Recent Headlines continued
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Police and firefighters urge pension fund trustees to reject proposed reform deal
Police and firefighters urge pension fund trustees to reject proposed reform deal . . .
Fire contract negotiations heat up
Both the town of Longboat Key and its fire rescue union have agreed to look at wages and pension contribution modifications as part of a new three-year contract. . . .
New Jerseys Top Court Sides With Christie on Funding Pension System
New Jerseys highest court on Tuesday reversed a ruling requiring Gov. Chris Christie to make payments to the states beleaguered pension system, avoiding what his administration had said would have been a huge fiscal crisis just weeks before the state closes its books for the year. . . .
Rauner sticks to his pension approach despite questions about legality
Gov. Bruce Rauner is sticking to his plan to reduce retirement benefits for government workers, even after a recent Illinois Supreme Court ruling severely limited options for cutting state pension costs, administration officials said Wednesday. . . .
Think Hollywood's pensions are doomed? Not so fast, union actuaries say
Pension experts for the city's three unions have a message for City Hall: Don't believe the doomsayers predicting financial collapse for Hollywood's retirement plans. . . .
Survey Reveals Clear Trends in Municipal Pension Reform
(4/15)Tallahassee According to the results of a recent analysis, Floridas municipal pension plans have undergone significant changes since the beginning of the 2009 economic recovery, with a clear majority reporting cuts to worker benefits. . . .
Class-action settlements, public pension fund participation down in 2014 study (3/15)
Settlements in securities class-action lawsuits hit a 16-year low in 2014, said a report from Cornerstone Research, which also found public pension funds participating in fewer settlements. . . .
Public Pension Cuts Exempt Police and Firefighters (3/15)
In recent weeks, Gov. Bruce Rauner of Illinois has traveled the state promoting his proposal for more than $2 billion in cuts to pensions for public employees. All public employees, that is, except police officers and firefighters. . . .
Crisafulli Rules Out State Pension Changes In 2015
The House has abandoned plans to overhaul the state pension plan for public employees, at least for this year, House Speaker Steve Crisafulli said Monday. . . .
Calpers Gets Schooled: A judge says public pensions can be impaired as part of bankruptcy (Feb 2015)
Federal judges tend to be impatient with bullies. Behold judge Christopher Klein s opinion last week confirming the city of Stocktons bankruptcy exit plan, which is as incisive in its rebuke of the California Public Employees Retirement System (Calpers) as it is instructive about U.S. bankruptcy law. . . .
Public Pensions Need Gamblers Anonymous (Dec 2014)
State and local pension plans invest roughly twice as much in risky assets as would a prudent individual saving for retirement. Indeed, the Society of Actuaries, which represents the actuarial profession, recently pointed to public-pension investment practices that go against basic risk management principles. With $3.7 trillion on the line, risk-addicted pensions need an intervention. The question is who can do it. . . .
NCPERS Op Ed submitted to Wall Street Journal 12-10-2014: Response to Andrew Biggs' "Public Pensions Need Gamblers Anonymous"
There are so many flaws and misleading arguments in Andrew Biggs Public Pensions Need Gamblers Anonymous (December 3) that even a casual reader can see it is based on his American Enterprise Institutes ideological inclination to undermine public pensions rather than on responsible research. . . .
Hollywood employees mad at mayor for writing about city's pension woes (Dec 2014)
Pension woes can be ticking time bombs that can lead to reduced services and increased taxes unless cities come up with a way to pay for benefits promised long ago, industry experts say. The problem is nationwide, but Bober has put the spotlight on Hollywood. . . .
Corporate pension funding ends 2014 on sour note 3 reports (posted 1/6/15)
The funded status of U.S. corporate defined benefit plans fell about three percentage points in the fourth quarter of 2014, and roughly nine percentage points year-over-year, said reports from BNY Mellon, Mercer and Legal & General Investment Management America. . . .
City sues police retirement board reps who ignored court opinion on pensions(posted 1/5/15)
The city of North Miami Beach is suing three police representatives serving on the Police and Firefighters Retirement Board, along with the board, after they voted to ignore a court opinion that supported the citys right to enforce a pension reform ordinance. . . .
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