UPFFA |

There has been a push this Legislative session to close the state’s main PERS pension plan for state employees and many local government workers. While our state’s pension liability needs to be addressed, closing the pension plan entirely would be short-sighted, writes Sen. Sean Cleary. Read more

National News

Clarity From Regulators is Key for Success in SECURE 2.0 Era

There is widespread consensus that the SECURE 2.0 Act of 2022 will boost small retirement plan coverage in the U.S. in coming years. But it will also require additional clarity from regulators and adviser engagement for smaller businesses to successfully implement the many mandates and incentives. Read more

Public DB Plans Driving Pension Software Sector Growth: Report

The global pension administration software market is expected to grow from about $4.88 billion in 2021 to $8.6 billion by 2028. In 2021, roughly two-thirds of all spending on pension software came from public DB pension plans. Read more

Recent SEC Proposals to Come Under Scrutiny of Financial Services Committee

The full House Committee on Financial Services has scheduled an oversight hearing for the SEC, when climate disclosure will likely be a high priority.Read more

CRR Suggests Stabilizing Pension Debt as Share of Economy

While many state and local governments see full funding as the key to the fiscal sustainability of their pension funds, a new brief from the Center of Retirement Research at Boston College suggests an alternative path. In the brief — The Sustainability of State & Local Pensions: A Public Finance Approach — author Louise Sheiner suggests stabilizing pension debt as a share of the economy. Read more

Anti-ESG Movement Gets Much Hype But Few Big Wins in Statehouses

A new coalition of GOP governors vows to buck the Biden administration’s approach to ESG policymaking with a state-level crackdown on ideological investment decisions and company practices, but the legislative fate of their attacks has varied across the country. Read more

Improving Financial Wellness Starts With Understanding Participants

Key to bolstering participants’ engagement with employee benefits programs intended to bolster worker wellness is understanding what their needs are and remaining flexible. Read more

Canadian News

Ontario Teachers' CEO on Inflation, Real Estate and Where the $247-Billion Fund Sees Opportunities Today

Geopolitical uncertainty and macroeconomic headwinds pushed some of Canada’s top institutional investors into negative territory in 2022, but not the Ontario Teachers’ Pension Plan. The country’s largest single professional pension eked out a respectable four per cent return for the year, leaving it with $247.2 billion in assets and on track toward its goal of $300 billion by 2030. Read more

Integration of Two PSP Portfolio Companies to Help Ontario Meet Growing Clean Energy Needs

A Northern Ontario-based hydroelectric power company owned by the Public Sector Pension Investment Board is being integrated into another one of PSP Investments’ assets, a clean power producer, developer and energy storage company. Read more

State News

New York Common Commits $1.3 Billion to Sustainable Program

The $242.3 billion New York State Common Retirement Fund has committed $1.3 billion to two funds as part of its Sustainable Investments and Climate Solutions program. It also earmarked more than $600 million to alternative investments in February. Read more

Delaware Retirement Fund Plan is Still Being Developed Ahead of 2025 Start

The goal of Delaware EARNS is to provide both workers and employers access to low-cost retirement savings plans. Read more

Phoenix Budget Discussions Pass Over Pension Debt

As Phoenix officials wrestle with the cost of soaring homelessness and the rest of the budget for the coming fiscal year, one big budget item has received little attention in public discussions of the 2023-24 spending plan so far. That item is the $3.5 billion Phoenix owes the Public Safety Personnel Retirement System (PSPRS) for police and firefighter pensions. Read more

New Jersey Division of Investment Appoints Head of Private Credit

Brad Johnson has been hired as head of private credit for the New Jersey Division of Investment, which handles investments for the $83.7 billion New Jersey Pension Fund, Trenton. Read more

Advocates Criticize Washington Pension Fund for Lack of Ambition in Tackling Climate Crisis

A new report suggests that the Washington State Investment Board (WSIB) — the public body that manages more than $181 billion in pension funds and other public assets — frequently voted against climate change resolutions introduced by activist shareholders in 2022. Read more

What is MarylandSaves, and What Does it Do?

MarylandSaves, the state’s new auto-IRA program, has an unusual backstory and some unique features that could serve as a model for other states considering similar programs, especially those with divided government. Read more

Citing Fiduciary Duty, Gov. Sununu Issues Executive Order Targeting 'ESG' Investing

New Hampshire Gov. Chris Sununu is taking executive action to discourage the state from making investments based on environmental, social and governance factors. Read more