NCPERS News Clips

December 3, 2013

News Clips for December 3rd, 2013

National News

• Some Big Public Pension Funds Are Behaving Like Activist Investors
  Some of the biggest public pension funds, which have sought to influence companies for years, are now starting to emulate these investors by engaging with, and sometimes seeking to oust, directors of companies whose stock they own.
• What You Don't Know About Your Defined-Benefit Plan
  In the comments section on my recent post on Detroit’s pension woes, longtime reader Bronxcobra asks: Why couldn’t we just have had companies buy their pensions from insurance companies?

State News

• Some Alaska employees make bid to return to pension plan instead of 401(k)
  Several years after Alaska closed its traditional pension plan to new employees, public employees are trying to get back in, but are finding stalwart opposition from the Parnell administration.
• Quinn, legislators gear up for Tuesday’s ‘World War III’ pension vote
  (Illinois) Gov. Pat Quinn Monday championed a landmark pension-reform deal and vouched for its constitutionality as he and legislative leaders frantically prepared for what the governor called “the most important fiscal vote” lawmakers will ever make.
• Jacksonville pension reform will consider tax rate increase and higher employee contributions
  (Florida) An “everything’s on the table” approach to overhauling Jacksonville’s pension system will delve into the merits of increasing property taxes and jacking up employee contributions to stabilize the financially troubled retirement program.
• Detroit Braces for Bankruptcy Ruling
  A federal judge is expected to rule Tuesday on whether Detroit is eligible for bankruptcy protection, a crucial step in the city’s effort to pay off part of its overwhelming debt and to begin rebuilding its vastly diminished city services.
• Pension economics get tied up in politics
  (Minnesota) Are public employees overcompensated? Are elected officials less than honest with citizens about the obligations these employees incur on state and local treasuries? Perhaps the answer to both questions is yes.
• Financial industry critic files complaint on behalf of AFSCME union
  (Rhode Island) Financial industry critic Edward "Ted" Siedle said Monday that he has filed a complaint with the U.S. Securities and Exchange Commission, seeking an investigation of actions taken by the state employees retirement system as it invests money for public employee pensions.

Opinion

• ‘Reform’ Shouldn’t Mean Pension Reduction
  Due to the Great Depression, the rail industry’s Retirement System was in need of a life-preserver. This private retirement program was rescued by the Federal Government in 1934, a year prior to the enactment of Social Security.
• Jacksonville Fire Fighters Schools Pew on Pensions
  The Pew Foundation is trying to influence the pension debate in Jacksonville, Fla., but fire fighters won’t allow fuzzy math to affect their retirements.