Lillie Ruby From: Sent: To: Lisa Dolen Thursday, November 20, 2014 7:27 AM Lillie Ruby; Kathi Bassett; Angelo & Kathryn Grande; Anne Flansburg ([email protected]); Anthony Colombo ([email protected]); Brian Sherman ; Carol Lord; Charles T. Peszynski; Doris Kirsch; Emily Castine; Gayla LePage; George W. Forbes ([email protected]); Gwynne Bodle; James Flanagan ([email protected]); [email protected]; [email protected]; Judie byndas ([email protected]); Kevin Mulligan; Leigh Powell ([email protected]); Mary Johnson; [email protected]; [email protected]; Nancy Roberts ; Patricia Dietrich; Robert Mooso; Rosalie Oliver; Salvatore Sedita; Timothy Quill; [email protected]; Vincent Smith; William Tenity ([email protected]); Gary Germain; Janice Mullins; Judy Klug; Mildred Rugur; Richard Bushnell; Robert & Linda Cross; Robert LaFontaine; Ronald Wilson ([email protected]); Tom Parsnick; William Lesniak FW: NASRA News Clips Subject: NASRA News Clips In the Media New Mexico legislative committee approves pension legislation "timeout" period Wayne Propst, the pension fund's executive director, said the PERA board believes a five-year "timeout period" would buy more time for the 2013 solvency legislation to get the retirement system on solid financial footing. "While we've had some good (investment) returns and the solvency legislation seems to be working as intended, it's just too early to start saying let's revisit the reforms," Propst said. Albuquerque Journal California controller posts public pension data online "In the months ahead, California and its local communities will continue to wrestle with how to responsibly manage the unfunded liabilities associated with providing retirement security to police, firefighters, teachers and other providers of public services," Chiang said. "Those debates and the actions that flow from them ought to be informed by reliable data that is free of political spin or ideological bias," said Chiang. November 19, 2014 Last call for PPCC Standards Award applications The application window for the Public Pension Coordinating Council's Standards Award program closes this Friday, November 21st. New this year are a) revisions to reflect new GASB standards; b) a relaxed standard for actuarial audits; and c) a $100 fee to defray the cost of administering the program. The application is accessible after paying the fee or creating an invoice via the link below. Access the application Studies & Reports Latest in a series: Milliman on GASB proportionate share allocation This PERiScope article discusses the allocation of financial reporting liabilities for cost sharing multipleemployer plans.   PERiScope GASB Implementation Resources @NASRA.org Public pension community response to Actuarial Standards Board proposal for 1 public-specific standards   LA Times Commentary on California pension liabilities Stockton and San Bernadino cases suggest that cutting ties with CalPERS would be difficult After months of legal sniping, San Bernardino and CalPERS announced in June they'd reached a tentative settlement. They were under a courtimposed gag order and couldn't release any details until now. In a filing Monday in U.S. Bankruptcy Court in Riverside, lawyers for the city said San Bernardino intends to "ratify in full the City's relationship with CalPERS." At a court hearing Tuesday, the city's lawyers suggested San Bernardino wasn't eager to pick a fight with the nation's largest public pension fund, despite its earlier jousting. "The 800-pound gorilla in the case is CalPERS," said Paul Glassman, an attorney for the city, according to a report by Bloomberg. Sixty-two public retirement system directors, administrators and trustees, and one state treasurer, signed a letter in response to the ASB's Request for Comments to an exposure draft regarding actuarial standards that would be specific to public pension plans. Read the responses S&P on OPEB: Diverging trends underlie overall stability Our current survey highlights a few states that have had large absolute declines in their actuarial OPEB liability as reported in the last year after making changes to plan design or committing themselves to pre-fund their OPEB with corresponding changes in actuarial assumptions. Funding ratios have also improved slightly for most states that have established OPEB trusts, and changes to certain states' OPEB plan design or eligibility requirements have also led to declines.   Sacramento Bee More state capitol reporters come from groups with an ax to grind The Franklin Center for Government and Public Integrity is deploying reporters to cover state and local governments around the country. Its ultimate ambition is to have bureaus in every state. But they aren't news bureaus in the way many traditional journalists understand them. They are being paid to cover government from an unabashedly ideological perspective.The Franklin Center has been one of the top recipients of money from groups tied to the conservative billionaire Koch brothers. It grew from zero outlets to 30 in its first year in 2009. By its second year, it claimed outposts in 41 states. Governing Jacksonville, FL retirement official in line to receive $300k+ pension Angered by a progression of revelations about taxpayer burdens for lucrative benefits and special arrangements for pension fund leaders, and frustrated by what they say is an inattentive and unresponsive pension fund board, some City Council members have threatened a forensic audit of the pension fund, which would look for evidence of Read the report OPEB @NASRA.org Federal Focus PBGC annual report shows mixed results, with some multi-employer plans facing insolvency The deficit in the single-employer program narrowed to about $19.3 billion, down from $27.4 billion in 2013. ... PBGC's multiemployer insurance program's deficit rose to $42.4 billion, compared with $8.3 billion last year. The program's increased deficit is largely due to the fact that several additional large multiemployer plans are expected to become insolvent within the next decade. Press release and report RAND study recommends Defense Department switch to a hybrid plan The current military retirement system has existed in its basic form for nearly 70 years. The system is a defined benefit plan, where the amount of the benefit is defined by a formula based on basic pay, years of service and a multiplier. Service members are vested at 20 years of service, and in the case of active duty service members, receive an immediate annuity once they leave the military. Study groups and commissions have criticized the current system as being inequitable, 2 inefficient and inflexible. Only 34 percent of officers and 14 percent of the enlisted force serve long enough to receive benefits. criminal activity. Florida Times-Union Perspectives NCTR responds to recent Moody's report Press release and study IRS retirement plan phone forums and webinars Free phone forums and webinars featuring IRS The report does a shameful disservice to state and local government pension plans and their successful employees discussing retirement plan topics. record of providing modest, affordable and sustainable retirement benefits to America's teachers, Info police, firefighters, school bus drivers and all the Job Postings others in the public sector who help maintain a civil society that is the envy of the world. By issuing this  Chief Investment Officer - Houston report, Moody's has added to the misinformation Firefighters' Relief and Retirement Fund regarding the retirement programs covering public  Retirement Director - Spokane sector workers and increased public confusion regarding the efficiency and effectiveness of one of Employees' Retirement System the few models for providing real retirement security  Vice President/Consultant - Wilshire in our nation today. Associates  Read the letter Five takeaways on retirement from the midterm elections Executive Director - Chicago Teachers' Pension Fund For details on open positions, visit Careers @ NASRA.org Social Security does need reform. Its retirement trust fund will be exhausted in 2034, when revenue from payroll taxes would cover just 77 percent of benefits. Meanwhile, the disability program will be able to pay full benefits only through 2016. If Congress doesn't act, 9 million disabled people will see their benefits cut by 20 percent. Republicans have advocated higher retirement ages, less generous cost-of-living increases and means-testing of benefits. Some Democrats have fought for expansion of benefits and revenue for the program but haven't been backed by President Obama or congressional party leaders. Mark Miller at Reuters National Association of State Retirement Administrators www.nasra.org 202.624.1418 3