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Some Risk Is Good For Defined Benefit Plans, Says Study

Safe investments are good. But investments that are too safe also carry potential risks for beneficiaries. A study by two Iowa University professors suggests that defined benefit plan sponsors should expand their investment choices to riskier assets and go beyond liability-driven strategies that rely on fixed-income assets. “Employees have some desire ...
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CalPERS “Direct” Isn’t So Direct

The California Public Employees Retirement System (CalPERS) is considering launching two new investment partnerships that would manage more than $20 billion over the next ten years. But that plan has encountered fierce opposition from inside CalPERS. The opposition to the plan has centered over the lack of control CalPERS will have over the investments ...
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Unions Sue Puerto Rico, Bank Over Mismanagement of Retirement Funds

Two Puerto Rico-based unions representing teachers and state workers on the island have filed suit against the Puerto Rican government and local bank over the mismanagement of their retirement accounts. The American Federation of Teachers (AFT) and the American Federation of State, County and Municipal Employees in Puerto Rico claim that their trust ...
Balancing The Account

Public Pension Plans Return Assumptions Fall To Record Low

From a median average of 8% in 2010, the return assumptions of public pension plans have fallen to record low of 7.45% as of November this year, according to a report from the National Association of State Retirement Administrators (NASRA). The trend has placed even more pressure on the finances of state governments. Here is an excerpt from a report ...
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Mismatched Incentives: Are Trustees to Blame for Pension Underfunding?

Public pension boards are tasked with supervising the investment of the funds raised from the contributions from state employers and employees. But the way the pension boards are staffed discourages a focus on the long term health of public pension plans. Manhattan Institute Fellow Daniel DiSalvo elaborates on the Pension Board Problem in this excerpt ...
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Public Pension Group Sets Investment Guidelines For Firearms Companies

Some of the biggest state retirement systems from states such as California, Florida, Maryland, Oregon, and Connecticut have joined other institutional and private investors in coming up with a guide to the touchy subject of investments in the civilian firearms industry. Given the massive potential for backlash over investments in gun makers amid growing ...
CalSTRS

CalSTRS To Divest From Firms Operating Private Prisons

CalSTRS took its time deciding but in the end the pension fund chose to follow the steps taken by other state pension funds to pull their investment out of companies that operate private prisons. Mary Childs filed this report in Barrons: New York state’s pension plan became the first to withdraw fully from the industry when Comptroller Tom DiNapoli ...
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Illinois TRS Wants $400M Budget Hike

The Illinois Teachers Retirement Systems will ask the state for more money, an additional 10.6% more in state contributions for 2019 fiscal year which starts July 1, even though its investments yielded more than 8.45% this year. Here is an excerpt from the report filed in Chief Investment Officer: The $51.7 billion Teachers’ Retirement System wants ...
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Michigan Installs New Board to Oversee $70 Billion Public Retirement Fund

A newly-created State of Michigan Investment Board will now exercise supervisory functions over the state’s $70 billion investment fund. The Board will hold open meetings four times a year to make investment decisions, evaluate the fund’s performance ,and set funding goals. Here is part of the AP report in Crain’s Detroit Business: State Treasurer ...
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How a Former NY Pension Director Hid His Pay-to-Play Scheme

Back in 2016, an investment director at the New York State Common Retirement Fund was indicted on charges of steering pension money towards certain brokers in exchange for monetary bribes and drugs, among other things. But how did Navnoor Kang, 37, hide his funneling of millions of dollars in business to two brokers? A report, released by the New York ...
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