NCPERS News Clips

October 8, 2013

News Clips for October 8th, 2013

National News

• Eager to avoid Detroit’s fate, US cities look to address pension woes decades in the making
  Detroit’s bankruptcy is casting a shadow over a long list of cities across the U.S. and giving mayors new urgency in the search for solutions to the greatest challenge to face America’s cities in a generation.
• 7 Retirement Myths That Could Produce A "Lost Generation"
  How are you doing with your retirement planning?
• The ‘Plot Against Pensions’ Takes Aim At California
  Arnold’s latest move was first reported by the Sacramento Bee, which wrote that a group called “Action Now Initiative” was tapped by San Jose, Calif., mayor Chuck Reed to do “policy analysis for statewide pension reform,” in preparation for a ballot initiative campaign in 2014.

State News

• California sues Labor Department over pension changes
  The state of California on Friday sued the U.S. Department of Labor, alleging that the agency improperly denied federal grants to public transit projects in the state after erroneously deciding state pension reforms interfere with the collective bargaining rights of workers.
• Detroit bankruptcy judge grants motion that could open door to resume extra pension checks
  U.S. Bankruptcy Judge Steven Rhodes opened the door for the city’s two pension funds to resume paying extra pension benefits, commonly referred to as 13th checks, to some City of Detroit employees and retirees.
• High stakes legal fight looms over pension cuts
  Now that Oregon lawmakers have voted to cut retirement benefits for government workers, the battle moves from the Capitol to the courthouse.
• Report finds downside to Pa. Rep. Glen Grell's pension reform proposal
  The final touches haven’t even been put on Rep. Glen Grell’s pension reform plan and already has some are seeing downsides.
• Retirement system looks at offering 401(k)-type plan
  The South Dakota Retirement System is planning a big change to the 40-year-old pension plan that covers more than 77,000 current and past employees of state and local governments

Canadian News

• Canada needs to help its pension funds
  Canadian pension funds will be increasing their direct investing into the hundreds of billions of dollars over the next decade

Opinion

• Pension-Fund Looters Get Tax Breaks, Too
  A few weeks ago, I wrote a feature on pension reform in states like Rhode Island for Rolling Stone. Since the piece was sharply critical of alternative investments like hedge funds, I expected a heated response, and got one right away.
• The real reasons America’s pensions are hurting
  State and local pension plans are underfunded, in many cases dramatically. Enough so that, in the next decade, many states will have to cut benefits or services, raise taxes, or receive some form of a bailout.
• Enron billionaire expands craven plot to abuse workers
  A billionaire's scheme to loot public workers' pensions now includes a shadowy front group -- and brand new target