News Clips for July 31, 2018
NCPERS Responds to the Wall Street Journal, "Who's to Blame for Underfunded Pensions?". You can read our response here
Creating Pension Plan Chaos for Teachers, Firefighters, and Cops
Hedge fund billionaires have been feasting off the futures of public employees - and the publics they serve
Kinzler wants to renegotiate, reform pension benefits
Gordon "Jay" Kinzler is running against incumbent Rep. Deborah Conroy (D-Villa Park) for Illinois' 46th House District and he is dismayed with current lawmakers' attempts at dealing with the state's pension crisis
Moody's urges caution for New Jersey on separation of police and fire fund
A recently enacted law allowing the Police and Fire Retirement System to be separated from the $77.3 billion New Jersey Pension Fund, Trenton, is a "credit negative" action that will "diminish New Jersey's legal flexibility to further reform PFRS benefits" and place a greater burden on local municipalities, said a report issued Friday by Moody's Investors Service.
Rhode Island pension fund beats target and benchmarks
Rhode Island's $8.3 billion pension fund finished its fiscal year ahead of its investment target and benchmarks, state Treasurer Seth Magaziner announced. (subscription required)
As changes loom over retired teachers' pensions, retirees look to Legislature for more money
Retired teachers are now looking to the Texas Legislature to provide more money after a Teacher Retirement System vote Friday that could change how much retirees will see in their pension checks in the future.
Letters to the editor Thursday: Pay real money to teachers
A recent letter to the Savannah Morning News criticizes teacher salaries and pensions and is quite forceful in denouncing the role of teacher unions in this situation. This included the remark that teachers can make $80,000 to $100,000 per year in Chatham County. Also remarked was that teachers only work 8.5 months a year.
2017 data now available for corporate Canadian DB plan sponsors
Aggregate assets of Canadian pension plans of companies in the S&P TSX 60 index increased to $144 billion and aggregate liabilities increased to $151 billion in 2017. The aggregate funding ratio improved slightly to 94.86% from 92.83% in 2017, and the median funding ratio improved 3.9 percentage points. Since 2009, aggregate plan assets increased by 59.5% and aggregate liabilities increased by 56.25%.