State News
Anti-ESG Bills Progressing in Kansas, South Carolina Legislatures
The Kansas bill, which has reached the governor, would reduce the state pension by $3.6 billion and cut its funded level by 10%, a fiscal analysis says. Read more
Texas State Retirees Aim for Pension Bump
Despite vying for years for a bump, retired state employees have not seen a pension cost-of-living adjustment since 2001. Read more
Key California Legislator Proposes Raising Teacher Pay by 50% Over 7 Years, Paid for by State Funding
Al Muratsuchi, the new chairman of the Assembly Education Committee, is seeking to raise pay statewide for teachers and other school workers by 50% over the next seven years. To pay for it, he’s proposing to increase base funding under the Local Control Funding Formula, also by 50%, in legislation he introduced last week. Read more
Nebraska to Pay More Than $18 Million to State Troopers Over Pension Payments
The troopers in this case argued that the legislature violated the contracts clause of the constitution by increasing the percentage of a trooper's salary that had to be paid to get the state to pay matching contributions in their pension plan. Read more
CT Income Tax Exemption for Retirement Earnings Could Expand
While a proposal to exempt all pension and annuity earnings from state taxation has bogged down, the General Assembly’s tax-writing committee has crafted a compromise that would exempt more middle-income retirees from paying taxes on these earnings. Read more
The Biggest Fed-Triggered Bond Market Moves Are Still Coming, Says Nation’s Largest Local Pension Fund
Jonathan Grabel, chief investment officer for LACERA, the largest county pension plan in the U.S., tells CNBC he expects to be making portfolio allocation changes to focus more on fixed income, and the moves made by his Los Angeles fund and other pension giants will have big implications for the markets. Read more
Mobile Launches Smartphone App for Police, Fire Pension Members
The Mobile Police and Fire Pension’s (MPFP) App is the first phase of an effort to modernize the user experience for all members of the MPFP plan. This easy-to-use, convenient, and informative App is designed to serve MPFP plan members and provide up-to-date information about their individual pension plans and retirement options. Read more
Net Zero Pledge, Climate Change and Board Diversity Highlight CalSTRS’ Priorities for Proxy Season 2023
With many global companies holding their annual general meetings in the weeks ahead, a key priority for CalSTRS is enhancing its strategy to address the risks climate change poses to its global portfolio. Read more
Lawmakers Order Indiana Public Pension Fund to Divest from China
Indiana's pension program for state and local government employees, including teachers, will be required in coming years to sell off about $750 million in assets invested in companies linked to the government of China. Read more
Florida Senate Passes DeSantis-Backed Anti-ESG Bill
The Florida Senate on Wednesday voted 28-12 in favor of a bill that Gov. Ron DeSantis, a likely 2024 presidential candidate, has supported as the latest salvo in his war against ESG investing. Read more
Chicago's Lightfoot Aims to Cement Pension Policy Legacy
Chicago Mayor-elect Brandon Johnson will inherit a healthier fiscal landscape than previously expected, according to an updated forecast Mayor Lori Lightfoot unveiled that raises near-term surplus projections and trims projected gaps in the coming years. Read more
Bill To Force CalPERS, CalSTRS Divestment from Fossil Fuel Investments Passes Second Committee
A bill to phase out fossil fuel investments in the CalPERS and CalSTRS state public pension funds was passed in the Senate Judiciary Committee Wednesday, with the possibility growing that a combined $14.8 billion in fossil fuel investments could be disinvested by the end of the decade if passed. Read more
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