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Pension Preservation: A Strategic Approach

Pension Preservation: A Strategic Approach. NCCMP Lawyers & Administrators Meeting April 8, 2008 Washington, DC. NIRS Mission. Contribute to informed policy making by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole.

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Pension Preservation: A Strategic Approach

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  1. Pension Preservation: A Strategic Approach NCCMP Lawyers & Administrators Meeting April 8, 2008 Washington, DC www.nirsonline.org

  2. NIRS Mission • Contribute to informed policy making by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. • Research, education, and outreach programs that are national in scope.

  3. Council of Institutional Investors National Association of State Retirement Administrators National Council on Teacher Retirement Membership • Founding Members: • Associate Members: Employee benefit plans, state or local agencies investing public funds, charitable tax-exempt foundations and endowments. • Educational Sustainers: Any individual, incorporated entity, educational institution, association interested in the activities NIRS.

  4. Why are Pensions Under Attack? • Ideological and financially-based interests pushing defined contribution plans • Financial pressures - corporate, state/local budgets • Escalating contribution requirements (in wake of prior contribution holidays & benefit improvements) • FASB, GASB 43 &45 – shining spotlight on OPEB • Scandal factor

  5. Inaccurate, Sensational Media Coverage Exacerbates Problem “The $3 Trillion Problem” October, 2007 “Pensions and Palm Greasing” October 3, 2007 “Report to Senators Says Many States Are Lax in Funding their Pension Plans” February 29, 2008 “Pension Fund Shortages Create Hard Choices” December 19, 2007 “Public jobs see pay gains: Government benefits outpace private sector” February 1, 2008 “If Company Goes Bankrupt, Don’t Count on Your Pension” October 24, 2006

  6. Our Primary Task • Setting the record straight on how pension plans are getting it right … • Solvent • Pre-funded • Shared financing (in public sector) • Benefits that meet adequacy standards • Better “bang for the buck”

  7. Stop the Negative Momentum Pensions

  8. Two-Track, National Reversal Strategy Pensions Education Advocacy

  9. What’s Around the Corner? • Greater scrutiny of investment practices • Possible GASB/FASB studies on public plan/multi-employer plan disclosures • Governance issues – “trustee competence” • Tactical assaults on teacher pension plans

  10. Our Program Plan • Website launch – Spring 2008 • www.nirsonline.org • Research program • Original research reports • Issue/policy briefs • Communications/education program • Columns, blog, op-eds, etc. • Media outreach • Educational programming

  11. Getting Involved • We invite you to sign up for our mailing list to receive up-to-date news from NIRS • Research • Events • Other activities • We will be rolling out our membership program in the second half of 2008 – stay tuned! • Associate members • Educational sustainers

  12. Q&A

  13. Pension Preservation: A Strategic Approach NCCMP Lawyers & Administrators Meeting April 8, 2008 Washington, DC www.nirsonline.org

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