News Clips for May 2, 2017
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Tell your Senator to VOTE NO on S.J. Res 33!
Small Businesses Debate Role of State-Based Retirement Plans
LIMRA finds reactions were "mixed" among small-business owners regarding Connecticut's forthcoming program offering state-administered retirement planning to private-sector employees.
The road to national retirement security goes through the states
In its March 20 editorial "DOL can't have it both ways," Pensions & Investments opined against state automatic retirement savings arrangements, which are already being implemented by California, Oregon, Illinois, Connecticut and Maryland, and are under consideration by more than a dozen other states. Instead, P&I argues, we should wait until Congress enacts a national program - something it has failed to do for over a decade. I think P&I and others are making "the perfect the enemy of the good" - and the result will be bad.
CONG. SESSIONS INTRODUCES MULTI-EMPLOYER PENSION PLAN PARTNERSHIP ACT OF 2017
U.S. Congressman Pete Sessions (R-TX), Chairman of the House Committee on Rules, and U.S. Congressman Bill Pascrell, Jr. (D-NJ) introduced bipartisan legislation to address one of the most troubled sectors of the American pension system:
A New York hotel deal shows how some public pension funds help to enrich Trump
Public pension funds in at least seven U.S. states have invested millions of dollars in an investment fund that owns a New York hotel and pays one of President Donald Trump's companies to run it, according to a Reuters review of public records.
Public Pensions Pay Higher Fees as Investments Shift Toward Equities, AI
Pew report says states are paying billions of dollars in unreported fees.
Prescott leaders talk about pension solutions
A brief history of the Arizona Public Safety Personnel Retirement System, how it is funded, its investment returns from 1993 to 2015, and future impact cast a pall over a crowd of about 100 people at Mayor Harry Oberg's Town Hall April 20 at Centennial Hall.
Unions kill bill to cut cost-of-living increases for CalPERS pensions
Public employee unions presented a united front on Monday against a bill by Sen. John Moorlach that aimed to close California's pension funding gap by eliminating cost-of-living increases and asking local governments to chip in a greater share of their revenue toward retirements.
Jacksonville City Council OKs bill to close pension funds
The Jacksonville City Council unanimously approved a bill closing the $2 billion Jacksonville (Fla.) City Retirement System and $1.8 billion Jacksonville Fire & Police Pension Fund.
Bill to shore up Chicago municipal workers' pensions passes House
The Illinois House on Thursday once again passed a bill designed to shore up the pension funds for Chicago laborers and other city workers - a measure with identical language to a bill Gov. Bruce Rauner vetoed in March.
Teachers Continue Lawsuit Against State For Underfunded Pensions
(Kentucky) As Gov. Matt Bevin mulls whether to call a special session to deal with the state's ailing pension system and tax structure, a class action lawsuit brought against the state by aggrieved teacher pensioners continues to make its way through the court system.
Ohio public pensions: What's really going on?
Some of Ohio public pension systems are looking to make significant changes to shore up the pension and health care funds.
Oklahoma Public Employees tweaks equity allocations, lowers assumed rate of return
Oklahoma Public Employees Retirement System, Oklahoma City, tweaked its target asset allocation and lowered its assumed rate of return, said Joseph A. Fox, executive director, in an email.
South Carolina Gov. Henry McMaster signs state pension bill
Gov. Henry McMaster signed a bill Tuesday meant to fix a state pension system that impacts one in nine South Carolinians.
Pension fights in Dallas, Houston raise fears of police, firefighter shortages
Amid efforts by the Legislature to address immediate pension crises in Houston and Dallas, some see an opportunity to push for a sea change in how cities fund pensions. Critics predict such a move could drive first responders away in droves
Fairfax County debates employee pension reform
(Virginia) The benefits currently offered through Fairfax County's employee pension plans are financially unsustainable, Springfield District Supervisor Pat Herrity says.
Opinion: California Teachers Retirement System Pushes Back on Pension Criticism
A column on public pension reform in California earlier this month made bold assertions and painted all defined-benefit pensions with an extremely broad and critical brush. The California State Teachers Retirement System wants to set the record straight about important components that make up the big picture of CalSTRS' public pension reality.