CalPERS, CalSTRS Nab $300 Million From Settlement With S&P in Suit Over Mortgage Ratings

It was revealed today that credit rating agency Standards & Poor’s has entered a $1.375 billion settlement with 18 states over the alleged inflated ratings it gave mortgage-backed securities which eventually turned toxic. CalPERS and CalSTRS are the biggest individual beneficiaries of the settlement; the entities will receive more than $300 million ...

CalPERS Board President Feckner Re-Elected to 11th Term

The president of CalPERS’ board of administration, Rob Feckner, has been reelected to his 11th term. The term is one year long. The board held the vote on Tuesday. Feckner has sat on the board since 1999. More from the LA Times: During his long tenure, Feckner has steered CalPERS away from sometimes strident, anti-corporate activism; backed a campaign ...

Pension Checks of Some Milwaukee County Retirees in Jeopardy After Acting on Government Advice

A few hundred Milwaukee County retirees are facing reduced pension checks in the future – all because they took County advice that for years resulted in benefit over-payments. The retirees were receiving bigger payments because they were following County advice regarding “buy ins” and “buy backs.” But the overpayments they were receiving ...

Actuaries Call on Obama to Address Aging Issues, Retirement Security in State of the Union

The American Academy of Actuaries is urging President Obama and the U.S. Congress to tackle retirement security issues through public policy over the next two years. That includes addressing the solvency of Social Security, improving the governance and disclosure requirements of public pension plans, and ensuring adequate retirement income for seniors ...

Video: Pension Reform and the Implications for Private Equity

Kathleen Kennedy Townsend, Managing Director at Rock Creek Group, gave this presentation on pension reform, retirement security and what it means for private equity. The talk was filmed at the 2014 Women’s Private Equity Summit.

New Hampshire Supreme Court Upholds Benefit Changes

The New Hampshire Supreme Court has upheld several changes key to the state’s pension reforms passed since 2011. At issue were the definitions of a cost-of-living adjustment and “earned compensation”. State lawmakers altered the definitions of those terms as part of pension reforms, and the court has now upheld the new definitions. The court ...

Video: State and Local Pension Reform – Can We Cut Costs and Improve Retirement Security?

This panel discussion, held by the Urban Institute, talks about pension reform at the state and local level. What do they mean for retirement security? And is there a way to cut costs for government without jeopardizing retirement security? Panelists include researchers from the Brookings Institution, the Center for Retirement Research and the Urban ...

Do Pension Plans Give Retirees a False Sense of Retirement Security?

At one time, pensions were seen as the safest, most secure stream of retirement income. But the security of pension benefits is no longer rock-solid. That raises the question: do pensions give retirees a false sense of retirement security? Economist Allison Schrager explores the idea: Until recently, a pension benefit seemed as good as money in the ...

CalPERS Hires Lobbying Firms to Represent Interests Before Congress

CalPERS announced Monday it has hired two lobbying firms to represent its retirement policy and market regulation interests in front of the U.S. Congress and the Executive Branch. From a CalPERS press release: The joint venture between Lussier Group/Williams and Jensen was selected as [CalPERS’] federal representative for retirement policy issues, ...

NYC Comptroller Explains Boardroom Accountability Project in Open Letter

New York City Comptroller Scott Stringer is pushing corporations to give their biggest investors – often pension funds – more power over corporate boardrooms. Stringer says pension funds can use their leverage as large shareholders to rein in excessive executive compensation and make corporate boards more diverse. From a piece written by Stringer ...
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