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February 1, 2017: NCPERS News Clips
Posted On: Feb 01, 2017

News Clips for February 1, 2017


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Did you miss our webinar on the 2016 Public Retirement System Study & its dashboard? View the webinar here

NCPERS Washington Update for 1-27-2017

National News

President Trump's foolish demonization of public workers
     The so-called "greatest jobs president that God ever created" began his presidency by refusing to hire people.

In unprecedented move, pension plan cuts benefits promised to retirees
     A pension fund in Cleveland became the first plan to approve benefit cuts for current retirees - even though it is still years away from running out of cash. The move, some critics say, could open the door for other troubled pension plans to follow suit.

To Toll or Not to Toll Is Question for Trump Infrastructure Plan
     But an effort to replace the span on one of America's busiest trucking routes has languished for years -- even after governors from both states agreed on a $2.5 billion plan about five years ago. The reason: Kentucky won't approve new tolls needed to attract private money to the project.

Study: State Auto- IRAs- The Wrong Answer

Fordham Institute Study: (No) Money in the Bank: Which Retirement Systems Penalize New Teachers?

State News

House panel backs changing pension board qualifications
     A House committee Wednesday endorsed legislation changing requirements for six of the Arkansas Public Employee Retirement System's nine trustees, and the panel acted despite a warning that the bill appeared to eliminate three board members who are system retirees.

CalSTRS' actuarial staff recommends lowering assumed rate of return to 7.25%
     Board to vote on the reduction on Feb. 1; cutting to 7% also on the table

Palm Beach general employees in line for better benefits
     Council expected to make first of two votes on changes next month.

Gwinnett County teachers pensions more lucrative than many districts, study says
     (Georgia) A study released Thursday found the Gwinnett County school district's retirement plan is more beneficial to teachers than many districts nationwide.

Rauner ally seeks spending cuts on universities, care for poor, teacher pensions
     A conservative think tank allied with Republican Gov. Bruce Rauner called Tuesday for slashing state spending on universities, health care for the poor, teacher pensions and grants for needy school districts to dig Illinois out of the red.

County adopts 1,000-hour pension rule for its employees
     (Illinois) Madison County Board members recently adopted a new rule to increase the amount of hours employees need for pension eligibility, according to a press release.

Branstad: Task force will review future of IPERS' pensions
     (Iowa) Commitments already made to state and local government workers will be honored, but a task force will be established to review possible long-term changes to Iowa public employees' pension programs, Gov. Terry Branstad confirmed Monday.

Hogan proposes 401(k)-style retirement savings plan for Md. state employees
     Maryland Gov. Larry Hogan (R) on Monday proposed legislation to allow state employees to pay into a 401(k)-style retirement plan instead of the state's public-pension system, sparking immediate criticism from unions that represent the workers.

Committee approves bill that would restore state's pension promise
     (New Hampshire) A House committee approved a bill Wednesday that would reinstate a piece of the state's former contribution to cities' and towns' shares of their employees' pension costs.

Public pension debate returns to Oregon Legislature
     Two bills from Republicans aim to change the structure of PERS to save millions

Puerto Rico board extends key deadlines on turnaround plan
     Puerto Rico's federal oversight board voted on Saturday to give the debt-laden U.S. territory more time to submit a fiscal turnaround plan and to restructure $70 billion in debt without fear of lawsuits.

S.C. treasurer, armed with attorney general opinion, blasts pension fund management
     South Carolina's struggling pension funds, which serve roughly one of every nine state residents, are in even worse shape than they appear, according to the state treasurer.

Subcommittee endorses new retirement option for Va. public employees
     State and local government employees would get another, voluntary option for retirement savings under legislation championed by House Speaker William J. Howell, R-Stafford, and endorsed by a House subcommittee Thursday.


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