ACCF agrees theoretically with the possibility that environmental and social factors are materially important to institutional investments, instead accusing New York City of failing to live up the real possibilities of “modern ESG” investing.
The proposed Implementation Guide provides answers to questions intended to clarify, explain, or elaborate on the requirements of GASB Statement No. 75, and addresses a limited number of issues related to Statement No. 74.
An analysis covering the years 2006 through 2014 shows most of the 160 plans studied received insufficient employer contributions to maintain their unfunded liabilities.
The time for evaluating a provider can also be opportune for revisiting services, fees and investment options.
The analysis found certain themes surface with regard to systems that have developed robust communication and financial reporting initiatives.
Public plans that reduce their return assumption in the face of diminished near-term projections will experience an immediate increase in unfunded liabilities and required costs, according to NASRA.
In the wake of the financial crisis of 2008, public pension plans made several reforms including benefit cuts, and increases in the age and tenure required to claim benefits.
The goal is a 7% discount rate.
The Securities and Exchange Commission also charged two broker/dealers in the scheme.
States were already granted the authority to establish their own IRA programs for private-sector workers; now the largest individual cities are being given the opportunity.
Estimates show the Public Safety Personnel Retirement System will have to pay contribution refunds and retroactive benefit increases up to $220 million.
Among other things, a federal appellate court found rolling back items implemented in Detroit’s bankruptcy plan would harm countless third-parties, including the city.
But, for the worst off states, counties and cities, four options exist to improve their situations, the study says.
Starting in 2017, public pension funds in California must disclose fees paid to private equity, hedge, venture and absolute return fund managers.
The appellate court in California said public employees have a “vested right” to a pension that is a “reasonable” pension—not an immutable entitlement to the most optimal formula of calculating the pension.
The trend of public-sector retirement systems reducing investment return assumptions has been going on since 2008.
Research finds that nearly all state retirement systems have features that allow for preservation of retirement income benefits even for employees who change jobs.
The president allegedly received kickbacks for investing the Correction Officers’ Benevolent Association’s Annuity Fund assets in a hedge fund.
Many New Jersey public sector retirees saw their cost-of-living adjustments (COLA) suspended under a pension-reform bill signed in June 2011.
CEM Benchmarking found that the annual cost to manage the CalPERS portfolio was approximately $52 million lower than its peers.