WASHINGTON, D.C. – The National Association of State Treasurers (NAST) released the following statement today in response to the tax reform bill passed by the U.S. House of Representatives and its impact on infrastructure investments.
“State and local governments finance more than three-quarters of all U.S. infrastructure projects— primarily through tax-exempt municipal bonds— so NAST is pleased to see the House pass a tax reform bill that protects this important financial tool,” said NAST president and Oklahoma State Treasurer Ken Miller. “We are concerned, however, that changing the treatment of private activity bonds, advance refunding bonds, and tax credit bonds will have a negative impact on overall infrastructure spending. As the Senate finalizes their tax reform bill, we urge them to maintain the current treatment of these bonds to ensure the country is fully prepared to finance the Administration’s ambitious infrastructure plan in the year ahead.”
Earlier this month, NAST highlighted that the House tax reform bill preserved several other measures that state treasurers have worked diligently to advance, including popular retirement savings options and higher education benefits. To learn more, click here.
WASHINGTON, D.C. – The National Association of State Treasurers (NAST) released the following statement today in response to an amendment to the House tax reform bill, which would allow people to transfer funds from 529 college savings plans to Achieving a Better Life Experience (ABLE) accounts.
“Tax-free savings accounts such as 529 college savings plans and ABLE accounts help millions of Americans save for significant life expenses, so we applaud the House for streamlining these important financial tools,” said NAST President and Oklahoma State Treasurer Ken Miller. “Congress established ABLE accounts in 2014 to afford individuals living with disabilities the same saving opportunities that all Americans have through 529 college savings programs. Since then, state treasurers have worked diligently to implement, administer and expand ABLE accounts to ease financial strains for families across the country. We are pleased that this new amendment would allow Americans to seamlessly transfer funds from 529 plans to ABLE accounts, and we look forward to working with the House and Senate to ensure the final bill includes this beneficial measure.”
To learn more about NAST’s federal policy positions, click here.
North Carolina Retirement Systems, Raleigh, launched an initiative to handle passive investing in equities, Treasurer Dale Folwell said on a press call Tuesday.
“We are one of the few treasurers in the U.S. that does not have in-house index capabilities,” Mr. Folwell said on the call.
The switch is the result of an initiative started under his predecessor, Janet Cowell, and former Chief Investment Officer Kevin SigRist, who resigned in July. The state treasurer is the sole trustee of the $93.9 billion pension fund.
The internal index program will start with $50 million in cash and $50 million reallocated from Piedmont Investment Advisers, which helped North Carolina make the change. That represents a “slight reduction” in Piedmont’s North Carolina allocation, Mr. Folwell said. It will follow the Russell 2000 index.
Piedmont still has $3.63 billion in passive indexing funds for the pension fund. The rest is managed by BlackRock (BLK), which has $9 billion in U.S. equities and $8 billion in non-U.S. equities.
The ultimate goal is to manage about $12.5 billion in U.S. passive equities in-house, which represents about 30% of the pension fund’s equity holdings and 12% of the overall portfolio.
“This time next year we will be reporting that all of our indexing will be done in-house,” Mr. Folwell said on the call. “As we go further into next year … international passive strategies seems to be a natural place to go next.”
The current plan is to bring all U.S. funds in-house within two years, and then consider the non-U.S. ones in year three, he said.
“This is just an extension of what we’ve been saying all year, which is reducing complexity and improving transparency. In dollar terms we’re going to save fees,” he said, adding that it also allows a little more control over where assets are invested.
The program will be overseen by Rhonda M. Smith, director of the equities program.
WASHINGTON, D.C. – The National Association of State Treasurers (NAST) released the following statement today responding to specific sections of the tax reform bill introduced by the U.S. House of Representatives Committee on Ways and Means. The legislation proposes to keep municipal bonds tax-exempt, retain popular retirement savings options, and preserve higher education benefits such as 529 College Savings Plans.
“While we are still reviewing the details, the tax reform legislation released today appears to maintain several bipartisan-supported programs that state treasurers have worked tirelessly to advance,” said NAST President and Oklahoma State Treasurer Ken Miller. “Specifically, NAST is encouraged to see the Committee retain the tax-exempt status of municipal bonds. State and local governments have used this funding mechanism for more than a century as a low-cost, viable way to finance bridges, roads, schools, hospitals and other services that improve the quality of life for all Americans. We are reviewing the bill’s impact on other bonds, including private activity bonds, advance refunding bonds, and tax credit bonds. We are also glad to see the Committee preserve higher education benefits, such as 529 College Savings Plans, and popular retirement savings options that help Americans continue to save for their future. The maintenance of these important programs will directly benefit our constituents and strengthen our country’s economy for years to come.”
“For more than forty years, NAST has advocated for bipartisan measures that improve our nation’s infrastructure, help families save for college, and enhance state pension plans. We hope that the Committee recognizes the value of these initiatives and will actively support their continuation,” added Vermont State Treasurer and incoming NAST President Beth Pearce. “NAST looks forward to working with the House and Senate in the days and weeks ahead to ensure that the final bill protects these important measures.”
To learn more about NAST’s federal policy positions, click here.
This brochure is your guide to NAST in 2018 with information on all of our conferences, membership benefits and information and more.
NAST is excited to share with you our conference brochure for 2018 including all sponsorship opportunities. Thank you to our Corporate Affiliate firms for their feedback on our sponsorship program. Based off that feedback, we are also excited to share our new sponsorship package promotion with you. Firms who sponsor at any level for all three conferences will receive one complimentary registration to a conference of their choice and receive logo recognition as a 2018 Conferences Sponsor on the NAST website, conference slides, and the membership and conference brochures. Please provide us with your sponsorship commitment by January 15, 2018 to participate in this offer!
We hope you will consider supporting NAST conferences by purchasing a sponsorship and enjoying the valuable benefits! Please contact Emma at email@example.com if you are interested in becoming a sponsor. Thank you for your support of NAST!
The State provides a workers’ compensation program to approximately 75,000 state employees in accordance with Tennessee’s general workers’ compensation laws. The mission of the State in this area is to provide prompt and high quality medical and pharmaceutical services to injured state workers in a cost effective manner. Goals of the program include: (1) rendering compensability decisions to injured state workers within 14 days of their submission of an accident report form; (2) ensuring that injured state workers throughout the state have reasonable access to and receive prompt, appropriate treatments and levels of care from the health care community during their recovery from their injury; (3) providing lost time benefits, which represent salary replacement payments, to injured state workers on a biweekly basis to minimize the financial consequences of their injury; (4) payment of permanent disability benefits; and, (5) assisting injured state workers in returning to work at the earliest point possible, consistent with their injury and treatment plan.
To meet these goals, delivery of services under the program is coordinated by staff in the Department of Treasury, Division of Claims and Risk Management (DCRM). This division coordinates services for injured workers and serves a customer driven “quality control” role to ensure that employees are appropriately served by vendors with whom DCRM contracts.
Since September 1993, workers’ compensation benefits have been delivered through a third party administrator (TPA). The TPA serves as the focal point of service delivery and is responsible for investigation of all workers’ compensation claims filed by injured workers and for making determinations as to the compensability of accidents, subject to the oversight of DCRM. Once compensability is determined, the TPA makes medical and indemnity payments on the State’s behalf in accordance with state law. There are approximately 3,500 nurse triage calls a year and 2,700 claims administered annually.
Services requested in this RFP
The State intends to secure a contract for:
· State-wide workers’ compensation Pharmacy Benefits Management (PBM) services, including point-of-sale pharmacy claims processing, a mail order program, utilization management services, cost containment processes that apply state-mandated fee schedule review services to point of sales bills, out-of-network bills, paper bills, third party bills, and bills for physician dispensed medications;
· Physician Peer Review services including Physician Peer to Peer Review, Telephonic Case Management, and Cognitive Behavioral Therapy.
· Telehealth based medical services.
For this particular RFP, the State seeks to engage the services of a Third Party Administrator to investigate, document and otherwise assist in the adjustment of claims or potential claims for damages to or loss of property, personal injury or death caused by the negligent act or omission of the State or a State Employee (as defined below) while acting within the scope of employment. The type of claims covered by this RFP are limited to incidents involving motor vehicles, e.g., incidents involving the alleged negligent operation of a motor vehicle by a State Employee, or any personal property damage to a motor vehicle allegedly caused by the negligence of the State or a State Employee. Heavy equipment and machinery are not considered motor vehicles for purposes of this RFP. Further, workers’ compensation claims are specifically excluded from the scope of this RFP. It is the desire of the State to modernize its approach to the adjudication of such claims, utilize a framework of Best Practices, and create the appropriate outcome for the claimant regarding his/her situation and damages, based on fair standards and statutory provisions, at the least cost to the State.
In general, a high level description of the services requested from the Third Party Administrator include:
· Desk Adjustment, which includes all communication with the State Employee, point of contact, potential or actual claimant(s), file handling to conclusion of all assignments made under the Pro Forma Contract (RFP Attachment 6.6.) that can be accomplished from the inside desk position.
· Appraisal of Vehicles from the field, which includes covering the outside inspection, appraisal, total loss workup, salvage value, and reaching an agreement on repair cost with the body shop that provides the repairs.
· Outside Field Investigations, which includes securing recorded statements from claimants, witnesses, State Employee(s); scene investigations; procuring police reports, fire reports, and photographs of scene of accident/incident; and all that is required and/or necessary to establish who was at fault for the accident/incident. This does not include accident reconstructions or surveillance, which are specifically excluded from the scope of this RFP.
· Subrogation, which includes identifying subrogation opportunity, and providing the investigation information to support the subrogation efforts and placing the other parties on notice.
· Providing instructions to potential claimants on how to file a claim with the State.
We estimate approximately 300 of these types of accidents/incidents per contract year.
WASHINGTON – House Ways and Means Committee Chairman Kevin Brady said Monday night that “there’s very strong bipartisan support for preserving” the tax exemption for municipal bonds and that he expects to have a tax reform bill on President Trump’s desk before the end of the year.
“I don’t want to get ahead of our committee’s work and product that we’ll all see very soon,” Brady, R-Texas, said at the annual meeting of the Securities Industry and Financial Markets Association here when asked about the specifics of the expected tax reform bill.
Senior administration officials speaking on background told reporters last month that the tax exemption for municipal bonds will be preserved. But none of the so-called Big Six Republican leaders in the House and Senate and top administration officials who are negotiating the framework of the bill have confirmed it on the record.
Brady’s comment, made during a question and answer session at the SIFMA conference in a downtown Washington hotel, is the closest any of them has come to providing a public reassurance.
The RFP, all attachments, and all future communication regarding this procurement is available via this link RFP FN180745. From this point forward all notices and information regarding this procurement shall be posted there.
Proposers should not depend on separate notification announcing the posting of amendments or announcements related to this procurement and the Proposer is solely responsible for ensuring it has received and considered all such amendments and announcements in its final Proposal.
From the date of release of this RFP, until an Intent to Award is issued, all contacts with State of Wisconsin personnel regarding this RFP shall be made via email or eSupplier to Amber Rademacher (Amber.Rademacher@wisconsin.gov) unless otherwise directed. Phone calls to state staff regarding this procurement are not permitted during the procurement process. Violation of these conditions may be considered sufficient cause for automatic rejection of an Proposer’s response to this RFP.
Vermont State Treasurer Beth Pearce, NAST’s incoming president, has partnered with Governor Phil Scott to launch a statewide Financial Literacy..