State News
Missouri Will Exempt Social Security and Public Pension Payments From State Income Taxes
The bipartisan bill, exempting Social Security benefits and public pension payments from income tax, would reduce state general revenue by an estimated $309 million annually. Read more
New Jersey Fully Funds Pension System for Third Straight Fiscal Year
New Jersey Gov. Phil Murphy has signed a fiscal year 2024 budget that includes a $7.1 billion contribution to the state pension system, the third consecutive fiscal year in which the state has made the full actuarially determined contribution. Read more
Rep. Neal Reintroduces Legislation to Improve Public Employees’ Retirement Security, Fix Social Security WEP Provision
Ways and Means Committee Ranking Member Richard E. Neal (D-MA) reintroduced his legislation, the Public Servants Protection and Fairness Act of 2023, to fix the Windfall Elimination Provision (WEP). The bill provides meaningful relief to current WEP retirees and fixes the WEP for future retirees, ensuring public servants can retire with the security, dignity, and peace of mind they deserve. Read more
California Quietly Shelves $15 Billion Pension Divestment Bill
The California State Assembly has shelved legislation that would have forced the country’s two largest pension funds to divest an estimated $15 billion from oil and gas companies, a major blow to environmental advocates who hoped the funds could be a national model for the divestment movement. Read more
Lexington Working to Offer Pay Bumps, Better Retirement to Public Safety Officers
Almost every public safety department in Lexington has open positions and although progress is being made, 10th District Councilmember Dave Sevigny said the issue is not only recruiting officers but retaining them and setting them up for long careers. Read more
Detroit Wins Its Battle to Stretch Out Payments Over 30 Years to Police and Fire Pension
The city of Detroit won its battle in bankruptcy court Monday to stretch out its payments over 30 years, instead of 20, to the underfunded pension plan covering the city's police and fire employees. Read more
New York State Common Reports $1.8 Billion in Manager Hires, Alts Commitments
New York State Common Retirement Fund, Albany, disclosed just under $1.8 billion in manager hires and alternative fund commitments completed in May, according to a newly released transaction report on its website. Read more
Public Equities Drive CalPERS’ 3.2% Q1 Return
The California Public Employees’ Retirement System’s retirement fund returned 3.2% during the first quarter of 2023, raising its total asset value to $452.6 billion, according to the pension giant’s latest investment performance report. However, the performance fell short of its benchmark’s quarterly return of 4.3%. Read more
Hartford Treasurer Candidates Offer Competing Views of City Pension Fund
Hartford’s municipal employees’ retirement fund is currently 63% funded, that number is down from approximately 80% in 2014. The fund, which has seen a steady decline over the last decade, took a major funding hit when the city was on the verge of bankruptcy. Read more
Oklahoma Pension Funds Brace for Deadlines to Divest Blacklisted Firms
Oklahoma pension funds are weighing their options as deadlines loom to divest holdings with 13 financial firms said to be boycotting energy companies, a situation that could lead to a showdown with state officials.
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New York City Pension Boss Shuns Stocks as Interest Rates Rise
The head of one of the largest pension schemes in the US says it is planning to cut back investments in equity markets, in the latest sign that rising interest rates have brought an end to the "Tina" era that drove the past decade of stock price gains. Read more
Investment Losses Sting Chicago Pensions, 2022 Balance Sheet
Investment losses last year eroded funding ratio gains achieved a year earlier by Chicago's pension system, casting a shadow over a healthy pickup of taxes on the city's audited financial results. Read more
Florida Sweetens Pension Pot, Hoping to Retain Public Employees
The expansion of the Deferred Retirement Option Program could prove lucrative for career government workers and educators, who will be able to draw pensions while continuing to work for eight to 10 years instead of the current limit of five years. Read more
Fort Worth City Employees Appoints Executive Director
Linda Webb was named executive director of the $2.6 billion Fort Worth (Texas) City Employees' Retirement Fund. She will join the pension fund Aug. 22, a news release said. Read more
New York Teachers’ Pension Looks to Sell $6 Billion of Private Assets
New York State Teachers’ Retirement System is looking to unload $6 billion of private assets on the secondary market, making it one of the year’s largest sales. Read more
North Carolina Anti-ESG Bill Becomes Law After Legislators Override Veto
A North Carolina anti-ESG bill has become law after Republican lawmakers voted to override Democratic Gov. Roy Cooper's veto of the bill. The legislation will bar state entities from considering ESG criteria when making investment and employment decisions. Read more
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