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July 31, 2023: NCPERS Weekly News Clips
Posted On: Jul 31, 2023

NCPERS Weekly NewsClips

July 31, 2023

NCPERS Spotlight

Direct Listing Dilemma for Pension Funds: Understanding the Impact of Slack Technologies vs. Pirani on Liability under Section 11, July 28, 2023

NCPERS Washington Update, July 28, 2023

What's Shaping India? Five Emerging Trends, July 24, 2023

Navigating Retiree Healthcare: The Advantages of Medicare Advantage, July 18, 2023

Understanding the Latest Developments in Pension Funding, July 17, 2023

Call for Speakers: 2023 Financial, Actuarial, Legislative & Legal Conference, July 12, 2023

NCPERS New Members: 2023,July 11, 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

Upcoming Events

Public Pension Funding Forum

Date: August 20-22

Location: Chicago, IL

Program for Advanced Trustee Studies (PATS)

Date: October 21-22

Location: Las Vegas, NV

NCPERS Accredited Fiduciary (NAF) Program

Date: October 21-22

Location: Las Vegas, NV

Financial, Actuarial, Legislative & Legal Conference

Date: October 22-25

Location: Las Vegas, NV

Opinions



Generation X On The Brink: The Stark Reality Of Their Grim Retirement Outlook

As the first generation to enter the workforce after the move away from pensions in the private sector, Generation X’s savings problems foreshadow many of the retirement savings challenges that will only be intensified for Millennials and the other generations that follow. Read more

National News

Rising Rates Raise Questions for Pension Funds

Public retirement funds are expected to report fiscal year losses on private equity investments after a decade-long winning streak that attracted hundreds of billions of public dollars to the asset class. Meanwhile, higher interest rates are motivating some pension managers to add lower-risk bonds and other debt investments. Read more

House Republicans Propose 11 Bills Reforming Proxy Advisory Services

The bills’ introduction accompanied two subcommittee hearings on July 13 in which Republicans alleged that proxy voting firms such as Institutional Shareholder Services Inc. and Glass, Lewis & Co. were prioritizing progressive politics rather than the economic interests of their clients. Read more

Private Equity Fundraising Down 35% in Q2, Preqin Says

Private equity funds worldwide had a difficult time on the fundraising trail in the second quarter, raising a combined $106.7 billion, down from $164.4 billion in the prior quarter and also down from $165.3 billion in the year-earlier quarter, according to a just-released Preqin report. Read more

Global Pension Fund M&A Investment Drops Off Cliff in Q2

Global pension fund involvement in mergers and acquisitions fell off a cliff during the second quarter, when sponsors invested $740 million in M&A deals, a fraction of the nearly $14 billion invested the previous quarter and well below the $3.83 billion recorded during the year-ago quarter, according to S&P Global Market Intelligence. Read more

House Financial Services Committee Advances Anti-ESG Bills Along Party Lines

The House Financial Services Committee late Thursday advanced four bills along party lines aimed at combating the influence of environmental, social and governance investing in the nation's financial markets. Read more

Canadian News



Canadian Pension Plans Look to Annuities, Fixed Income to Preserve Pension Surpluses

With funded ratios at their highest levels in years, pension risk transfers are among the ways firms are trying to de-risk their portfolios. Read more

Uptick in U.S. Commercial Office Real Estate Defaults Concerning But Risk in Canada Low: Expert

Canada’s lending market is more conservative, says Jim Clayton, professor with the Schulich School of Business at York University, noting there’s a smaller number of lenders and these types of loans have more recourse. Borrowers would lose some of their other capital or assets and it would be harder for them to find lenders to help dig them out of the hole. Read more

State News

These Arizona Cities are Saving Big Money By Paying Down Pension Debt

Chandler this week became the largest city in Arizona to pay off its public safety pension debt, saving $8-10 million per year in the city's budget and ensuring its police and fire employees receive their promised pensions. Read more

Evanston City Council Commits to 100% Funding of Police, Fire Pensions by 2040

Evanston’s Public Safety pensions, at one time among the most underfunded in the state, will be placed on a 100% funding track to reach full funding by 2040. Read more

Commercial Real Estate Drags on CalPERS' Annual Returns

A negative return on commercial real estate has hampered annual performance of the nation’s largest public pension fund, one of the latest signs of weakness for U.S. properties. The California Public Employees Retirement System was still able to report a preliminary net return of 5.8% on all its investments for the 12 months ended June 30, compared with a negative net return of 6.1% a year ago. Read more

Detroit's Dilemma: Can Federal Pandemic Relief Funds Rescue Struggling Retirees?

The city is the beneficiary of a whopping $827 million in ARPA (American Rescue Plan Act) funds, all of which Mayor Mike Duggan’s administration plans to spend by summer 2025. However, the challenge lies in using these one-time funds without breaching U.S. Treasury Department rules. Read more

Louisiana State Employees Appoints New Executive Director

Bernard E. "Trey" Boudreaux III was named executive director of the Louisiana State Employees' Retirement System, Baton Rouge, a news release said Wednesday. He replaces Cindy Rougeou, who retired from the position in June. Read more

Missouri Sheriffs Seek Solution for Retirement System Funding

In 2021, the state’s supreme court ruled that the Missouri Sheriff’s Retirement System’s collection of a $3 fee for court cases was unconstitutional. Since then, the system has been without a consistent funding source. Read more

CalSTRS Posts 6.3% Fiscal-Year Return as Public Equity Storms Back

The California State Teachers' Retirement System, West Sacramento, earned an annualized net return of 10.1% for the three years, 8.2% for the five years, 8.7% for the 10 years, 8% for the 20 years and 7.8% for the 30 years ended June 30. Read more

Governor Murphy Signs Bill Allowing Retired Teachers to Return to Classrooms, Keep Pensions

Gov. Phil Murphy signed a bill into law allowing retired teachers to return to classrooms for up to two years without giving up their pensions in a bid to address the state’s shortage of educators. Retired teachers would receive their pension allowance and a salary during the duration of their contract. Read more

Gainesville Police and Fire Pension Fund Issues RFP for Investment Consultant

Gainesville (Fla.) Consolidated Police Officers' and Firefighters' Retirement Plan has launched a search for a non-discretionary or partially discretionary investment consultant, said William D. Johnston, chief investment officer for the city. Read more

Michigan Officials, Union Leaders Push Public Employment Amid Shortage

Michigan officials and union leaders are raising awareness of staffing shortages in public sector jobs. The state’s job search portal showed 640 openings. Read more

Retired Texas Teachers Could Soon Get a Pay Bump, But Voters Need to Approve It

Rep. DeWayne Burns, R-Cleburne was a co-sponsor on the bill that ultimately passed, but retired teachers will only get this pay bump if voters approve it at the ballot box in November. Read more

Pennsylvania State Employees' Retirement System Rehires NEPC

Pennsylvania State Employees' Retirement System, Harrisburg, rehired NEPC as real estate consultant. Read more

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