Geithner Tells NJ Pension Panel He’s Bullish on Economy

Former U.S. Treasury secretary Timothy Geithner made an appearance at Thursday’s meeting of New Jersey’s State Investment Council, the entity that oversees the state’s pension investments. Geithner was at the meeting because he is president of a private equity firm, Warburg Pincus, that handles a portion of the state’s pension money. During ...

Video: Raimondo Talks Pension Settlement, Defends 2011 Reforms

In this interview, new Rhode Island Governor Gina Raimondo discusses the amount of fees the pension system pays to Wall Street managers and defends her pension reforms (2:00 mark); she also talks about a possible settlement with the retirees suing the state over those reforms (3:20 mark).   Photo by By Jim Jones (Own work) [CC BY-SA 3.0]

Major Creditor Comes Out Against San Bernardino Bankruptcy Plan That Fully Pays CalPERS

A major creditor of bankrupt San Bernardino told Reuters Thursday that it would oppose a bankruptcy plan that mandates the city keep paying CalPERS in full. San Bernardino’s current plan doesn’t disrupt payments to CalPERS and keeps pensions intact. The creditor has not been identified. From Reuters: A major capital markets creditor of bankrupt ...

Implications for Pension Investments As Elections Put Ex-Financial Firm Executives in Office

The results of several state-level elections could have implications for pension fund investments as three ex-financial firm executives became their states’ respective governors. David Sirota writes: Wall Street firms and executives have poured campaign contributions into states that have embraced the strategy, eager for expanded opportunities. Tuesday’s ...
Graph With Stacks Of Coins

Does Investment Return Affect Pension Costs?

Does Investment Return Affect Pension Costs? Larry Bader, who worked as an actuary for 20 years before moving to Wall Street, tackled that question in the latest issue of the Financial Analysts Journal. An excerpt of his answer: Answer: It doesn’t. Yes, a higher return on plan assets reduces the funding requirements for the pension plan and the expense ...

Anonymous Money Floods Phoenix Pension Vote

A Phoenix ballot initiative – titled Proposition 487 – would block off the city’s traditional pension system from all new hires, and instead shift those employees into a new, 401(k)-style plan. Unions have made no secret of their disdain for the initiative and have raised over $100,000, mostly from firefighters, to fund ads opposing the potential ...

Report: Maryland Fund’s Below-Median Returns Coincide With Shift to Alternatives

The Maryland State Retirement and Pension System experienced a 14 percent return in the 2013-14 fiscal year. The fund’s then-Chief Investment Officer, Melissa Moye, touted the returns as “strong” – but a new report suggests not only that those returns were below-median level, but also that they were driven by a shift in investment strategy ...

Wall Street Securitizes Pension Liabilities to Create “Longevity Derivatives”

No one ever said Wall Street wasn’t creative. Several firms are selling securities backed by longevity risk—the risk that retirees receiving benefits will live longer than expected and thus incur a higher cost on their retirement plan. More from Institutional Investor: Sovereign wealth funds, educational endowments and ultrahigh-net-worth individuals ...

Raimondo, Taveras Continue Throwing Pension Punches in Race for Rhode Island Governorship

The pension system continues to occupy center stage in Rhode Island’s race for governor. In one corner is current state Treasurer Gina Raimondo, whose 2011 pension reforms were among the boldest in the country and are the subject of numerous lawsuits from labor groups. In the other corner in Angel Taveras, the current mayor of Providence who has ...
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