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State News
Pennsylvania Makes Progress Toward Public Employee Pension SustainabilityPennsylvania’s public employee pension plans are on a path to long-term fiscal sustainability thanks to a multiyear effort by policymakers to address the state’s sizable unfunded pension liability. Read more
ND Lawmakers Advance Competing Bills for Future of Public Employees' Pension Plan a 401(k)-style plan, for future employees. The union that represents state employees wants to stick with the pension plan. Read more
Indiana Amends ESG Bill to Exclude Private MarketsIndiana’s House of Representatives’ Ways and Means Committee passed an amended anti-ESG bill on Tuesday that significantly reduces the additional costs the state’s retirement system would have to shoulder if the proposed legislation becomes law. Read more
Alaska’s State Retirement System Shows a Benefits Gap Compared to Old Pension Plan
Alaska’s 401(k)-style retirement system for new employees is providing significantly smaller benefits than the pension-style retirement system discontinued in 2006, according to a new analysis from the state Division of Retirement and Benefits. Read more
WVA Senate Passes Bill to Put Charter Schools Under State Retirement Umbrella
The bill would expand the definition of “participating public employer” for purposes of government employee retirement plans under state law to include any public charter school which chooses to participate in, and cover its employees under, either the State Teachers Retirement System or the Teachers’ Defined Contribution Retirement System. Read more
CalPERS Fossil Fuel Divestment Bill Hinges on Union Support
A California state senator is resurrecting an effort to liquidate and estimated $15 billion in fossil fuel investments from the two largest public pensions in the country, but will have to first persuade some usual political allies in her cause. Read more
Bill to Provide Funding for Wyoming Emergency Responder Pensions
The first bill from a Park County legislator to successfully pass both the House and Senate this session will allocate millions of dollars to a pension plan for over 2,300 volunteer firefighters, emergency medical technicians and search and rescue team members across the state. Read more
AARP Georgia Urges Creation of Public-Private Retirement Savings Partnership
On February 22, AARP volunteer activists from across Georgia converged at the State Capitol in Atlanta to urge state legislators to create a new public-private retirement savings partnership to help Georgians save their own money for the future. Read more
New York State Comptroller Files Diversity Proposals
New York State Comptroller Thomas DiNapoli has filed several shareholder proposals seeking to improve corporate accountability for diversity, equity and inclusion measures at several portfolio companies held by the state’s $242.3 billion pension fund. Read more
Tennessee, Rhode Island Mull State Retirement Plans
Legislation is before the legislatures of Tennessee and Rhode Island that would add those states to those that provide a state-sponsored retirement plan for those whose employers do not. Read more
MassPRIM's Private Equity Program Well Positioned After Turbulent Year – CIO
Massachusetts Pension Reserves Investment Management Board's growing private equity program is relatively well placed to take advantage of the opportunities that periods of volatility like the current one typically offer up, said Michael G. Trotsky, executive director and CIO of the $91.9 billion pension fund. Read more
Chicago Faces Test to Reverse Insolvency Trajectory for Its Pension Plans
Chicago's woefully underfunded pension plans face insolvency unless the city sticks with a new contribution schedule that makes actuarially determined payments for the first time in its history. Read more
Providence Pension System Not on City’s Legislative Priorities List
The city’s annual payment to its pension system is forecast to reach $120 million by fiscal 2027, which would eat up 21% of the city’s general fund revenue. If nothing is done, the contribution is expected to swell to $230 million by fiscal 2040, according to a January 2022 report. Read more
Projected Stable Net Pension Liabilities Help Boost NYC Bond Rating
Fitch Ratings has raised to AA from AA- its rating on $677.5 million general obligation bonds for New York City, citing, among other factors, an "improved financial foundation" post-pandemic and projected stable net pension liabilities over time "assuming actuarial assumptions are met." Read more
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