News Clips for May 9, 2017
Dodd-Frank Overhaul Could Cause Fiduciary Rule Mess
A major overhaul of the Dodd-Frank Act that would also repeal the DOL's fiduciary rule could cause a mess for the financial services industry if it is enacted after the rule's June 9 applicability date.
GOP Axes Blue State Retirement Plans
Healthcare isn't the only Obama-era social policy that Congressional Republicans started to roll back this week. The Senate took aim at a Labor Department rule green-lighting publicly-run retirement programs enacted by blue states like California, Oregon, and Illinois.
States plan to move forward with auto-IRA retirement plans
Courts may ultimately have to step in
State and Local Government Pensions at the Crossroads
Updating Accounting Standards Highlight the Challenges
Seeing a threat to Paris accord, CalPERS urges countries to commit to climate pact
The California Public Employees' Retirement System joined more than 150 other international investors in a letter Sunday urging the world's largest economies to remain committed to the 2015 climate change accord known as the Paris Agreement.
Judge upholds last year's election on sales tax for pensions
(Florida) Senior Court Judge Donald Moran Jr. ruled last week that he saw no grounds to overturn last year's referendum in which Duval County voters approved a half-cent sales tax to help pay the city's huge pension debt.
GOP tries convincing Snyder to end pensions for new teachers
(Michigan) Republican lawmakers' renewed push to do away with pensions for newly hired teachers will become a reality only if they can persuade a skeptical Gov. Rick Snyder, the accountant-turned-governor whose number crunching has left him hesitant about the upfront cost of transitioning to 401(k) plans for future school employees.
Nevada senator defends pension report transparency bill
A bill that would make confidential the names of retirees of the state public employees retirement system was heard Wednesday by an Assembly panel after narrowly winning a favorable vote in the Senate.
Christie vetoes bill to give police and firefighters control over pension
Gov. Chris Christie wants safeguards and concessions added to legislation giving police officers and firefighters control over how their pension funds are invested, among them a restriction against rolling back previous pension benefit reforms and the creation of a cap on unused sick-time payouts.
Public employee pension, health benefits phase-out debated
Employee groups and some senators from both parties raised questions Wednesday about a Republican-backed proposal to phase out traditional pensions and free or discounted health care coverage for North Carolina government retirees to rein in their unfunded costs.
TEXAS HOUSE PASSES HOUSTON CITY PENSION PLAN WITH AMENDMENT
The House of Representatives in Austin passed the city of Houston's pension reform bill with an amendment on Monday.
Doing Wall Street's bidding, congressional Republicans try to snuff state-run retirement plans
In a remarkable feat of special-interest favoritism, House and Senate Republicans have pushed legislation through Congress to protect Wall Street firms at the expense of their own constituents. The measure, which awaits President Trump's signature, would rescind an Obama administration ruling that supported state-run retirement savings plans for workers whose employers do not provide one.