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Anne Ross elected as NFMA chair

Anne Ross elected as NFMA chair
bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.

Bad News Bear

Bad News Bear Sarah Harney   |   November 2003 Here they go again: Nine years after a borrow-and-invest scheme backfired and plunged Orange County into bankruptcy, officials in the California county are once more talking about borrowing to invest. This time around, however, it won t be a matter of leveraging investment funds to plow into high-risk derivatives, as in the early 1990s. The current proposal is to go to the bond market, raise money at low interest rates to pay down the pension system s unfunded liabilities and then let pension officials invest the money to generate a profit. This mechanism is called a pension obligation bond, and Orange County is far from alone in experimenting with one. Over the past decade, more than 60 municipalities have taken pension bonds to market borrowing money to pay pension contributions or build up pension assets. This year, however, localities aren t the only ones eyeing pension bonds. States are, too.

Pension Reform Success Stories

Pension Reform Success Stories Most states and many municipalities have passed some kind of pension reform in recent years, but only a few did so in a way that addresses the immediate unfunded liability of their plans. Plus: Has pension reform gone too far? Brian Peteritas   |   April 2013 For Chris Bartley, the turning point in Lexington, Ky.’s pension deal came when the city finally budged. The longtime firefighter and union chief was slow to trust politicians. So he stood his ground and well into fall 2012, Bartley and other representatives returned again and again to the negotiating table. Tasked with fixing the city’s looming pension debt created by slow revenue growth and soaring entitlement costs, they had made no progress.

The Book of Henry

The Book of Henry SHARE   March 1973 was a time of disarray. The Watergate scandal was engulfing the Nixon Administration and the last American troops were about to leave Vietnam. Pink Floyd’s Dark Side of the Moon had just been released, speaking to the sense of desolation taking hold of society. Meanwhile, the Russian lunar rover Lunokhod 2 began its third round of exploration around the actual moon’s surface, just as NASA ended its own manned missions, which had once seemed to signify the endless possibilities of America, itself.  Meanwhile, on March 12, a tall, dapper young man arrived at Manhattan Beach City Hall. The city was in the midst of pulling itself out of the rubble of the 1971 earthquake, so City Hall was housed in a collection of trailers. Henry Mitzner had just left a short career as an engineer in the aerospace industry, which was in a tailspin. He had worked odd jobs, gone to night school to become an accountant, and come to Manhattan Beach to begin a

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