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Historical Perspectives and Market Turmoil: Public Safety Pension Plans

Explore the evolution of police and fire pension plans from 1857 to present at the NCPERS 2009 Conference. Discuss market challenges, negative media, and upcoming ramifications in pension funding and investments. Dive into the DB vs. DC debate and public vs. private plans. Understand current issues like estate tax reform, revenue raisers, and the impact of changing legislation on retirement security. Get ready for real change in the pension landscape and how to navigate upcoming challenges.

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Historical Perspectives and Market Turmoil: Public Safety Pension Plans

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  1. NCPERS 2009 Public Safety Employees Pension & Benefits Conference October 14, 2009 Williams & Jensen, PLLC

  2. 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

  3. 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

  4. 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

  5. Ramifications • Focus on: • Funding • Investments • Oversight • Hearings, Reports and Legislation (but not, yet)

  6. Underway (Broad Application) • Normal Retirement Age • FBAR • Pay-to-Play • Treasury – IRS Survey • GASB • Definition of Governmental Plan

  7. Underway (Broad Application),cont. • Estate Tax Reform • Expiring Tax Provisions • DB Funding (Private Plans) • PERAB

  8. 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

  9. Period of Real Change. . . or more politics and noise? • President Obama and Congress • November 2009 Elections • 2010 Elections

  10. Conclusions • Vigilant and Hit Back • Prioritize • Strengthen your Base / Congress • Treasury is critical right now • Broad policies on retirement security • Specific regulatory projects

  11. Contact Information • Tony Roda • Partner • Williams & Jensen, PLLC 1155 21st Street, NW Suite 300 Washington, DC 20036 (202) 659-8201 ajroda@wms-jen.com

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