News Clips for July 11, 2017
How teachers, firemen and college endowments ended up enriching America's hedge fund billionaires
Public pensions and college endowments are some of the biggest investors in hedge funds, investment vehicles that have made their managers some of the wealthiest people in the world.
401k Rollovers, Not Contributions, Dominate IRA Assets
Time to 'turn IRAs back into active savings vehicles'
ALEC's Covert War on Democracy
Ahead of national convention in Denver, a look at destruction wrought by group that pairs right-wing lawmakers with corporate interests
Moving toward a better retirement system for government and private-sector workers
California's plan to automatically enroll private-sector workers who don't have retirement plans into a state-run savings account, the Secure Choice plan, was signed by Gov. Jerry Brown last year
S&P: Kansas budget issues 'likely to persist' after tax hike
A major financial rating agency says a structural imbalance in Kansas' budget is "likely to persist" even after the state increased income taxes to help close projected shortfalls.
CPS makes good on chunk of massive teacher pension fund payment
Chicago Public Schools on Friday paid off about two-thirds of a massive bill owed to the city's teacher pension fund with help from more than $380 million the district borrowed last week at costly interest rates.
Iowa's public pension funds owe billions: Lawmakers plan to study fixes
Iowa's public employees' pension funds face billions of dollars in long-term unfunded liabilities and state lawmakers are planning to review whether they are still sustainable.
Will changes to Michigan's pension system hurt teacher recruitment?
As Republican lawmakers pushed legislation to steer new teachers away from pensions - and into 401(k)-plans - opponents argued the move was yet another blow to educators, giving young people one less reason to enter the profession.
New York City's Pension System
Pension plans are intended to be funded over the working lifetime of employees. The cost of a 25-year-old is expected to be paid in full not at career onset, but when benefits actually start at retirement.
Gov. Wolf stays positive as budget revenue deadline looms
(Pennsylvania) Gov. Tom Wolf struck an optimistic tone with reporters Friday despite a Monday deadline for the state to come up with plan to close a more than $2 billion spending shortfall and no indication lawmakers are close to a solution
Judge dismisses Houston Firefighters' lawsuit challenging pension reform
The Houston Firefighters' Relief and Retirement Fund's lawsuit challenging the constitutionality of a pension reform law was dismissed by a Harris County District Court judge.
Pension proposal offers reduced benefits for future hires
(West Virginia) Benefits for current police officers and firefighters, as well as retirees and beneficiaries, won't change if Parkersburg City Council elects to close the existing pension plans in an effort to get rising costs under control.
Sen. Baldwin to speak to pension group in Endeavor
(Wisconsin) U.S. Sen. Tammy Baldwin is expected to speak to Protect Pensions members today in Endeavor.
OregonSaves State-Managed Roth IRA Review
If your state government decided it was necessary to increase access to food by creating a food truck service, would it be a success if the product was fast food dollar menu quality at a markup of nine times the cost, with a fraction of the selection, and similar in price to the cost of a personal chef?