News Clips for August 1, 2017
Secure Choice 2.0: States blazing a path to retirement security for all
States Have Established Secure Role in Helping Private Sector Workers Save for Retirement
NCPERS Finds White Paper Marks Six Years Since NCPERS Introduced Secure Choice Pension Model
NCPERS Washington Update for 7-28-2017
Legal or Not, States Forge Ahead With 401(k)-for-Everyone Plans
Congress jeopardized the future of state plans to help private employees save for retirement. States don't seem to care.
Are millennial 'super savers' changing retirement?
Younger employees often get a bad rap for their money management and savings habits, but there is a small group of Gen Xers and millennials who are doing everything right.
Democratic senators hit Trump's retirement cuts for feds, while unions oppose his personnel chief pick
Opposition is growing to President Donald Trump's plan to pick the pockets of federal employees and to his pick for the government's personnel chief.
DC Plan Sponsors Express Desire to Move to State-Run Plans
Plan sponsors' fear of plan lawsuits is highly correlated to willingness to discontinue a DC plan in favor of a state solution, LIMRA finds.
Treasury Ends Obama-Era Retirement Savings Plan
An Obama-era program that created savings accounts to help more people put away money for retirement is being shut down by the Treasury Department, which deemed the program too expensive.
Connecticut lawmakers approve labor pact with pension concessions
Connecticut lawmakers narrowly approved a new labor contract with public employees on Monday that is expected to save the state at least $1.2 billion - largely through pension concessions - and could clear the way for lawmakers to agree on a past due budget
School funding bill sent to Rauner, but talks break down
At long last, a school funding reform bill was sent to Gov. Bruce Rauner Monday, a bill he promised to rewrite to remove provisions he feels are too generous to Chicago schools.
Official says Iowa's largest public pension fund is "sound"
The head of Iowa's largest public pension system says the trust fund that pays out retirement benefits is "sound," but at least one GOP lawmaker thinks changes might be needed.
New alarm sounded on pensions: Moody's downgrades Kentucky's credit rating
Moody's has downgraded the debt issued by Kentucky's state government by one level, to a Aa3 rating, warning bond investors that the state does not collect enough revenue to resolve its $37 billion public pension shortfall.
Maryland Pension System Further Reduces Return Assumption
State Treasurer Nancy K. Kopp says, "Recognizing that both the inflation experience and expectations for future inflation remain lower than the rate currently assumed, the Board felt it reasonable to reduce the expected return accordingly."
Early Retirement Bill heads to Gov. Christie's desk
A bill that would require the state to offer early retirement incentives to Atlantic City public safety employees before the state could impose layoffs now awaits Gov. Chris Christie's signature.
PERS board lowers assumed rate of return
The change is projected to increase the system's unfunded actuarial liability by $2 billion.
Letter: Kochs target Iowa pensions
I read with some alarm, the recent guest column by Matt Sinovic of Progress Iowa warning of the Iowa Republicans courting the Koch-funded Reason Foundation to review Iowa Public Employees' Retirement System (IPERS) with the intent of changing public pensions from a "defined benefit" pension plan to a "defined contribution" (401k) individual retirement plan. This comes after the last legislative session, in which we saw another Koch-funded group, Americans for Prosperity, spearhead the dismantling of collective bargaining rights in Iowa.
State must honor its pension obligations
The retirement security of public employees across Kentucky is under siege.