Ken Sarni

Ken Sarni

The new low-wage reality for older Americans
Source: Money Watch by Aimee Picchi

Thanks to economic instability and an eroding pension system, Americans are working longer than ever. But it turns out there’s a twist in how they’re working: New research shows workers older than 55 increasingly hold low-wage jobs.

The findings may add to the anxiety that haunts many workers about how — or if — they’ll have the financial resources to retire. In September, slightly more than 27 percent of full-time workers over 55 years old held low-wage jobs, compared with 19 percent of younger workers, according to Teresa Ghilarducci, professor of economics at The New School for Social Research.

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Pension Tension 11 1
Source: Business First AM with Angela Miles

Pension Tension? Ralph Martire of the Center for Tax & Budget Accountability on political interference in teacher pensions.

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New Developments in Social Investing by Public Pensions
Source: Center for Retirement Research at Boston College

The brief’s key findings are:

  • Public pension funds continue to engage in social investing, most recently divesting from Iran and fossil fuels.
  • However, social investing is often not effective, as other investors step in to buy divested stocks.
  • Social investing can also produce lower investment returns, conflict with the views of beneficiaries and taxpayers, and interfere with federal policy.
  • In short, public pension funds should not engage in social investing.

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Jacksonville FOP fires back against mayor’s office in pension flap
Source: Florida Politics

“Who knew what when?”

That’s the question posed by Jacksonville Fraternal Order of Police head Steve Zona in a two-paragraph open letter regarding the latest in Jacksonville’s police and fire pension fund drama.

On Tuesday, Jacksonville Mayor Lenny Curry expressed frustration over problems with calculations of a “waiver” from the Jacksonville PFPF that could result in an additional $45 million of pension obligations per annum.

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2017 IPPFA Illinois Pension Conference – Registration Now Open
Source: IPPFA

overview

Come join the IPPFA for its 2017 IPPFA Illinois Pension Conference, held May 2nd through May 5th, 2017 at the Eaglewood Resort & Spa in Itasca, IL (the subject matter of this conference meets or exceeds state mandated requirements for trustee education; CEU’s are issued through Northern Illinois University).

For over 30 years, the IPPFA has offered public pension trustees the best and latest in trustee training education, striving to offer the best available training. Please join us for sessions in ethics, investment procedures, fiduciary responsibilities, and legal and legislative updates, all presented by nationally renowned speakers.

Register NOW

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State of Illinois Budget Summary 2017
Source: Commission on Government Forecasting & Accountability

Public Act 92-0067 mandates that the Commission on Government Forecasting and Accountability (CGFA) prepare and publish a BUDGET SUMMARY REPORT detailing Illinois’ most recently enacted budget. The report is to be made available to all citizens of the State of Illinois who request a copy. The summary report is to include information pertaining to the major categories of appropriations, issues the General Assembly faced in allocating appropriations, comparisons of appropriations from previous State fiscal years and other information related to the current State of Illinois Budget.

The following report fulfills this mandate. The report begins with a discussion of the budgeting process. The budgetary process is then summarized chronologically. A highlighting of the bills that constitute the budget follows, along with other major legislation passed during the past spring legislative session. A review of the previous year’s budget is then provided. The FY 2017 budget is summarized including a listing of appropriations by agency. Various areas of the budget and State government operations, such as Elementary/Secondary Education, Medicaid, and State pensions, are looked at in detail. The report concludes with a Glossary of Terms and a Description of the various funds.

The Illinois Constitution requires the Governor to prepare and submit a state budget to the General Assembly that includes recommended spending levels for state agencies, estimated funds available from tax collections and other sources, and state debt and liabilities. The Office of Management and Budget (OMB), by statute a part of the Governor’s office, is responsible for estimating revenues and developing budget recommendations that reflect the Governor’s programmatic and spending priorities. The Commission on Government Forecasting and Accountability, by statute, is responsible for estimating revenues for the legislative branch of government.

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Unions fear state lawmakers will close public pensions
Source: Detroit Free Press

LANSING — Lawmakers may take action during the lame-duck session to force school workers and other public employees out of defined benefit pensions into 401(k)-style plans, though Republican leaders say no plans are finalized about what bills will move.

Action on bills already introduced to force new school employees into 401(k)’s is one possibility. But some public employee unions are worried the Republican-controlled Legislature could go further than that before year’s end, possibly closing some public pension systems at the state and local level, and curbing health care benefits for local government retirees.

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The Impacts of Funding Reforms and Investment Returns on Fund Solvency
Source: Illinois Public Policy Institute

Unfunded pension liabilities are one of the greatest fiscal concerns for Illinois’
state and local governments. This concern became more acute as unfunded pension
liabilities grew in the face of declining asset values following the recent
recession; however, there are many further factors. These factors include
employers’ funding levels, benefit changes, and misestimation of future demographics
and payroll.

The Illinois Public Policy Institute requested that Anderson Economic Group
estimate the impact of various factors on police and fire pension funding levels
in downstate Illinois. In this report, we look in particular at the past and projected
future performance of downstate police and fire pension funds in Illinois
under different employer funding requirements. We also benchmark the performance
of fund investments by comparing investment returns across a sample of
municipalities over the last 25 years to a benchmark index.

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2017 MidAmerican Pension Conference – Update
Source: IPPFA

Drury Inn St. Louis at Union Station

drury_inn
201 South 20th Street
St. Louis, MO 63103
P: 314-231-3900

 

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The Truth About John Arnold
Source: National Public Pension Coalition

The Truth About John Arnold is a project sponsored by the National Public Pension Coalition and Californians for Retirement Security. It is a roadmap that shows just how far one billionaire has gone to decimate retirement security for millions of public servants all over the country. Arnold spends through a number of channels, including his private foundation and political PAC, Action Now.

Today, Arnold is leveraging his fortune to bend public policy to his will.  According to his own disclosures, he has spent up to $50 million on a nationwide campaign to gut public pension benefits. He has financed every facet of anti-pension movement, including tainted research, political advocacy organizations, ballot initiatives, journalism, and the campaign coffers of anti-pension politicians.

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