November, 2013

08
Nov
2013

Stockton sales tax plan set to end bankruptcy, pensions spared

Categories: California Developments

When Stockton, California, filed for bankruptcy last year, the stage was set for a precedent-setting battle with Wall Street over whether bondholders or retired public employees should pay the price when a local government goes broke. But under the terms of recent settlements, bond insurers who are backing about $240 million in city debt will accept a "haircut" of as much as 50 percent on some bonds. Retirees will keep their full pensions, though 1,100 of them will lose their retiree health insurance.

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06
Nov
2013

Retirement Health Care Costs Cited as Top Concern

Categories: OPEB/GASB 45/75

A new study by John Hancock found that employees' biggest retirement-related concern is the financial risk of rising health care costs. Conducted as a part of the John Hancock Investor Sentiment Index for Signator Investors, Inc., the study found that other retirement-related concerns included changes to Social Security and/or Medicare, and running out of money during retirement. The study also found that the percentage of employees citing these concerns has increased from earlier studies. According to the study, more than half (55%) of respondents said they were very concerned about rising health care costs in retirement, a seven-point jump from last year’s study.

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06
Nov
2013

Kevin O’Rourke featured in Trackdown Nov. 2013 Newsletter

Categories: PARS In the News

...In 2009 Kevin traveled to Stockton to serve as the Interim City Manager; in 2010 he took the General Services Director post in Solano County in an interim role; and in 2011 he was appointed Interim City Manager in Woodland. He recently completed an impressive stint as the Interim City Manager in the City of Santa Ana. Kevin has joined the good people of PARS as a Senior Consultant to help with their Public Agency Retirement Services.

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02
Nov
2013

Speakers present strategies for OPEB funding

Categories: New England Developments,OPEB/GASB 45/75

Municipal liability for “other post-employment benefits” – largely health insurance premiums for retirees – is a daunting issue that won’t be resolved without concerted effort. "This issue is not going away." This was the message from CPA James Powers, a partner at Powers & Sullivan, and Allan Tosti, chair of the Arlington Finance Committee, who led a workshop on OPEB obligations at the Annual Meeting of the Association of Town Finance Committees in Franklin, MA.

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