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 ...

Brexit Won’t Scare Off Pension Funds

Institutional investors will still be hunting for deals in Britain, even as its exit from the EU begins in earnest. The Ontario Teachers’ Pension Plan is one such investor scouring the country for deals. The pension fund previously managed to shelter itself against Brexit by significantly hedging its exposure to the British Pound in the weeks ...

Lawmakers Target Auto-IRAs; California Will Push Back

Republican lawmakers in Washington have set their sights on dismantling state-level auto-IRA programs, such as California’s Secure Choice and similar programs in five states. Under the Obama administration, the Department of Labor passed rules solidifying states and cities’ authority to create such programs. In a party-line vote last month, ...

“I’m Torn”: Supreme Court Grapples With Hospital Pension Protections, Or Lack Thereof

The Supreme Court is struggling with the question of whether faith-affiliated hospitals should be exempt from federal rules protecting pension benefits for workers. The ruling could affect up to a million workers’ retirement security. Three church-affiliated hospitals are being sued for underfunding their respective pension systems; federal law ...

Iowa Pension Cuts Investment Target

The Iowa Public Employees’ Retirement System law week slashed its assumed rate of return from 7.5 percent to 7 percent, following in the footsteps of CalPERS’ similar move from December. The assumption was reduced in order to achieve a “more accurate valuation of future liabilities”, according to the system’s Board. From ...
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