NCPERS 2009 Public Safety Employees Pension Benefits Conference
NCPERS 2009 Public Safety Employees Pension & Benefits Conference October 14, 2009 Williams & Jensen, PLLC
Historical Perspective Police & Fire – at the Forefront • 1857 – First Police Pension Plan (NYC) – Retirement feature added in 1878 • Prior to 1900 – Chicago, Detroit, St. Louis and Indianapolis had police pension plans • By 1928, police and fire plans were practically universal
Market Turmoil • Too Much Information! – Automakers, Banks, Madoff, Hedge Funds, Housing Market, Reg. Reform. . . • Pension Plans – Attention, but diffused by crowded agenda – DB v. DC Debate – Public v. private plans
Negative Media • Dodging the bill, The Economist, 6/9/09 • Public Pensions Cook the Books, WSJ op -ed, 6/6/09 • Hidden Pension Fiasco. . . – Bloomberg, 3/3/09 • Articles targeted at specific plan investments
Ramifications • Focus on: – Funding – Investments – Oversight • Hearings, Reports and Legislation (but not, yet)
Underway (Broad Application) • Normal Retirement Age • FBAR • Pay-to-Play • Treasury – IRS Survey • GASB • Definition of Governmental Plan
Underway (Broad Application), cont. • Estate Tax Reform • Expiring Tax Provisions • DB Funding (Private Plans) • PERAB
Underway (Public Safety) • 72(t) Modifications – Representative Meek and Senator Nelson bills – H. R. 721 / S. 1657 – Federal safety employees • HELPS II (H. R. 1413) – Interplay with Health Care Reform – Normal Retirement Age • Revenue Raisers
Period of Real Change. . . or more politics and noise? • President Obama and Congress • November 2009 Elections • 2010 Elections
Conclusions • Vigilant and Hit Back • Prioritize • Strengthen your Base / Congress • Treasury is critical right now – Broad policies on retirement security – Specific regulatory projects
Contact Information – Tony Roda – Partner – Williams & Jensen, PLLC 1155 21 st Street, NW Suite 300 Washington, DC 20036 (202) 659 -8201 ajroda@wms-jen. com
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