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New Jersey Grapples With Cost of Pension Bonds Issued in ’90s

In 1997, New Jersey issued $2.8 billion of pension bonds to shore up its underfunded retirement system. The success of such a plan depends on investment returns outpacing interest payments. But the ensuing dot-com crash threw a wrench into the plan’s efficacy, and more than 15 years later, New Jersey is now dealing with the cost of the bonds. More ...
kentucky

Kentucky Pension Bond Bill Rejected, Amended in Senate

The Kentucky Senate has rejected a bill that sought to issue $3.3 billion in bonds to help ease the funding shortfall of the Kentucky Teachers’ Retirement system (KTRS). The bill passed the House late last month, but was stopped short in the Senate on Monday. Some lawmakers cited the risk of the bonds as a reason for the bill’s rejection; the success ...
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Pennsylvania Pension Officials Defend Investment Strategy After Governor Calls for Overhaul

Last week, Pennsylvania Gov. Tom Wolf released his first budget proposal. Wolf has said many times that he doesn’t support a full overhaul of the state’s pension system. But his budget did contain some pension-related changes. Wolf is calling for the state’s pension funds to take a more passive approach to investing and to cut down the fees it ...
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Pennsylvania Gov. Budget Proposal: Overhaul Pension Investment Strategy and Cut Fees, Managers

Pennsylvania Gov. Tom Wolf released his first budget proposal last week, and there were several items of interest related to pensions. On Wednesday, Pension360 covered Wolf’s proposal for issuing $3 billion in pension bonds to attempt to shore up the funding of the state’s two major pension systems. But Wolf is also proposing an overhaul of the ...
TomWolfYuengling

Pennsylvania Gov. Wolf Proposes $3 Billion Pension Bond

Pennsylvania Gov. Tom Wolf unveiled his budget proposal on Tuesday, and it contained a number of pension-related items. The biggest was undoubtedly the proposed issuance of $3 billion in pension bonds, to be used to pay down the liability of the Public School Employees Retirement System (PSERS). As is always the case with pension bonds, the state runs ...
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Report: Hedge Fund Assets Will Continue Growing in 2015, But Executives Recognize Underperformance

A new survey, released Tuesday by Deutsche Bank, reveals that hedge fund executives expect hedge fund assets to grow by 7 percent and exceed $3 trillion in 2015, including $60 billion of net inflows. But the majority of executives and investors surveyed – 66 percent – also recognized that hedge funds underperformed in 2014. From the Wall Street ...
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Japan Pension’s Portfolio Overhaul Pays Dividends With Record Quarter

A shift into riskier investments has paid off for Japan’s pension fund – at least in the fourth quarter of 2014. In late 2014, Japan’s Government Pension Investment Fund (GPIF) began a portfolio overhaul that involved shifting a higher percentage of assets away from bonds and into stocks. The well-publicized shift proved to be a boon for the ...
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Private Equity Eyes Longer Timelines For Largest Investors

Some private equity firms are considering offering new investment structures that would allow their largest clients to invest over a longer period of time, according to a New York Times report. The new structure would extend the timeline of some investments to over 10 years, which could appeal to institutional clients looking for longer-term, lower-risk ...
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Pension Pulse: Is Farmland a Good Fit For Pensions?

On Monday, Pension360 covered the debate over a recent investment in a 115,000 acre tract of Saskatchewan farmland by the Canada Pension Plan Investment Board (CPPIB). On one side of the fight is Dan Patterson, a rancher and former general manager of the Farm Land Security Board who is skeptical of the effect the investment will have on local people ...
kentucky

Kentucky Pension Bond Proposal Clears House

A bill aimed at easing Kentucky’s pension shortfall passed the House on Monday, less than two weeks after the bill came out of committee. The bill would allow the issuance of $3.3 billion in bonds to help ease the funding shortfall of the Kentucky Teachers’ Retirement system (KTRS). The proposal comes with risk: the success of the plan depends ...
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