News Clips for April 4, 2017
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John Arnold: The Most Hated Man in PensionLand
The billionaire philanthropist has vowed to secure retirement for public employees. So why do so many public employees despise him?
Senate overturns rules to help cities offer retirement plans to workers
In a 50-49 vote, the Senate quashed Labor Department rules from the Obama administration that would have made it easier for cities to provide government-run retirement plans to private sector workers.
NPPC Report: Why Pensions Matter
The history of defined benefit pension plans in the US
Bill would have Gov. Walker's pension bond authority
Alaska is projected to owe public workers more than $6 billion more in pensions than it has in assets. So state officials are looking for ways to save money.
Congress Kills Jerry Brown's Forced Pension Savings Plan
A vote by congressional Republicans last week ended California Gov. Jerry Brown's effort to force 6.8 million private sector workers into a "Secure Choice" public-run retirement plan.
National Public Pension Coalition: Why Pensions Matter Report Reveals Need for Pensions in California
This report emphasizes that the need for public pensions is not new, and, in fact, dates back to the New Deal era as states sought out ways to provide a secure retirement for their public employees. Today, hardworking public employees must be afforded the same benefits.
Lawmakers take first step to shore up judicial retirement fund, but broader PERA reforms loom
(Colorado) The stopgap measure is aimed at bringing the judicial division back from the brink, but officials say more reforms are needed
Committee approves plan to change FRS
(Florida) The Government Accountability Committee Wednesday approved a measure that would place newly hired public employees in an investment 401(k) styled-plan if they fail to make a choice within six months of being hired. Now, when no decision is made the workers are placed in a traditional defined-benefit pension plan.
GOP pension reform bill stalls in Senate committee
(Illinois) A pension reform bill supported by Gov. Bruce Rauner will not move on to the full Senate after it failed to advance through its Executive Committee on Wednesday.
Kentucky's new leadership tries to pull it back from the pension cliff
Having become the last legislative chamber in the entire South to flip to Republican control last November, the Kentucky House of Representatives wasted no time this session in moving through a red meat conservative agenda.
Gov. Larry Hogan signs off on $20M in county pension relief
(Maryland) Gov. Larry Hogan has signed a bill to address unanticipated local teacher pension costs of nearly $20 million.
Pensions key to recruiting, retaining Oklahoma teachers
Oklahoma lawmakers are being told that the guarantee of a well-funded pension system will help solve the state's teacher shortage issues.
North Carolina Retirement Systems terminates 6 managers to reduce fees
North Carolina Retirement Systems, Raleigh, terminated six equity managers running a total of $3.3 billion as part of new state Treasurer Dale Folwell's mandate to reduce money management fees by a total of $100 million, according to meeting materials for the investment advisory committee's Thursday meeting.
Scranton council hears pension board reps on reforms
(Pennsylvania) Scranton council learned Thursday that reforming the city's severely distressed pension system remains a work in progress marked by some divisions among the Courtright administration, pension board and public safety unions.
Proposed Plan Aims To Strengthen Underfunded Municipal Pensions
A new proposal from Rhode Island General Treasurer Seth Magaziner aims to strengthen underperforming municipal pension plans.
Mayor Rawlings rejects bill to rescue pension fund calling it a 'massive taxpayer bailout'
(Texas) Dallas Mayor Mike Rawlings says he cannot support a bill intended to rescue the failing Dallas Police and Fire Pension Fund because in its current form it amounts to a massive taxpayer bailout.
RESEARCH & COMMENTARY: WISCONSIN'S PROACTIVE APPROACH TO PENSION REFORM IS THE RIGHT ONE
In this Research & Commentary, Matthew Glans examines Wisconsin's proactive approach to pension reform and a new reform proposal now being considered.
Stoner: Wyoming women lack security in retirement
Wyoming has a rich history of equality. In 1869, we were the first state to grant women the right to vote, earning us our official state nickname, "The Equality State." That proud history landed on the state's commemorative quarter in 2007, which bears the cowboy, bucking bronco and the words "The Equality State." (subscription required)
Let police, fire unions run their pension system
The state Legislature's overwhelming bipartisan vote to give New Jersey's police and firefighter unions greater control over their own pension funds is an important step in ensuring the future stability and viability of the retirement system and could provide an alternative model for public pension systems that have been systematically underfunded by entities controlled by governors and state treasurers.
Hybrid Plan Did Not Fix School Retirement System
(Michigan) It is at risk of underfunding and has barely enough assets