Public Safety Personnel Retirement System (PSPRS): The Task Force s Perspective
|
|
- Tamsyn Blair
- 5 years ago
- Views:
Transcription
1 Public Safety Personnel Retirement System (PSPRS): The Task Force s Perspective Scott McCarty, Chair League of Arizona Cities and Towns Pension Reform Task Force Finance Director, Town of Queen Creek scott.mccarty@queencreek.org GFOAz Summer Conference August 2, 2017
2 Initial Thoughts You Are Managing a Pension Plan Critical Financial Issue Facing AZ Taxpayers Tiers 1 and 2 Unfunded Liabilities Are Impacting the Ability to Provide Services Recent Reform is a Step in the Right Direction But Work Still Remains 2
3 Taxpayer Perspective A Taxpayer Pays for PSPRS Numerous Times 1. Police / Sheriff (via Local Taxes) 2. Fire / Fire District (via Local Taxes) 3. County Jail (via County Taxes) 4. State Agencies (i.e. DPS via the Gas Tax, Income Taxes, Sales Taxes) 3
4 Today s Presentation 1. How Did We Get Here? 2. Where Are We Now? 3. Where Are We Headed? 4. What Can You Do? 4
5 How Did We Get Here? 5
6 System Overview 6
7 System Overview Statewide Defined Benefit for All Public Safety Employees Created in Cities and Towns 2. State Agencies 3. Counties 4. Fire Districts 5. Tribal Governments 7
8 System Overview (continued) 230 Individual, Active Plans ~34K Members ~19K Actives ~15K Retirees/Others Three Tiers of Benefits Based on Hire Date Average EE Salary: $77K Average Retiree Pension: $52K Average DROP: $65K 8
9 System Overview (continued) Annual ER Contributions: $812M ~75% From Cities and Towns ~25% From State Agencies (i.e. DPS), Counties, and Fire Districts $7.7 B Unfunded Liability is DEBT Estimated Liabilities $14.2 B - Assets - $6.5 B = Unfunded Liability = $7.7 B 9
10 System s Unfunded Liability (in billions) $9.0 $8.0 $7.0 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $1.5 Steady Increase Since 2006 Largest: City of Phoenix Police at $1.7B $7.7 $0.0 6/30/06 6/30/07 6/30/08 6/30/09 6/30/10 6/30/11 6/30/12 6/30/13 6/30/14 6/30/15 6/30/16 10
11 System s Funded Status: 46% Assets Estimated Liability $6.5 B = = $14.2 B 46% Funded Status For Every $1 of Estimated Future Expenses, the System has $0.46 on Hand 11
12 90% 80% 70% 60% 77% System s Funded Status Steady Decline Since % 40% 30% 20% 10% Lowest: Bisbee Fire at 5.5% Funded Assets: $583K Liabilities: $10.7M 46% 0% 6/30/06 6/30/07 6/30/08 6/30/09 6/30/10 6/30/11 6/30/12 6/30/13 6/30/14 6/30/15 6/30/16 12
13 System Overview (concluded) INCREASING Unfunded Liabilities 92% of Plans (211) are Less than Fully Funded INCREASING Employer Contributions 76% of Plans (174) Have ER Contributions Rates 20% or Higher 37% of Plans (84) Have ER Contribution Rates 40% or Higher Highest: City of South Tucson at 161% 13
14 League s Task Force Analysis 14
15 How Did We Get Here? 1. Permanent Benefit Increases (PBI) 2. Inadequate Governance 3. Investment Returns Below Actuarial Assumptions 15
16 1.Permanent Benefit Increase (PBI) Approved by the Legislative in mid-1980s Objective: Equalize Pensions for Rural and Urban Retirees Rural Retirees Typically Had Lower Salaries, Therefore Lower Pensions SAME DOLLAR Increase for Every Retiree Up to 4% Annually of the System s AVERAGE Pension Paid 28 Straight Years Until FY
17 1. PBI (continued) The Actual PBI Percent Increase Varied by Plan Because It Was Based on the Average Pension Average Annual Pension $5,000 X 4% PBI Increase $200 Bisbee PD Retiree Pension $3,000 PBI $200 PBI Increase for Bisbee PD 6.7% 17
18 1. PBI (continued) Rural Plan Pensions Increased at a Faster Rate than Urban Plan Pensions Because of the Same Dollar Amount Annual Increases Year Bisbee PD Phoenix PD 2000 $17,035 $32, $40,509 $59,413 $ Increase $23,474 $26,570 % Increase 138% 81% 18
19 1. (PBI) (concluded) 50% of Investment Returns in Excess of 9% Into a Separate PBI Pot A Dividend Only HALF of the Peaks Available to Fill In ALL of the Valleys Paid Regardless of Funded Status Dollars Were Not Used to Increase Plan Assets and Reduce Unfunded Liability 19
20 2. Inadequate Governance Three Responsible Parties Did Not Perform As Expected 1. State Legislature 2. PSPRS Board and Administration 3. Employers and Local Boards 20
21 2.Inadequate Governance (continued) State Legislature Lack of Oversight Few Reporting and Performance Measure Requirements Approved Benefit Increases Without Funding Requirements PBI, DROP Approved Ineffective Reforms that Have Been Legally Challenged Fields and Hall Cases 21
22 1. Fields Case Court Cases Reinstated PBI for Retirees Back to 6/1/11 Reflected in FY Actuary Valuations 2. Hall Case Reinstated Employee Contributions Back to 7.65% (from 11.65%) Reinstated PBI for Active Members 22
23 Inadequate Governance (continued) PSPRS Board and Administration Fiduciary Responsibilities Set Contribution Rates Below Normal Cost in Late 1980s / Early 1990s Pension Funding Policy Focused on System Aggregate, Not Individual Plans It s Your Plan Approach Disability Retirements Ineffective Reform Measures 23
24 Inadequate Governance (continued) PSPRS Board and Administration (continued) Unattained Actuarial Assumptions Resulting In Understated Normal Cost Understated Unfunded Liability Contribution Increases 24
25 Employer Contribution Rates 60% 51.84% 50% 40% PSPRS (Average) 30% 20% 10% 16.52% 9.10% ASRS 11.34% 0% FY FY FY FY FY FY FY FY FY FY FY
26 Employer Normal Cost Contribution Rates 18% 16% 14% 12% 10% 10.08% 8% 6% 4% PSPRS (Average) 16.16% 6.71% 6.65% ASRS 2% 0% FY FY FY FY FY FY FY FY FY FY FY
27 Employer Unfunded Liability Contribution Rates 40% 35% 35.68% 30% 25% 20% PSPRS (Average) 15% 10% 5% 6.44% 2.39% ASRS 4.69% 0% FY FY FY FY FY FY FY FY FY FY FY
28 Inadequate Governance (continued) PSPRS Board and Administration (continued) Key Actuary Assumptions 1. PBI Excluded from Assumptions Until FY Valuation Report Exclusion Raised in a 2007 Audit 28
29 Inadequate Governance (continued) PSPRS Board and Administration (continued) Key Actuary Assumptions (continued) 2. Interest Rates Board Decisions to Not Reduce Interest Rate Assumptions Have Been Strongly Influenced by the Fact Employer Contributions Would Increase 29
30 Inadequate Governance (concluded) PSPRS Board and Administration (concluded) Key Actuary Assumptions (concluded) 3. Mortality Tables People are Living Longer 4. Employee Growth 2000: 2.7 Actives to 1 Pension 2016: 1.6 Actives to 1 Pension 30
31 Inadequate Governance (continued) Employers and Local Boards Lack of Understanding of Our Role and Responsibility In Managing a Pension Plan Paid the Amount We Were Told Assumed Like ASRS Did Not Know Our Numbers 31
32 Inadequate Governance (concluded) Employers and Local Boards (concluded) Local Board Practices Vary Impact of Disability Retirements No Adopted Pension Funding Policy What s the Plan? 32
33 3.Investment Returns Statutory Restrictions Limited Diversification (Only Domestic, Publically Traded Securities and Real Estate) 2002 Dot Com Crash 1987 Investment Strategies in Place at that Time Heavily Invested in AZ Real Estate $1.7B Loss to Trust (20% of Total Assets) Great Recession 33
34 Task Force Conclusions 1. Unsustainable System 2. Reform is Necessary 3. Successful Reform is a Shared Responsibility of Members, Elected Officials, Employers, and Taxpayers 4. Unfunded Liability is DEBT 5. Know Your Numbers 34
35 Know Your Numbers 35
36 Department of Public Safety (DPS) 6/30/15 6/30/16 Estimated Liabilities $1.02B $1.1B - Assets $356M $356M = Unfunded Liability $672M $735M Funded Percent 35% 33% 36
37 Department of Public Safety (DPS) Steady Decline of Funded Status 80% 70% 66% 60% 50% 40% 30% 33% 20% 10% 0% 6/30/07 6/30/08 6/30/09 6/30/10 6/30/11 6/30/12 6/30/13 6/30/14 6/30/15 6/30/16 37
38 Department of Public Safety (DPS) FY Contribution Rate FY Amount % Normal Cost 17% $13M 19% Unfunded Liability 70% $52M 81% Total 87% $65M 100% 38
39 100% 90% Contribution Rates: DPS vs Average 4x 86.97% 80% 70% 60% 50% 40% 30% 20% 10% 22.51% 16.52% DPS PSPRS (Average) 3x 51.84% 0% FY FY FY FY FY FY FY FY FY FY FY
40 Normal Cost Contribution Rates: DPS vs Average 18% 16% 14% 12% 10% 8% 10.87% 10.08% DPS PSPRS (Average) 16.90% 16.16% 6% 4% 2% 0% FY FY FY FY FY FY FY FY FY FY FY
41 80% 70% Unfunded Liability Contribution Rates: DPS vs. Average 70.07% 60% 50% 40% 30% DPS 35.68% 20% 10% 0% 11.64% 6.44% PSPRS (Average) FY FY FY FY FY FY FY FY FY FY FY
42 DPS: Contributing Factor #1 1. The Number of Active Employees Has Not Change Since FY DPS System FY ,031 14,886 FY ,030 18,706 # Change -1 +3,820 % Change 0% + 26% 42
43 DPS: Contributing Factor #2 2. Retirees Outnumber Employees DPS: For Every One EE, There are 1.4 Retirees System: For Every One EE, There is 0.7 Retiree DPS System Employees 1,030 18,706 Retirees 1,404 13,228 43
44 Where Are We Now? 44
45 Reform Overview Collaborative Effort of Stakeholders Includes Many Elements of the YARDSTICK Tiers 1 & 2 Are Less Expensive for Employers Tier 3 is More Affordable for Employers But Still Work to Do 45
46 Tiers 1 and 2 Tier 1: Hired Prior to 1/1/12 Tier 2: Hired Between 1/1/12 6/30/17 Closed to New Entrants Closing DID NOT Increase Costs Assets Should Equal Liabilities at Any Time Not Like Social Security Unfunded Liability Remains with Employer 46
47 Tiers 1 and 2 (continued) New COLA (not PBI) Proposition 124 PBI Eliminated Estimated Savings: $1.5B over 20 Years Phoenix-Mesa CPI Based COLA with 2% Cap COLA Increase to Individual Retiree s Actual Pension (Not the Same Amount for All Retirees Like the Old PBI) 47
48 Tiers 1 and 2 (concluded) Defined Contribution Plan Added to Tier 2 Applies Only If ER Not in Social Security 3% Employer and Employee Contribution 3% Employer Represents Increased Costs Why Added? Enhance Tier 2 - Not Well Thought Out Creates Third Leg of Retirement Stool 48
49 The Yardstick: At A Glance Yardstick Element Included in Tier 3? 1.Defined Benefit Plan 2.Free from Legal Challenge 3.New Statewide System 4.Plan Elements Full Pooling Equal Cost Sharing Pension Increases YES YES YES PARTIAL-Not Full Pooling YES YES In Lieu of Social Security Program YES 5.Goverance Structure Board of Trustees Disability Board PARTIAL-Not Independent Board Members TBD 49
50 Tier 3: Plan Design Employees Hired after July 1, 2017 Three Types Within Tier 3 1. Defined Benefit Only 2. Defined Benefit Hybrid 3. Defined Contribution Only 20% Normal Cost Split 50 / 50 Lower Employer Costs Lower Normal Cost Eliminated / Lower Unfunded Liability 50
51 Why Does Tier 3 Cost Less? 1. Increased Retirement Eligibility 55 Years Old / 25 Years of Service 2. Costs Shared 50 / 50 With Employees Tier 3 10% vs. Tiers 1&2 ER 16% 51
52 Why Does Tier 3 Cost Less? (continued) 3. COLA and Waiting Period Phoenix-Mesa CPI Based COLA Up to 2% Based on Funded Status Waiting Period: 7 Years After Retirement or Age 60 Funded Status COLA Less Than 70% None 70% to 80% 1.0% 80% to 90% 1.5% Greater Than 90% 2.0% 52
53 Why Does Tier 3 Cost Less? (continued) 4. Salary Cap $110K Maximum Salary Base for Contribution Calculation Increased Over Time Based on Inflation Beginning in
54 Tier 3 Phoenix PD Example: Less Cost Current System Tier 3 Normal Cost 18% 10% Unfunded Liability 50% 0% Total 68% 10% ER Cost (on $50K Salary) $34K $5K Savings per New Hire $29K 54
55 Tier 3: Risk Pooling (Partial) Separate Employer Plan if Greater Than 250 Members (17 Plans) Separate Contribution Rate Separate Funded Status All Other Employers Grouped Together in One Plan (213 Plans) One Contribution Rate One Funded Status League Advocated for Full Pooling 55
56 Tier 3: Retiree Pool Regular and Disability Retirees from All Plans In One Pool Actuarial Present Value Transferred to Pool at Time of Retirement or Disability 100% Funding Requirement from Investment Earnings ( PBI Like ) Dead Pool - Concerned How This Will Operate? 56
57 Tier 3: Hybrid (DB + DC) If ER Not In Social Security Defined Benefit Plus 3% Defined Contribution Program EE and ER Match Created to Take Pressure Off Defined Benefit Plan (i.e. DROP) All Tier 3 Members Have 3-Legged Retirement Stool 57
58 Tier 3: Defined Contribution Only In Lieu of Defined Benefit Plan 9% EE and ER Contribution 10-Year Vesting Expected Participant: Retired Chief from Another State Who Already Has a Defined Benefit Retirement 58
59 Governance: Board Eligibility and Experience Requirements Increased Increased from 7 to 9 Members Law Enforcement: 2 Members Firefighters: 2 Members Cities / Towns: 3 Members Counties: 1 Member Governor Appointment: 1 Member 59
60 Governance: Advisory Committee Liaison Between Board, Members, and Employers Study Specific Issues In-Depth 10 Members Law Enforcement / Fire: 5 Members Employers: 5 Members One Member from Cities/Towns, Counties, State Agencies, Fire Districts, and Tribal Governments 60
61 Key 2017 Legislative Change One-Time Ability to Re-Amortize An Individual Plan s Unfunded Liability to 30 Years (19 Years Remaining at 6/30/17) 18 Plans Have Extended to 30 Years Comparability of Individual Plans Not Possible if Amortization Period Differs 61
62 Where Are We Headed? 62
63 FY Actuarial Valuations Contribution Rates and Unfunded Liabilities Will Mostly Likely Increase Why? 1. $551M of Unrecognized Investment Losses Exist and Remain to be Smoothed 7-Year Smoothing Period Hopefully Will Be Offset by FY Investment Returns 63
64 FY Actuarial Valuations (concluded) 2. Board Adopted New Mortality Tables People Are Living Longer so the Number of Years a Pension Is Paid Will Increase Estimated Impact 3 Percentage Point Increase to Normal Cost 2 Percentage Point Increase to Unfunded Liability 64
65 Active Groups Still Work To Do House Legislative Ad Hoc Committee Mayors Summit Meetings League s Task Force 65
66 Still Work to Do 1. Evaluate Interest Rate Assumptions One Investment Strategy so Why Two Different Assumptions? Tiers 1 & 2: 7.4% Assumption Actuaries Recommended a Reduction to 7.3% for FY (Board Did Not Approve) Tier 3: 7% Assumption 66
67 Still Work to Do (continued) 2. Liability Valuation Setting the Discount Rate Highly Debated Issue Options: Assumed Interest Rate, Risk-Free Interest Rate, Bond Rate Should It Match the Assumed Interest Rate? Discount Rate Relates to Liabilities, Not Its Assets 67
68 Still Work to Do (continued) 3. Tier 3 Contribution Rate Not 50 / 50 Cost Sharing Because Includes Tiers 1 and 2 Unfunded Liability Higher Contribution Rates in Tiers 1 & 2 If Unfunded Liability Was Not Spread to Tier 3 (Total Payroll) Example on Next Slide Consider Fixed Amortization of Tiers 1 &2 Liability, Not Percent of Pay Impact of New Mortality Tables 68
69 Tier 3 Example: DPS The Unfunded Liability Is Spread Across an Employer s Entire Payroll (All Tiers) Tiers 1&2 Tier 3 Normal Cost 17% 10% Unfunded Liability 70% 70% Total 87% 80% 69
70 Still Work to Do (continued) 4. Evaluate Pooling Structure Unique Structure Pooled Plan 20% Deviation Provision Exists for Single Employer Separate Plans (See Next Slide) 70
71 Tier 3 Separate Plans 1. Chandler Fire 2. Chandler Police 3. DPS 4. Glendale Fire 5. Glendale Police 6. Maricopa County Sheriff 7. Mesa Fire 8. Mesa Police 9. Phoenix Fire 10. Phoenix Police 11. Pima County Sheriff 12. Scottsdale Fire 13. Scottsdale Police 14. Tempe Fire 15. Tempe Police 16. Tucson Fire 17. Tucson Police 71
72 Still Work to Do (continued) 5. Evaluate Retiree Only Pool Dead Pool 100% Funding Requirement PBI Like Transfer of 100% Estimated Present Value Required For Retiree and Disability Investment Strategy 72
73 Still Work to Do (continued) 6. Evaluate Employee Transfer Calculation for Tiers 1 and 2 7. Options to Finance Unfunded Liability Lease / Lease-Back Asset Transfer State Loan Program 73
74 Still Work to Do (continued) 8. Governance Local Board Structure League s New Position PSPRS s New Position Advisory Committee Stakeholder Reports Legislature, Employers, and Members Annual Meeting Performance Measures 74
75 What Can You Do? 75
76 What Can You Do? 1. Prepay Your Annual Contribution on July 1 st to Earn Extra Interest Income # of Plans Amount Extra Interest Earned FY $363M $480K* FY $421M $11.6M** *0.6% Investment Return ** ~12% Investment Return as of May 31,
77 What Can You Do? (concluded) 2. Pay Down Your Unfunded Liability Faster Estimated Savings from Additional Payments Presented in Actuarial Report Re-Direct Tier 3 Savings to Your Tiers 1 and 2 Unfunded Liability Do Not Take the Credit for the 2% Fire Insurance Premium Tax Against Your Annual Payment 77
78 What Can You Do? (continued) 3. Know Your Numbers Actively Manage Your Plan What Percent of Operating Budget Goes to PSPRS? Smoothed vs. Market Value Valuation Cash Flow Analysis Your Performance Compared to Actuary Assumptions Pension Amount, Number of Disabilities, Wage Growth, Staffing Growth, etc. 78
79 What Can You Do? (continued) 4. Adopt A Pension Funding Policy to Address Your Unfunded Liability It s DEBT It s Not IF the Unfunded Liability Will be Paid Off, It s WHEN and HOW Reform DID NOT Reduce Your Plan 1 and 2 Unfunded Liability Avoids Transferring Costs to Future Taxpayers 80% to 120% Funding Goal Based on Economic Cycle 79
80 What Can You Do? (continued) 5. Facilitate the Public Policy Discussion Adopt a Pension Funding Policy Have Your Council Accept the Annual Valuation Report Annual Joint Meeting With Council and Local Board(s) 80
81 Employer Actions: City of Globe Background Unfunded Liability (Police and Fire):$12M Funded Status: Fire 39%, Police 37% ER Contribution Rate: Fire 61%, Police 63% Action Council Approved 0.3% Dedicated PSPRS Sales Tax Increase (to 2.3% Local Rate) Sunsets When Paid Off $1M One-Time Payment from Savings 81
82 Employer Actions: Coconino County Background Unfunded Liability: $30M Funded Status: 25% ER Contribution Rate: 62% Action $10M One-Time Payment from Jail District $25M Savings $15 ROI 82
83 Employer Actions: Queen Creek Background $1.5M Unfunded Liability for Fire Action Adopted Pension Funding Policy Unfunded Liability Paid Off Annually $200K Interest Avoided Annually 83
84 Employer Actions: Paradise Valley Background Unfunded Liability: $22M Funded Status: 32% ER Contribution Rate: 67% Action $1M One-Time Payment in FY $5M One-Time Payment in FY
85 Employer Actions: City of Prescott Background Unfunded Liability (Police and Fire):$78M Funded Status: Fire 28%, Police 24% ER Contribution Rate: Fire 92%, Police 84% PROPOSAL August 29 th Voter Election for a ¾ cent Dedicated PSPRS Sales Tax Increase Sunsets in 10 Years or Unfunded Liability Reaches $1.5M (if Sooner) $11M One-Time Payment from Savings 85
86 Employer Actions Any Others? 86
87 Discussion and Questions 87
Arizona PSPRS Pension Task Force
Arizona PSPRS Pension Task Force Mark Buis, FSA, EA, MAAA Jim Anderson, FSA, EA, MAAA October 24, 2014 Copyright 2014 GRS All rights reserved. Table of Contents PSPRS June 30, 2014 Valuation Results Permanent
More informationRequesting Department: Finance HONORABLE MAYOR AND TOWN COUNCIL SCOTT MCCARTY, FINANCE DIRECTOR THROUGH: JOHN KROSS, TOWN MANAGER
Requesting Department: Finance TO: FROM: HONORABLE MAYOR AND TOWN COUNCIL SCOTT MCCARTY, FINANCE DIRECTOR THROUGH: JOHN KROSS, TOWN MANAGER RE: CONSIDERATION AND POSSIBLE APPROVAL OF RESOLUTION No. 1224-18
More informationSB1428: PSPRS Pension Reform Update. Public Safety Personnel Retirement System January 10, 2017
SB1428: PSPRS Pension Reform Update Public Safety Personnel Retirement System January 10, 2017 Today s Agenda Overview of what brought us to pension reform. Refresher on SB1428 Plan Provisions. Provide
More informationArizona PSPRS Pension Task Force Actuary 101
Arizona PSPRS Pension Task Force Actuary 101 Mark Buis, FSA, EA, MAAA Jim Anderson, FSA EA, MAAA September 12, 2014 Copyright 2014 GRS All rights reserved. Table of Contents Actuary 101 (50 minutes) Retirement
More informationIn addressing some possible viable options and recommendations, the Pension Subcommittee has prepared a presentation enumerates a number of basic fina
To: Honorable Mayor Sinnott and Council Member Corti Liaisons to the Finance Committee From: Jeffrey G. Sturgis Chair, Finance Committee Date: May 1, 2013 Subject: Finance Committee Recommendations regarding
More informationPERS Overview Senate Committee on Workforce
PERS Overview Senate Committee on Workforce Steven Patrick Rodeman PERS Executive Director February 2017 oregon.gov/pers System Overview Benefit Components Tier One: Members hired before January 1, 1996
More informationArizona State Retirement System. National Institute of Governmental Purchasing Arizona State Capitol Chapter
Arizona State National Institute of Governmental Purchasing Arizona State Capitol Chapter May 14, 2013 0 Discussion Topics ASRS Financial Health 2013 ASRS Legislative Initiatives DC and Retirement Study
More informationGASB Revised Pension Standards:
GASB Revised Pension Standards: What Arizona governments need to know DONNA MILLER, PROFESSIONAL PRACTICE DIRECTOR ARIZONA OFFICE OF THE AUDITOR GENERAL NANCY BENNETT, CFO, ARIZONA STATE RETIREMENT SYSTEM
More informationSelected Approved Changes to State Public Pensions to Restore or Preserve Plan Sustainability
Retirement Systems of Alabama Arizona Public Safety Personnel Retirement System Arizona State Retirement System Decreased contribution rates for new employees as follows: general state employees and teachers,
More informationSpotlight. Significant Reforms to State Retirement Systems. Executive Summary
Spotlight on Significant Reforms to State Retirement Systems Keith Brainard and Alex Brown National Association of State Retirement Administrators June 2016 Executive Summary Although states have a history
More informationPSPRS FY2017 Second Quarter newsletter
GET READY FOR PENSION REFORM IN 2017 In the New Year, PSPRS, employers and local boards must prepare for several changes due to 2016 pension reforms. The most immediate of changes impact current employees
More informationPresentation to the Jacksonville Pension Reform Task Force. David Draine The Pew Charitable Trusts TITLE GOES HERE.
Presentation to the Jacksonville Pension Reform Task Force David Draine The Pew Charitable Trusts TITLE GOES HERE Three Areas of Focus 1. Paying down Jacksonville s pension debt 2. Considering new plan
More informationTeachers Retirement: Policy, Sustainability, & Maximizing the System for Supporting Education in Georgia
Teachers Retirement: Policy, Sustainability, & Maximizing the System for Supporting Education in Georgia Georgia Association of Educational Leaders July 10, 2018 1943 2018 Recognizing 75 Years of Retirement
More informationIPERS PENSION ANALYSIS & OVERVIEW OF OTHER STATE PENSION CHANGES
Iowa PERS Pension Analysis August 28, 2017 1 IPERS PENSION ANALYSIS & OVERVIEW OF OTHER STATE PENSION CHANGES Prepared by: Pension Integrity Project at Reason Foundation August 28, 2017 Prepared for: IPERS
More informationReport on a Possible New Plan Design for the Shelby County Retirement System
The experience and dedication you deserve Report on a Possible New Plan Design for the Shelby County Retirement System Prepared as of June 30, 2009 www.cavmacconsulting.com TABLE OF CONTENTS Section Item
More informationU NDERSTANDING THE NEW YORK STATE AND LOCAL RETIREMENT SYSTEM
U NDERSTANDING THE NEW YORK STATE AND LOCAL RETIREMENT SYSTEM An Overview for Local Governments New York State Office of the State Comptroller Thomas P. DiNapoli G Division of Local Government and School
More informationJOINT COMMITTEE ON PUBLIC EMPLOYEE RETIREMENT
JOINT COMMITTEE ON PUBLIC EMPLOYEE RETIREMENT WATCH LIST 2014 Joint Committee on Public Employee Retirement -1- Joint Committee on Public Employee Retirement -2- FUNDED RATIO Market Value Actuarial Value
More informationCALPERS UPDATES, RATES AND ALTERNATIVES. Basic Pension Rule: Benefits + Expenses. Contributions* + Investment Earnings. Agenda
CALPERS UPDATES, RATES AND ALTERNATIVES Agenda Topic Definitions How We Got Here and CalPERS Changes Current and Historical Plan Information Contribution Projections PEPRA Cost Sharing Paying Down the
More informationJuly 30, The Retirement Board City of Taylor Police and Fire Retirement System Taylor, Michigan
July 30, 2018 The Retirement Board Retirement System Taylor, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the Retirement System as of June 30, 2017 is to: Compute the liabilities
More informationLeague of California Cities Retirement System Sustainability Study and Findings JANUARY 2018
League of California Cities Retirement System Sustainability Study and Findings JANUARY 2018 TABLE OF CONTENTS League of California Cities Retirement System Sustainability Study and Findings Executive
More informationPension Benefits Task Force
Pension Benefits Task Force Presentation to the City of West Palm Beach Commission November 15, 2010 1 The City of West Palm Beach Mayor and City Commissioners created the Police & Fire Pension Task Force
More informationPSPRS FY2017 Second Quarter newsletter
GET READY FOR PENSION REFORM IN 2017 In the New Year, PSPRS, employers and local boards must prepare for several changes due to 2016 pension reforms. The most immediate of changes impact current employees
More informationPENSIONS AND RETIREMENT PLAN ENACTMENTS IN 2011 STATE LEGISLATURES. April 30, 2011 Ronald K. Snell
PENSIONS AND RETIREMENT PLAN ENACTMENTS IN 2011 STATE LEGISLATURES April 30, 2011 Ronald K. Snell ron.snell@ncsl.org ABOUT THIS REPORT This report summarizes selected state pensions and retirement legislation
More informationKansas Public Employees Retirement System
Kansas Public Employees Retirement System KPERS Overview and Benefits Presented by: Alan D. Conroy, Executive Director Phone: 785-296-6880 Email: aconroy@kpers.org House Financial Institutions and Pensions
More informationNASRA ISSUE BRIEF: Cost-of-Living Adjustments
NASRA ISSUE BRIEF: Cost-of-Living Adjustments February 2014 Cost-of-living adjustments (COLAs) in some form are provided on most state and local government pensions. The purpose of a COLA is to offset
More informationGovernance. Legislature Plan Sponsor. Governor Plan Sponsor. IPERS Administration. Investment Board Fund Trustee. Benefits Advisory Committee
IPERS Vision IPERS is a sustainable and affordable retirement plan that is valued by all Iowans and provides members with secure income, supports self-sufficiency in retirement, and contributes to local
More information2018 Pension Finance Survey. Missouri LAGERS. A Secure Retirement For All
2018 Pension Finance Survey Missouri LAGERS A Secure Retirement For All 2018 PENSION FINANCE SURVEY Executive Summary LAGERS views its relationship with participating employers as a partnership to build
More informationOptions to Address Unfunded Pension Liability. Presentation to City Council August 13, 2010 Karen Montgomery, Assistant City Manager
Options to Address Unfunded Pension Liability Presentation to City Council August 13, 2010 Karen Montgomery, Assistant City Manager Agenda Purpose Pension Funding Issues Actuarial Review & Options City
More informationA New Approach to Public Safety Pension Funding
A New Approach to Public Safety Pension Funding Objectives Identify key assumptions impacting annual pension funding requirements; Consider alternative approaches to funding public safety pensions; and
More informationOptions to Address Unfunded Pension Liability
Options to Address Unfunded Pension Liability Presentation to City Council September 14, 2010 Karen Montgomery, Assistant City Manager Actuarial Information Prepared by Doug Anderson, EA,ASA, MAAA Gallagher
More information2012 Spring Conference. Retirement and OPEB Plans -What s Changing Here (Virginia) And There (Other States) May 24, 2012
2012 Spring Conference Retirement and OPEB Plans -What s Changing Here (Virginia) And There (Other States) May 24, 2012 Barry Faison, VRS David Boomershine, BCG Agenda Background Private Sector vs. Public
More informationTCDRS Retirement Briefing. March 7, 2012
TCDRS Retirement Briefing March 7, 2012 Who We Are TCDRS was created in 1967 by the Texas Legislature. We are overseen by a nine-member board of trustees appointed by the governor and confirmed by the
More informationTPT Simplification Task Force: Final Recommendations Michael E. Hunter Director of Policy Office of Governor Janice K. Brewer
TPT Simplification Task Force: Final Recommendations Michael E. Hunter Director of Policy January 23, 2013 Senate Finance Committee TPT Simplification Task Force On May 11, 2012 Governor Brewer issued
More informationAugust 22, The Pension Board Redford Township Police and Fire Retirement System Redford Township, Michigan. Dear Board Members:
August 22, 2016 The Pension Board Retirement System Redford Township, Michigan Dear Board Members: The purpose of the revised annual actuarial valuation of the Redford Township Police and Fire Retirement
More informationPublic Retirement System Issues and Trends
Public Retirement System Issues and Trends Keith Brainard Research Director National Association of State Retirement Administrators Texas Municipal Retirement System TMRS Board and Benefits Advisory Committee
More informationIt s Budget Time! Contents
Introduction In this publication, we have summarized the major changes in state law that affects city/ town budgets. We suggest review of this special report by all persons directly involved in the budget
More informationFY Property Taxes: An Introduction and Overview. Town Council Meeting. April 4, 2018
FY 2018-19 Property Taxes: An Introduction and Overview Town Council Meeting April 4, 2018 Purpose of Tonight s Presentation Review the Role of Property Taxes in Funding Fire and Public Safety Services
More informationPension Workshop January 24 th 2012
Pension Workshop January 24 th 2012 Panel Members: Kristine Ridge, Human Resources Director City of Anaheim Kerry Worgan, FSA, FCIA, MAAA CalPERs - Senior Pension Actuary Catherine MacLeod, FSA, EA, MAAA
More informationHighway User Revenue Fund
Highway User Revenue Fund 2002 Year- End Report ARIZONA DEPARTMENT OF TRANSPORTATION FINANCIAL MANAGEMENT SERVICES OFFICE OF FINANCIAL PLANNING AUGUST 2002 Highway User Revenue Fund Executive Summary The
More informationProposed Plan Changes April 21, Thomas Pfeifle Executive Director
Proposed Plan Changes April 21, 2014 Thomas Pfeifle Executive Director Presentation Outline Plan History and Dynamics Recent History Board Efforts and Impacts Current Status of Plan Future of Plan Actuarial
More informationPENSION PLAN OPTIONS. July 1, 2014 CITY OF MEMPHIS. Copyright 2014 by The Segal Group, Inc. All rights reserved.
PENSION PLAN OPTIONS CITY OF MEMPHIS July 1, 2014 Copyright 2014 by The Segal Group, Inc. All rights reserved. Table of Contents I. Retirement Plans Overview II. Plan Redesign Approach III. Current Plan
More informationPERS: By The Numbers
PERS: By The Numbers April 2016 Topic Page(s) System Demographics... 2 System Benefits 3-11 System Funding Level and Status 12-13 System Revenue... 14-20 Economic Benefit of PERS... 21-23 Pension Terms..
More informationSystem Keynotes. Investment Strategy Actuarial Results, Funded Levels, Contributions, Demographics
City Council Working Session February 13, 2012 Agenda System Keynotes Trust Performance, Market Returns, Investment Strategy Actuarial Results, Funded Levels, Contributions, Demographics 1 City Ordinance
More informationPublic Employees Retirement Association (PERA) 2018 Overview for MASBO
Public Employees Retirement Association (PERA) 2018 Overview for MASBO Doug Anderson Executive Director February 8, 2018 Agenda Overview History Future GASB Whiplash A Case Study 2 1 PERA Membership as
More informationVRS Overview. Presented to the IPMA-VA HR Director s Retreat. November 16, 2012 Robert P. Schultze, Director
VRS Overview Presented to the IPMA-VA HR Director s Retreat November 16, 2012 Robert P. Schultze, Director VRS Overview VRS Total Membership Teachers 146,690 Political Subdivisions 104,427 State Employees
More informationBe transparent and honest about the problem. Use a comprehensive approach for all funds
2 Be transparent and honest about the problem Use a comprehensive approach for all funds Establish a vision, develop a budget that promotes long term sustainability, implement best practices and utilize
More informationCity of Goodyear. FY 2010/11 Final Budget. City Council Meeting June 14, 2010
City of Goodyear FY 2010/11 Final Budget City Council Meeting June 14, 2010 1 Agenda Summary of FY 11 Budget Employee Compensation & Benefits Property Taxes & City Sales Taxes FY 11 Revenues & Expenditures
More informationA Legislator s Guide. to Iowa Public Employees Retirement System. Important Information for IPERS Plan Sponsors
A Legislator s Guide to Iowa Public Employees Retirement System A Legislator s Guide The Iowa Legislature created IPERS in 1953, recognizing a need for retirement security for Iowa citizens who dedicate
More informationCalPERS Update and Path Forward
CalPERS Update and Path Forward Kelly Fox, Chief, Stakeholder Relations December 13, 2017 League of California Cities Fire Chiefs Facts & Figures 2 CalPERS Retirement Benefits 3 3,000+ employers 4 Financial
More informationArizona s Pension Challenges: The Need for an Affordable, Secure, and Sustainable Retirement Plan
NOVEMBER 2012 ARIZONA Arizona s Pension Challenges: The Need for an Affordable, Secure, and Sustainable Retirement Plan The funding level of Arizona s public employee retirement systems has declined every
More informationRetirement Plan Design Study
Retirement Plan Design Study November 2013 Presented by: Mary Most Vanek, Executive Director, PERA Laurie Fiori Hacking, Executive Director, TRA Dave Bergstrom, Executive Director, MSRS Background on plan
More informationCurrent Issues in Public Finance
Current Issues in Public Finance Kevin McCarthy, ATRA State Fiscal Stability Sales Tax Reform Instability in the Property Tax System Tax Reform & Economic Development FY 12 State Adopted Budget Excludes
More informationARIZONA DEPARTMENT OF REVENUE
ARIZONA DEPARTMENT OF REVENUE MEMORANDUM DATE: December 29, 2010 FROM: THE OFFICE OF ECONOMIC RESEARCH & ANALYSIS JULY 2010 TAX FACTS SUMMARY OF GENERAL FUND REVENUES July 2010 Individual Income Tax Net
More informationPENSIONS AND RETIREMENT PLAN ENACTMENTS IN 2011 STATE LEGISLATURES. May 30, Ronald K. Snell
PENSIONS AND RETIREMENT PLAN ENACTMENTS IN 2011 STATE LEGISLATURES May 30, 2011 Ronald K. Snell ron.snell@ncsl.org ABOUT THIS REPORT This report summarizes selected state pensions and retirement legislation
More informationARIZONA DEPARTMENT OF REVENUE
ARIZONA DEPARTMENT OF REVENUE MEMORANDUM DATE: January 19, 2011 FROM: THE OFFICE OF ECONOMIC RESEARCH & ANALYSIS OCTOBER 2010 TAX FACTS SUMMARY OF GENERAL FUND REVENUES October 2010 Fiscal Year Total Individual
More informationComparing Retirement Program Alternatives
Comparing Retirement Program Alternatives Presenters: Moderator, Tina Leiss, Nevada Public Employees Retirement System Keith Brainard, National Association of State Retirement Administrators Barry Faison,
More informationJCTA Analysis of Senate Bill 151
JCTA Analysis of Senate Bill 151 First what is NOT in SB151 It would not be appropriate to consider what is included in SB151 without also reflecting on what the collective efforts of JCTA, KEA, and the
More informationNew Jersey State Policemen s Benevolent Association. Senate Bill 3040 Securing the Future of PFRS
New Jersey State Policemen s Benevolent Association Senate Bill 3040 Securing the Future of PFRS The bill DOES NOT privatize PFRS Senate Bill 3040 The Myths The bill DOES NOT take PFRS out of State system
More informationCalPERS Overview. Presented by: Director of Finance, Joseph Lillio
CalPERS Overview Presented by: Director of Finance, Joseph Lillio Overview What is PEPRA? PERS Benefits How they have evolved What is PEPRA? The Costs Past, Present, and Future What the City has done to
More informationKPERS Update. System Overview. Presented by: House Appropriations Committee
KPERS Update System Overview Presented by: Alan D. Conroy, Executive Director Phone: 785-296-6880 Email: aconroy@kpers.org House Appropriations Committee February 1, 2016 1 Topics KPERS Overview Actuarial
More informationCOUNTY PENSION REFORM Time to Stop Kicking the Can
Contact: Linda Chew Foreperson (925) 957-5638 Contra Costa County Grand Jury Report 1107 COUNTY PENSION REFORM Time to Stop Kicking the Can TO: Contra Costa County Board of Supervisors SUMMARY Contra Costa
More informationRecent VRS Changes and the New Pension GASB Standard. VGFOA Fall Conference October 17 th, 2012
Recent VRS Changes and the New Pension GASB Standard VGFOA Fall Conference October 17 th, 2012 Panel: William H Leighty, DecideSmart, LLC Robert H Churchman, CPA William M Dowd, Sageview Consulting Barry
More informationCity of Delray Beach Police Officers and Firefighters Retirement Plan Overview & Options July 9, 2013
City of Delray Beach Police Officers and Firefighters Retirement Plan Overview & Options July 9, 2013 by James W. Linn and Jennifer Cowan Lewis Longman & Walker, P.A. Big Picture Delray Beach, like many
More informationWritten Testimony on Intro 692 A A Bill to Address New York City s Retirement Crisis
Written Testimony on Intro 692 A A Bill to Address New York City s Retirement Crisis by Hank Kim, Esq. Executive Director and Counsel National Conference on Public Employee Retirement Systems (NCPERS)
More informationTRS UPDATE /13/12
TRS UPDATE 2012 12/13/12 Topics for Discussion Status of the TRS Fund Legislation from 82 nd Session Interim studies TRS-Care Sustainability Pension Plan Design What s Next? Upcoming Legislative Session
More informationSustaining State Retirement Benefits: Recent State Legislation Affecting Public Retirement Plans, Ronald Snell January 2010
Sustaining State Retirement Benefits: Recent State Legislation Affecting Public Retirement Plans, 2005-2009 Ronald Snell January 2010 INTRODUCTION Since 2007, investment losses and the weakness of state
More informationKansas Public Employees Retirement System
Kansas Public Employees Retirement System Valuation Report as of December 31, 2017 TABLE OF CONTENTS Sections Actuarial Certification Letter Page Section 1 Board Summary 1 Section 2 Scope of the Report
More informationState Universities Retirement System of Illinois
State Universities Retirement System of Illinois GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions Measured as of June 30, 2018 Applicable to Plan s Fiscal Year End J une 30,
More informationKPERS Update. System Overview, Valuation and Working After Retirement. Presented by: House Pensions and Benefits Committee
KPERS Update System Overview, Valuation and Working After Retirement Presented by: Alan D. Conroy, Executive Director Phone: 785-296-6880 Email: aconroy@kpers.org House Pensions and Benefits Committee
More informationTexas Municipal League Annual Conference October 5, 2017
An Update on the Texas Municipal Retirement System For the Texas Municipal League Annual Conference October 5, 2017 Presented by Jim Parrish, Deputy City Manager of Plano and TMRS Board Chair David Gavia,
More informationPENSIONS AND RETIREMENT PLAN ENACTMENTS IN 2012 STATE LEGISLATURES. August 31, 2012
PENSIONS AND RETIREMENT PLAN ENACTMENTS IN 2012 STATE LEGISLATURES August 31, 2012 INTRODUCTION ABOUT THIS REPORT. This report summarizes selected state pensions and retirement legislation enacted in 2012.
More informationJacksonville s Fix to a $3 billion Problem. Presentation to Southern Municipal Analyst Society: September 7 th, 2016
Jacksonville s Fix to a $3 billion Problem Presentation to Southern Municipal Analyst Society: September 7 th, 2016 Quick Overview of Jacksonville Largest City in Florida and in the Mainland US by landmass
More informationCITY OF SANTA MONICA Pension Overview. February 2018
CITY OF SANTA MONICA Pension Overview February 2018 Background This presentation provides information on the City s pension plan, including its structure, cost, and actions the City has taken to mitigate
More informationDiscussion of Valuation Results
TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS Discussion of Valuation Results Actuarial Valuation as of June 30, 2017 Kim Nicholl, FSA, MAAA, FCA, EA Matt Strom, FSA, MAAA, EA Jake Libauskas, ASA,
More informationCITY OF FORT LAUDERDALE GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF SEPTEMBER 30, 2014
CITY OF FORT LAUDERDALE GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF SEPTEMBER 30, 2014 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2016 OUTLINE OF CONTENTS
More informationBudget Stabilization Plan Summary of Observations and Recommendations
To: From: Subject: Mr. Troy Butzlaff, City Administrator Cathy Standiford, Partner Budget Stabilization Plan Summary of Observations and Recommendations Date: December 18, 2013 This memorandum summarizes
More informationReport of the Advisory Council for Locally Administered Pension Plans. May 2018 General Treasurer Seth Magaziner, Chair
Report of the Advisory Council for Locally Administered Pension Plans May 2018 General Treasurer Seth Magaziner, Chair ACKNOWLEDGEMENTS The annual production of this report has been a collaborative effort
More informationReport of the Joint Committee on Pensions, Investments, and Benefits to the 2015 Kansas Legislature
JOINT COMMITTEE Report of the Joint Committee on Pensions, Investments, and Benefits to the 2015 Kansas Legislature CHAIRPERSON: Senator Jeff King VICE-CHAIRPERSON: Representative Steven Johnson OTHER
More informationGASB STATEMENT NO. 67 REPORT FOR THE VIRGINIA RETIREMENT SYSYTEM
GASB STATEMENT NO. 67 REPORT FOR THE VIRGINIA RETIREMENT SYSYTEM PREPARED AS OF JUNE 30, 2015 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve January 12, 2016 Board
More informationPERS FOR DUMMIES. Presentation to the Oregon Community College Association November 5, Carol Samuels Managing Director
PERS FOR DUMMIES Presentation to the Oregon Community College Association November 5, 2014 Carol Samuels Managing Director carol.e.samuels@pjc.com Ground Rules! 2 PERS 101 Retirement benefits for most
More informationSAN FRANCISCO CITY AND COUNTY EMPLOYEES RETIREMENT SYSTEM
SAN FRANCISCO CITY AND COUNTY EMPLOYEES RETIREMENT SYSTEM Financial Statements and Required Supplementary Information (With Independent Auditor s Report Thereon) SAN FRANCISCO CITY AND COUNTY EMPLOYEES
More informationPERS: By The Numbers
PERS: By The Numbers February 2014 Topic Page(s) System Demographics... 2 System Benefits 3-11 System Funding Level and Status 12-14 System Revenue... 15-19 Economic Benefit of PERS... 20-22 Public Employees
More informationKansas Public Employees Retirement System
Kansas Public Employees Retirement System Valuation Report as of December 31, 2016 TABLE OF CONTENTS Sections Actuarial Certification Letter Page Section 1 Board Summary 1 Section 2 Scope of the Report
More informationGetting a grip on GASB and pension funding
Getting a grip on GASB and pension funding Today s presenters Beth Kellar President/CEO Center for State and Local Government Excellence Rich Harris Finance and Compliance Officer Denver Employees Retirement
More informationFederal Employees Retirement System: Budget and Trust Fund Issues
Federal Employees Retirement System: Budget and Trust Fund Issues Katelin P. Isaacs Analyst in Income Security September 27, 2012 CRS Report for Congress Prepared for Members and Committees of Congress
More informationJune 19, Compute the City s recommended contribution rate for the Fiscal Year beginning July 1, 2015.
June 19, 2015 The Retirement Board Employees Retirement System Marine City, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the Employees Retirement System as of June 30,
More informationNew Pension Standard. August
GASB Statement No. 68 New Pension Standard August 2013 Mary Beth Redding www.bartel-associates.com GASB 27 What Was It? Recognize e Net Pension Obligation (NPO) if Plan Sponsor did not contribute Annual
More information2011 NCPERS Public Fund Study
2011 NCPERS Public Fund Study June 2011 Study conducted by National Conference on Public Employee Retirement Systems and Cobalt Community Research 2011 Cobalt Community Research 2011 NCPERS Public Fund
More informationACTUARIAL VALUATION AS OF OCTOBER 1, 2013 TO DETERMINE CONTRIBUTIONS TO BE PAID IN THE FISCAL YEAR BEGINNING OCTOBER 1, 2014
CITY OF GAINESVILLE RETIREE HEALTH CARE PLAN 2013 ACTUARIAL VALUATION REPORT MAY 2014 ACTUARIAL VALUATION AS OF OCTOBER 1, 2013 TO DETERMINE CONTRIBUTIONS TO BE PAID IN THE FISCAL YEAR BEGINNING OCTOBER
More informationGASB STATEMENT NO. 67 REPORT
GASB STATEMENT NO. 67 REPORT FOR THE KANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM MEASUREMENT DATE: JUNE 30, 2017 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve October
More informationLocal Municipal Workshop
Local Municipal Workshop Assessing your Pension Plan Joe Newton January 24, 2012 Copyright 2011 GRS All rights reserved. Look At Critical Issues Facing Both Member And dthe Employer Income Replacement
More informationAnalysis of PERS Cost Allocation, Benefit Modification, and System Financing Concepts January 2013
Analysis of Cost Allocation, Benefit Modification, and System Financing Concepts January 2013 Version 1.1 Important Notes Regarding This Report This report is produced to support the Board in its role
More informationTitle: The Role of Retirement Plan Design in Risk Management
MONDAY MAY 22, 2017 4:15-5:30PM Title: The Role of Retirement Plan Design in Risk Management MODERATOR SPEAKERS Casey Srader Budget Manager, City of Plano, TX Leslie Thompson Senior Consultant, Gabriel,
More informationFinal Recommendations
Final Recommendations The 2015 Actuarial Experience Study Joseph Newton Mark Randall December 4, 2015 Copyright 2011 GRS All rights reserved. 2015 Experience Study 2 The full report was presented to the
More informationEffective Strategies for Rd Reducing City Pension Costs
Pension Rf Reform: Effective Strategies for Rd Reducing City Pension Costs Florida League of Cities 2010 Annual lconference August 20, 2010 James W. Linn They don t call it the third rail for nothing 2
More informationPension Litigation Settlement Proposal
1 Pension Litigation Settlement Proposal Presentation by Lynette Labinger, Esq. Mark Dingley, Esq., Governor s Office Jeff Padwa, Esq., Treasurer s Office John Tarantino, Esq. April 29, 2015 2 Overview
More informationProtecting Workers and Taxpayers: Responsible Public Pension Reform
Protecting Workers and Taxpayers: Responsible Public Pension Reform Table of Contents 1. Introduction 3 2. What is the current situation? 7 3. What does this mean f or the future? 22 4. Is the structure
More informationARIZONA S HOUSING MARKET....a glance
2004-2005 ARIZONA S HOUSING MARKET...a glance This report was prepared for distribution at the Governor s Affordable Housing Forum September 13-15, 2005 JANET NAPOLITANO GOVERNOR SHEILA D. HARRIS, PH.D.
More informationMarch 26, The purpose of the valuation of the City of Eastpointe Employees Death Benefit Plan as of November 1, 2012 is to:
March 26, 2013 The Board of Trustees Employees Death Benefit Plan Eastpointe, Michigan Dear Board Members: The purpose of the valuation of the Employees Death Benefit Plan as of November 1, 2012 is to:
More informationHighway User Revenue Fund
Highway User Revenue Fund 2011 Year-End Report Arizona Department of Transportation Financial Management Services Office of Financial Planning July 2011 Highway User Revenue Fund Executive Summary The
More information