, and its employee unions presented final court arguments on Tuesday in a case that has major implications for other cash-strapped local authorities wanting to cut pensions, including bankrupt Detroit.
• Appeals court rules city pension overhaul off ballot
  The Arizona Court of Appeals overturned a lower court ruling and ordered an injunction blocking an initiative overhauling the city?s pension from being placed on the November city election ballot.
• Chicago gets biggest credit rating cut in Moody's pension review
  Chicago and a Michigan school district fared the worst among 29 local governments and school systems reviewed by Moody's Investors Service using a new approach to measuring public pension obligations.
• House sends corrections retiree bill to Snyder
  State House lawmakers cleared a bill Tuesday that allows retired corrections officers to continue working another two years on a part-time basis while still receiving their pensions.
• Pew's involvement in Jacksonville's pension reform debate draws criticism Read more at Jacksonville.com: http://jacksonville.com/news/metro/2013-09-13/story/pews-involvement-jacksonvilles-pension-reform-debate-draws-criticism#ixzz2f9xJiCl4
  Even before the The Pew Charitable Trust has screened its first PowerPoint slide about pension reform in Jacksonville, the group came under heavy criticism Friday from a group of Kentucky legislators regarding Pew?s work in that state.
• Retired Lexington officer, firefighter file federal suit challenging pension changes
  A retired Lexington police officer and firefighter have filed a federal lawsuit against city officials, challenging changes to the police and fire pension fund that would affect retirees.
• John Kitzhaber brings Oregon legislative leaders back to Mahonia Hall for PERS, tax talk
  Oregon Gov. John Kitzhaber has rebooted talks on a deal to cut public pensions and raise new tax revenue at Mahonia Hall, his Salem residence.

Opinion

• Privatizing Cincinnati's Retirement System -- A Bad Deal for Retirees, Workers and the City
  A proposed charter amendment slated for Cincinnati's ballot this November would break its pension promises to city workers, harming working families and the city economy. It is part of an immoral national fight against retirement security.