CalPERS on PE Fees: Staff “Can’t Track It”, But Software Can

CalPERS’ pays billions of dollars in fees to external investment managers each year. But an official admitted last week that the fees are sufficiently complex that staff “can’t track” them by themselves. It was revealed at last week’s board meeting that the pension fund uses an algorithm — part of software built for ...

Chris Christie Unveils Plan to Fund NJ Pensions Through Lottery Cash; Democrats Balk

New Jersey Gov. Chris Christie last week unveiled a plan that would use lottery proceeds to pay down the state’s mounting pension obligations. The plan would make the state lottery an asset of the pension fund, generating an estimated $37 billion over the next 30 years, according to the state Treasury. However, some lawmakers — particularly ...
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Asset Management Still “Inflicted” By Lack of Diversity As Emerging Managers Fight For Small Piece Of Pie: Report

Investment management is well known to be dominated by white males. But it’s still startling to see what a small percentage of assets (1.1%) are managed by firms run by women or minorities, according to a new report authored by Harvard Business School and Bella Research Group’s Josh Lerner. The stark number comes even as public pension funds ...

Dallas Pension Bill Clears House

Legislation was unanimously passed by the Texas House of Representatives on Thursday that would require significantly larger pension contributions from Dallas to its severely underfunded pension system. Additionally, the bill would require higher contributions from workers while also slashing benefits. The legislation is aimed at improving the funding ...

CalPERS Goes to Supreme Court to Argue Securities Suit Deadlines

It was the Supreme Court’s first full day with new Justice Neil Gorsuch, and the case they heard: California Public Employees’ Retirement System v. ANZ Securities. CalPERS on Monday argued in favor of loosening the deadlines for investors to file securities lawsuits. More from the National Law Review: The case before the court, California ...

Trump Signs Order Barring Cities From Requiring Small Businesses to Offer 401ks

President Trump last week signed a resolution that nixes a rule, implemented by Obama, that allowed cities to require small businesses without any retirement plan options to offer employees a 401k. No city had yet created such a rule, but several major cities — including New York City and Seattle — were considering it. From the Society for ...

CalPERS Weighs Private Equity Changes, Direct Investment

CalPERS is conducting an internal review on its private equity portfolio and considering changes to the program, according to the Wall Street Journal. The pension fund is looking to cut costs — although it’s not necessarily looking to cut its private equity allocation — and it’s weighing a variety of options. From Reuters: It ...

Corporate Pensions Close In on Bond Buying Spree

Corporate DB plans could soon be going on a bond buying spree, according to a report released on Friday by Morgan Stanley. Years of steady stock gains have pushed many corporate DB plans close to 80 percent funding; when plans get to that funding level, it’s typical to ramp up bond holdings, according to the report. High-grade, long-term corporate ...
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How a Former NY Pension Director Hid His Pay-to-Play Scheme

Back in December, 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 Wednesday ...

Dallas Mayor Rejects Pension Bill; Back to Drawing Board?

Texas officials, both in the statehouse and in Dallas’ mayoral office, are weighing how to address the severe underfunding of the city’s public safety pension system. So far, it seems the only thing they can agree on is that the latest proposed bill – one that suggests increasing city contributions and giving more board positions to ...
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