PRIMA RiskWatch
Jul. 19, 2012

Illinois may suffer under new government
pension standards

Rockford Register Star
New federal reporting standards for public pension plans will cause an overnight ballooning of liabilities for many taxpayer-sponsored systems and could cost Illinois more when it tries to borrow money.More

California city under investigation drained reserve funds
Bloomberg Businessweek
Law enforcement officials are investigating possible crimes in San Bernardino's city government, which almost drained special funds to prop up its budget. The near-bankrupt state of the community of 209,000 east of Los Angeles came to light when a new finance director discovered that previous officials shifted money for workers-compensation and liability insurance to the general fund, said Andrea Travis- Miller, interim city manager.More

Washington to unveil voter registration on Facebook
The Associated Press via The Seattle Times
Facebook users in Washington state will have something else to brag about to their online friends: That they registered to vote on Facebook. The secretary of state's office recently said it will have an application on its Facebook page that allows residents to register to vote and then "like" the application and recommend it to their friends. It's expected to launch as early as next week.More

Florida last-resort insurer proposes 7.5 percent
homeowners rate hike
Florida's last-resort insurer unveiled a plan to raise homeowners' insurance rates by an average of 7.5 percent — far below actuarially sound rates in many territories. The board of Citizens Property Insurance Corp. during a workshop in Miami on July 16 revealed its plan to lawmakers, who gave mixed reactions.More

Murder suspect Brian Hedglin's security breach at Utah airport to steal plane raises safety concerns
The Associated Press via CBS News
Pilot and murder suspect Brian Hedglin knew how to fly planes. He just needed access to one. Turns out, it was as easy as using a rug to scale a razor wire-topped security fence at a small Utah airport in the middle of night, slipping past security, boarding an idle, empty 50-passenger SkyWest Airlines jet and revving up the engines.More

How the new iPhone will expose cities lagging on open data
The Atlantic
As you probably know by now, Apple is planning to ditch Google Maps when it releases the newest version of the iPhone later this year (a pandemonious event that could come as soon as next month, according to the latest rumors). The company announced back in June plans to produce its own mapping software.More

Iowa Municipal Fire & Police seeks more diversity via study
Pensions & Investments
Iowa Municipal Fire & Police Retirement System, West Des Moines, is conducting an asset/liability study, said Terry Slattery, executive director of the $1.8 billion pension fund. Investment consultant Summit Strategies Group is performing the study and looking for ways to further diversify the portfolio with less volatility while still obtaining a 7.5 percent rate of return, Mr. Slattery said in a telephone interview.More