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State News
Special Audit of State Teachers Retirement System Finds No Evidence of Illegal Acts but Room for Improvement
State auditors found no evidence of fraud, illegal acts, or data manipulation related to the $90 billion held in trust by the State Teachers Retirement System of Ohio (STRS), according to a Special Audit released this week. In its limited review of the pension system, the Auditor of State’s Office also determined STRS’ organizational structure, control environment, and operations are suitably designed and well monitored, both internally and by independent experts. Read more
Restaurant Tax Boosts Omaha Pension Fund, but Legislator Faults City on Payments
More than a decade after Omaha diners began paying a restaurant tax to help shore up the city’s beleaguered police and fire pension fund, those pennies have added up, helping put the retirement system on more solid footing. Read more
COLAs Could Come Earlier than Expected for State Pensions. Here's How.
State pensioners take note: "The probabilities continue to increase that [annual] COLAs are restored'' on or before the June 30, 2031 target date set nearly a decade ago. That was the message the state's pension consultants at Gabriel Roeder Smith & Co. delivered to the state Retirement Board, headed by term-limited State Treasurer Seth Magaziner, who is himself headed to a new job in the new year as Rhode Island's 2nd District Congressman. Read more
Oregon Pension Chooses to Increase Fixed Income Over PE
Oregon Investment Council voted to keep the private equity target for the state's employee retirement fund at its current level, while boosting its target to fixed income. Read more
PennPSERS Makes 2 Real Estate Commitments Totaling $265 Million
Pennsylvania Public School Employees' Retirement System, Harrisburg, approved two new value-added real estate commitments totaling up to $265 million. Read more
SC Pension Fund Debt Now $27.5 billion: Here's What SC Policymakers May Consider in 2023
Earlier in 2022, the state's top fiscal watchdog was disappointed when the legislature did not allocate some of the surplus money into reducing the pension burden. Read more
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