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99 Matching News Items

1.  State Retirement Administrators Respond to Call for Use of Corporate Pension Accounting Assumptions (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Feb. 20, 2007
"Recent news stories and opinion pieces have stated or implied that public pensions should be using a corporate pension accounting standard to measure actuarial funding levels. This line of thinking suggests that public pensions should use a risk-free investment return assumption rather than the investment return assumption used by most plans of between 7.5 percent and 8.5 percent. To acquaint readers with this argument and the responses, NASRA has compiled below ..."
2.  Report by State Retirement Administrators Addresses Calculation of Assumed Investment Returns (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
June 25, 2012
"As with other actuarial assumptions, projecting public pension fund investment returns requires a focus on the long-term. This brief discusses how investment return assumptions are established and evaluated and compares these assumptions with public funds' actual investment experience."
3.  Testimony: Examining the Retirement Security of State and Local Government Employees (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Sept. 1, 2006
Testimony before U.S. House Committee on Education and the WorkforceSubcommittee on Employer-Employee Relations Field hearing on Wednesday, August 30, 2006, by Keith Brainard, Research Director, National Association of State Retirement Administrators (NASRA) submitted on behalf of NASRA and the National Council on Teacher Retirement
4.  The Annual Required Contribution Experience of State Retirement Plans, FY 2001 to FY 2013 (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Mar. 11, 2015
"This study evaluates the [annual required contribution (ARC)] that was received by 112 state public pension plans, including the District of Columbia, from fiscal years 2001 to 2013. This study finds that although variation exists in ARC effort among states and other pension plan sponsors, i.e., cities, school districts, etc., most governments made good-faith efforts to fund their pension plans, and only a few severely neglected their pension funding responsibilities."
5.  NASRA/NCTR Letter of July 14, 2006, to Senators Grassley and Baucus Regarding Their GAO inquiry (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
July 19, 2006
9 pages. Excerpt: [T]he National Association of State Retirement Administrators (NASRA) and the National Council on Teacher Retirement (NCTR) [wrote] in reference to [the Senators'] letter dated July 10, 2006, to the Government Accountability Office (GAO) requesting a study of the funding status of public pension plans.
6.  NASRA Issue Brief: State Hybrid Retirement Plans (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Dec. 12, 2017
Nov. 2016.  "[A] growing number of states have established [hybrid plans] on either an optional or mandatory basis.... [M]ost contain the core features known to promote retirement security: mandatory participation, shared financing between employers and employees, pooled assets invested by professionals, targeted income replacement with survivor and disability protection, and a benefit that cannot be outlived." [Updated Dec. 2017]
7.  NASRA Issue Brief: State Hybrid Retirement Plans (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Nov. 15, 2016
"[T]his brief examines two types [of hybrid plans] in use in the public sector. The first is a cash balance plan, which marries elements of traditional pensions with individual accounts into a single plan ... The second type combines a traditional DB plan, usually with a lower level of benefit accrual, with an individual [DC] retirement savings account ... Despite variability among these plans, most contain the core features known to promote retirement security: mandatory participation, shared financing between employers and employees, pooled assets invested by professionals, targeted income replacement with survivor and disability protection, and a benefit that cannot be outlived." [Updated Nov. 2016]
8.  NASRA Issue Brief: State Hybrid Retirement Plans (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Sept. 2, 2015
"Although a hybrid retirement plan may take one of many forms, this brief examines two broad types in use in the public sector. The first is a cash balance plan, which marries elements of traditional pensions with individual accounts into a single plan ... The second type combines a traditional DB plan, usually with a lower level of benefit accrual, with an individual [DC] retirement savings account.... Despite variability among these plans, most contain the core features known to promote retirement security: mandatory participation, shared financing between employers and employees, pooled assets invested by professionals, targeted income replacement with survivor and disability protection, and a benefit that cannot be outlived." [Updated Sept. 2015]
9.  An Overview of State Hybrid Retirement Plans (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Sept. 5, 2023
15 pages; rev. Sep. 2023. "Most states have chosen to retain their defined benefit (DB) plan by modifying required employer and employee contributions, restructuring benefits, or both. Some states, however, have looked to hybrid plans as a retirement benefit policy solution or as a political compromise."
10.  Significant Reforms to State Retirement Systems (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Dec. 31, 2018
98 pages. "Since 2009, nearly every state passed meaningful reform to one, or more, of its pension plans. Although the global market crash and recession affected all plans, differing plan designs, budgets, and legal frameworks across the country defied a single solution; instead, each state met its challenges with tailored changes specific to its unique circumstances."
11.  Hybrid and Defined Contribution Plans as the Primary or Optional State Retirement Benefit (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Jan. 2, 2013
"[This article] identifies states that provide a defined contribution plan to broad employee groups (public school teachers, public safety officers, correctional officers, or general employees), or a hybrid retirement plan (that has elements beyond mandatory employee contributions to a traditional pension plan) to these employee groups.... Although exact statistics are unavailable, most public employees participating in a DB plan also have access to a supplemental, voluntary DC plan." [Oct. 2011]
12.  Hybrid and Defined Contribution Plans as the Primary or Optional State Retirement Benefit (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Feb. 15, 2011
The listing [in this document] identifies states that provide a defined contribution plan to broad employee groups (public school teachers, public safety officers, correctional officers, or general employees), or a hybrid retirement plan to these employee groups. [Feb. 2011]
13.  Joint Statement for Hearing on Retirement Security of State & Local Government Employees (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Sept. 1, 2006
4 pages. Excerpt: On behalf of the twenty-six national organizations listed [on the testimony] -- representing state and local governments and officials, public employee unions, public retirement systems, and more than 20 million state and local government employees, retirees, and their beneficiaries -- [the comments were submitted] for the public record.
14.  An Overview of State Hybrid Retirement Plans (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
July 19, 2022
13 pages; rev. Jul. 2022. "Hybrid plans have been in place in public sector retirement systems for decades, and they have received increased attention in recent years ... While most states have chosen to retain their defined benefit (DB) plan by modifying required employer and employee contributions, restructuring benefits, or both, some states have looked to hybrid plans as retirement benefit policy solutions."
15.  Text of Letter from NASRA to Moody's About Recent Report: 'U.S. State and Local Government Pensions Lose Ground Despite Meeting Return Targets' (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Oct. 9, 2014
"With Moody's latest report, concerns regarding the potential mischaracterization and misuse of these manipulated pension numbers have been more than realized. Moody's fails to clarify that these are adjusted numbers, and makes little effort to explain that declining interest rates are the primary cause of the drastic change in liabilities. Yet the report implies, wrongly, that such changes will affect funding."
16.  State Plan Administrators Take Issue with Paper Projecting Pension Insolvency Dates
National Association of State Retirement Administrators [NASRA] Link to more items from this source
June 3, 2010
"In his paper 'Are State Public Pensions Sustainable?,' Northwestern University Assistant Professor Joshua D. Rauh concludes that 'many state systems will run out of money in 10-20 years if some attempt is not made to improve the funding of liabilities that have already accrued.' ... We disagree with his analysis for the following reasons[.]"
17.  State and Local Government Spending on Public Employee Retirement Systems (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Feb. 13, 2024
"State and local governments contributed, in aggregate, approximately $221 billion to pension funds in FY 22, which represents an increase of nearly 20 percent from the prior year ... [S]pending on pensions by states and political subdivisions varies widely among states, from under 2.0 percent to more than 10.0 percent."
18.  Letter to Actuarial Standards Board from National Public Employee Pension Associations Regarding Actuarial Standards of Practice (ASOPs) (PDF)
National Association of State Retirement Administrators [NASRA]; National Conference on Public Employee Retirement Systems [NCPERS]; and National Council on Teacher Retirement Link to more items from this source
June 14, 2015
"The high profile cases of public plans facing significant financial hardships [1] are not representative of the common condition and [2] did not arrive at their current condition due to shortcomings in ASOPs. Those problems can almost totally be ascribed to plan sponsor contributions at something significantly less than the [actuarially determined contribution] over protracted periods."
19.  Comments by NASRA, NCPERS and NCTR on ASB Actuarial Standards of Practice No. 4 Exposure Draft (PDF)
National Association of State Retirement Administrators [NASRA], National Conference on Public Employee Retirement Systems [NCPERS], and National Council on Teacher Retirement [NCTR] Link to more items from this source
July 27, 2018
"[1] ASOP 51 already provides a robust framework for the assessment of risk, and the Investment Risk Defeasement Measure (IRDM) is a poor measure of risk ... [2] The intended purpose and application of an IRDM is unclear, particularly for risk-sharing plans ... [3] Requiring pension plans to pay for the calculation of a value that, in many cases, is of marginal utility, is unreasonable and may violate public pension fiduciary duties.... [4] The Investment Risk Defeasement Measure conflicts with the actuarial standard that standards should not be prescriptive ... [5] Requiring calculation of an IRDM may be a result of the ASB not following its traditional processes for proposing ASOP modifications."
20.  Key Characteristics of Public Employee Pension Funds, Revised October 2009 (PDF)
National Association of State Retirement Administrators [NASRA] Link to more items from this source
Nov. 2, 2009
22 pages. Excerpt: The Public Fund Survey is an online compendium of key characteristics of the nation's largest public retirement systems and is sponsored by the National Association of State Retirement Administrators and the National Council on Teacher Retirement for the purpose of increasing knowledge and understanding of the public pension community.... This year's Summary is the first following the sharp drop in global investment markets that occurred in 2008.... The fall in asset values has caused aggregate funding levels to move downward from 86.7 percent in FY 07 to 85.3 percent in FY 08.
   Next »

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