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July 10, 2023: NCPERS Weekly News Clips
Posted On: Jul 10, 2023

NCPERS Weekly NewsClips

July 10, 2023

NCPERS Spotlight

NCPERS Washington Update, July 7, 2023

The ESG Debate: How Recent Legislation Is Impacting Retirement Fund Best Practices, July 5, 2023

Public Pension RFP Roundup, July 5, 2023

Pension Industry Careers: Job Listings, Hiring, and Retirement Announcements, July 3, 2023

Recognizing the 2023 Trusty Trustee Award Winners, June 29, 2023

Introducing NCPERS Securities Fraud Recovery Services, June 27, 2023

How to Assess the Health of Public Pensions, June 27, 2023

Are You Taking Advantage of Your NCPERS Member Benefits?, June 23, 2023

Participate in NCPERS 2023 Public Pension Compensation Survey, June 7, 2023

ASOP 4: What Pensions Should Know About the Newly Required LDROM Disclosure, April 5, 2023

Upcoming Events

Public Pension Funding ForumDate: August 20-22

Location: Chicago, IL

Opinions



Finding the Right Crypto Allocation in a Traditional Portfolio

Recently, cryptocurrency has entered the institutional conversation surrounding alternatives and, despite the industry's challenges last year, many allocators have renewed interest given this year's strong recovery in prices and growing confidence that the asset class is here to stay. Read more

National News

Private Equity Returns to Fall Below Public Index in 2023

Private equity returns are expected to drop below public markets this year due to falling valuations, said a PitchBook report released Friday. Not including fees, the median private equity return for the six largest publicly traded private equity managers in the first quarter was 2.4%, compared with 7.5% for the S&P 500 index, the report said. Read more

The Impact of Soaring Inflation on Defined Benefit Pension Plans

A rise in inflation can have a number of consequences for DB plans, depending on both the structure of individual plans and how long high inflation lasts. Naturally, a plan that automatically links benefits to the CPI will be faced with greater costs than those without indexation. Similarly, a plan made up of mostly retired members will fare better than one with a younger membership. Read more

How to Protect Retirement Savings Online

Individuals should register on their recordkeeper’s website and regularly monitor online retirement accounts, according to the DOL’s Lisa Gomez. Read more

Retirees Are Underestimating How Long They Will Live

Confusion over human lifespan complicates the business of planning for retirement, a phase of life for which many Americans are already underprepared. According to an AARP analysis, nearly half of Americans have no access to retirement plans at work, especially at smaller firms with fewer employees. Read more

Canadian News



Ontario Teachers’ Pension Taps New Asia-Pacific Head

Bruce Crane has managed the Canadian pension fund’s infrastructure and natural resources investments in the region since 2020.

Read more

Median Solvency Ratio of Canadian DB Pensions Up in Q2: Reports

The report, which looked at the performance of more than 500 Canadian DB plans in its database, found a rise from 116 per cent to 119 per cent during the quarter.

Read more

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.

Read more

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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