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Dozens of Pension Funds Are Reviewing PIMCO Investments After Bill Gross Departure

The United States’ public pension funds have tens of billions of dollars invested with PIMCO. But dozens of funds have put PIMCO on their “watch” lists – if they haven’t exited PIMCO already. From Bloomberg: Illinois’s teacher retirement system, with $3 billion invested with Newport Beach, California-based Pimco, has had the money manager ...
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Moody’s: Undoing Retiree Cuts Would Spell Bankruptcy For Flint

Detroit isn’t the only Michigan city having a hard time financially. Flint, a smaller but similarly distressed city, has toyed with the idea of bankruptcy for months. The city cut retiree benefits in an attempt to improve its fiscal condition, but a lawsuit over those cuts is waiting in the wings. Moody’s has now said that the city is unlikely ...
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Michigan To Sell Record Number of Bonds to Finance Pension Shortfalls

It’s a strategy that’s becoming increasingly common—municipalities, straddled with outstanding pension obligations, issue bonds to cover near-term funding shortfalls. In a particularly risky iteration of the practice, cities and states will take the proceeds from selling the bonds and re-invest them into the market. That’s exactly what Michigan ...
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After Massive Investment Losses, Michigan Pension Funds Benefit From Settlements with AIG, Private Equity Firms

AIG revealed in an SEC filing this week that it plans to pay out a massive sum of money to settle an ongoing lawsuit claiming the firm misled investors on the quality of certain investments prior to the 2008 financial crisis. The total settlement: $970.5 million. And certain pension funds in Michigan will likely see a chunk of that change. That’s ...
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Could Detroit-Style Cuts Come to California?

Pension benefits, once thought safe, now stand on shakier footing than they ever have. Detroit’s citizens live in a state where pensions are protected by the Constitution, but that didn’t matter when a bankruptcy judge ruled that the city could cut worker pensions as part of its bankruptcy restructuring plan. California workers are now wondering ...
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