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State News
N.J. Public Worker Pension Fund Has Gained Nearly $4B on Investments So Far This Year
New Jersey’s public worker pension fund rebounded slightly in the first quarter of 2023, adding about $3.8 billion in market value as fund managers continued to navigate challenging financial markets. Read more
Nevada Bill Marks Third Try at Establishing State-Sponsored Retirement Plan
The bill, SB305, would create the Nevada Employee Savings Trust, which would be directed by a board of trustees with the power to establish a retirement savings program and automatically enroll private employees who do not have a retirement savings plan available via their workplace. Read more
Louisiana Voters Could Vote on Amendment to Replenish State Pension Funds
House Bill 47, sponsored by state Rep. Richard Nelson, R-Mandeville, is a constitutional amendment that would increase current provisions requiring 10% of surplus funds to go to the unfunded accrued liability of the Louisiana State Employees’ Retirement System and Teachers’ Retirement System of Louisiana. Read more
Burgum Signs Bill to Reform North Dakota Pension Plan
House Bill 1040 closes the state’s existing defined benefit plan and injects $200 million into NDPERS to begin reducing the $1.9 billion unfunded liability, helping to ensure the state can meet its future obligations to more than 53,000 employees and retirees from state government and local governments enrolled in the plan. The legislation also shifts new hires to a defined contribution plan, similar to 401(k) plans offered to employees in the private sector. Read more
New Shared Revenue Proposal Aims to Cure Milwaukee's Pension Problems, Invest in Public Safety
The bipartisan proposal would spread approximately $1.5 billion in state sales tax revenue across every municipality in Wisconsin. The proposal, according to state representatives, would distribute 20% of state sales tax revenues directly to local government. Read more
Texas Teacher Pension Considers $1.5 Billion Bet on Warehouses
The TRS board approved Thursday the proposed investment to Bridge Industrial, a closely held real estate firm focused on warehouses. Read more
CalSTRS Targets Carbon Emitters, Board Diversity This Proxy Season
The pension giant announces it will vote against the biggest polluters and all boards that have no women members. Read more
Proposal Uses Pennsylvania Rainy Day Fund To Pay Down Unfunded Pension Liability
State Representative Joe Ciresi (D-Royersford) is asking colleagues to cosponsor a bill to move $670 million from the rainy day fund to the Public School Employees’ Retirement System (PSERS) and $330 million to the State Employees’ Retirement System (SERS). Read more
Kansas Bill To Prevent ESG Use In Contracts And Investments Becomes Law
A bill prohibiting the use of environment, social, and governance criteria for government investments and contracts in Kansas became law without the signature of the governor, who raised concerns about the measure. Citing “reservations about the potential unforeseen consequences of House Bill 2100 for the state and for local governments,” Democratic Gov. Laura Kelly said she allowed the measure’s enactment without signing it. Read more
CalPERS Returns 3.3% for First 9 Months of Fiscal Year
CalPERS earned 3.3% for the fiscal year to date March 31, an annualized 6.9% for 10 years and 7.5% for the 20 years ended the same date, said Marcie Frost, CEO of the $456.7 billion pension plan in reporting preliminary returns. Read more
Ohio Teacher Pension Fund Considers 30% Boost in Staff Bonuses
At its monthly meeting, the State Teachers Retirement System (STRS) presented to its 11-member board a proposal to set aside $11.1 million of its $115 million budget in 2024 for performance-based bonuses for its investment staff. Read more
Miami Fire and Police Pension Plan Adds Infrastructure Target After Allocation Review
The changes are the creation of a 3% target to core infrastructure and an increase in the private debt target to 3% from 2%, to be funded by the elimination of the 2% target to non-core infrastructure and the reduction of the U.S. Treasuries target to 5% from 7%. Read more
Tennessee Consolidated Slates $565 Million for Private Equity, Strategic Lending
Tennessee Consolidated Retirement System, Nashville, approved private equity and strategic lending commitments totaling $565 million. Read more
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