Pension crisis has local impact

Link: http://www.keweenawreport.com/featured/pension-crisis-has-local-impact/

Excerpt:

Keweenaw Report reached out to City of Houghton manager Eric Waara to see if there was a similar arrangement for DPW staff there. He said everyone’s plan was converted to MERS over a decade ago. Waara says Houghton’s fund is well over 80 percent covered, which is considered excellent. That means current assets can cover nearly all expected future liabilities related to retirement.

Publication Date: 6 May 2021

Publication Site: Keweenaw Report

Opponents vow to intensify campaign against proposed Florida pension revamp

Link: https://www.thecentersquare.com/florida/opponents-vow-to-intensify-campaign-against-proposed-florida-pension-revamp/article_a37e3158-93d8-11eb-a8d7-7771f4ad8a68.html

Excerpt:

SB 84’s legislative analysis estimates the proposed change would save the state $8.3 million in the first year, increasing to $109.7 million annually after 30 years.

As of June 30, FRS held $164.3 billion in assets against $200.3 billion in liabilities, leaving $36 billion in unfunded liabilities, which means the FRS could cover 82 percent of its obligations if every member retired today.

Templin said an 80-percent threshold is the “gold standard” in pension viability and the FRS is “in very good shape.”

Which makes it attractive for manipulation, said AFSCME Florida Retiree Executive Board member Maxie Hicks.

Author(s): John Haughey

Publication Date: 2 April 2021

Publication Site: The Center Square

Report: Riverside County’s pension liabilities high, but gap gradually closing

Link: https://www.desertsun.com/story/news/politics/2021/02/09/report-riverside-countys-pension-liabilities-high-but-gap-gradually-closing/4457794001/

Excerpt:

According to the report, the county’s retirement apparatus is now 71% funded, compared to 70% in January 2020.

Although the unfunded pension gap increased from $3.5 billion to $3.6 billion in that time, the total market value of the county’s assets also grew, from $8.1 billion to $8.8 billion, according to PARC.

….

If investment growth remains positive, and the county’s financial condition does not suffer from additional financial shocks like the one stemming from coronavirus, PARC estimated that the 80% funded status could be attained by 2027.

Author(s): City News Service

Publication Date: 9 February 2021

Publication Site: Desert Sun