News Clips for June 13, 2017
NCPERS in The Hill: Move to 401(k) plans is damaging to national retirement security, June 12, 2017
Register for NCPERS' Webinar: Economic Loss: The Hidden Cost of Prevailing Pension Reforms on June 14!
Register for NCPERS Live Webcast on 2017 Mid-Year State & Federal Legislation on July 11th!
Head over the Facebook to view conference photos, things you missed & more from #NCPERSACE17!
NCPERS Washington Update for 6/9/2017
The Disturbing Trend That Will End in a Full-Fledged Pension Crisis
But what all of them agree on is that there's no way US pension funds can keep their promises to the next wave of retirees.
Americans not feeling the love for retirement
Americans are just not as satisfied with retirement as they used to be.
Philadelphia controller pushes for voluntary multiple employer plan; Vermont enacts one
Philadelphia small businesses support the city setting up a voluntary retirement plan for them, according to a report released Wednesday by city Controller Alan Butkovitz showing that 60% of small businesses do not offer a retirement plan for employees.
Fitch lowers U.S. pension discount rate, putting Illinois in deeper hole
A change in outlook from a major ratings agency is likely to have a big effect on Illinois' public debt. Fitch Ratings announced on June 1 that it is lowering the discount rate for U.S. public pension plan liabilities to 6 percent from 7 percent.
Kansas Legislature finally ends Gov. Sam Brownback's destructive tea party tax cuts
Sam Brownback has been a Tea Party star since taking office as Kansas governor in 2011. He rolled back anti-discrimination laws and vetoed a bill that would have brought health coverage to 180,000 residents by making his state the 32nd to expand Medicaid under the Affordable Care Act.
Bevin letter answers some special session questions, legislative leaders say
(Kentucky) After Gov. Matt Bevin sent a letter to all legislators Tuesday setting a timeline for a special session on tax and pension reform, legislative leaders spoke exclusively with The Bottom Line Wednesday about their thoughts on potential reforms and whether or not it can get done.
Snyder agrees to 'tentative' deal on teacher pensions
(Michigan) Republican Gov. Rick Snyder and GOP legislative leaders agreed in concept on a compromise teacher pension reform deal that would steer new hires toward 401(k)-style retirement savings plans but retain a hybrid pension option.
8 big things Christie & lawmakers may do in next 3 weeks to change N.J.
With schools out soon and the weather warming, the waning days of June may signal a time for vacations and relaxation
New York City pension funds are divesting private prison stocks
New York City's pension funds announced they're selling $48 million in stocks and bonds invested in three private prison companies
Ohio's public-employee pensions face cutbacks
Collectively, Ohio's five public pension funds have $192 billion in assets and last year paid out more than $15 billion in pension benefits and $1.1 billion in health-care benefits. They are not required by law to provide health insurance, but all five do. Whether they will in the future is uncertain.
Pennsylvania governor signs pension reform bill
Pennsylvania Gov. Tom Wolf signed a state pension reform bill into law Monday that will change retirement benefits for most state employees and all school employees hired after Jan. 1, 2019.
Cutting pension benefits no way to attract needed teachers
As California universities conduct commencement ceremonies, all who care about the long-term future of this state should pay special attention to a troubling trend in the degrees that are being awarded.
Guest view: State pension reform matters
Michigan, like most states, has done an abysmal job running a pension system. But the Legislature is taking a real look at solving the state's long-term liabilities for good. New legislation would discontinue offering new school employees pensions and instead give them 401(k)-type retirement plans. That's a smart move.