UPFFA |

By working without the cooperation of labor leaders and targeting this information directly to rank-and-file public servants with worker-oriented language, they attempt to coerce workers into voting against themselves; subsequently lining the pockets of wealthy Wall Street investors and venture capitalists–the people who benefit most from the closure of a public pension plan. Read more

National News

Public Pension Funded Ratio Keeps Climbing, Reaches 76.8% at End of July

The Milliman 100 PPFI funded ratio rose from 75.8% as of June 30 to 76.8% as of July 31, the result of a $57 billion funded status improvement. A second consecutive month of positive market performance drove this result, as the plans experienced estimated aggregate investment returns of 1.9% in July and gained approximately $82 billion in market value. Read more

More Federal Spending Is a Boon to US, Says JPM

Higher federal spending is bringing many benefits to the U.S., according to J.P. Morgan Asset Management, ranging from boosting renewable energy to hastening health-care advances. And any resulting inflation is containable. Read more

MOVEit Cyberattack Ignites Worry About Fiduciary Responsibility

If there's one big takeaway for plan sponsors following the massive MOVEit cyberattack that breached the personal data of millions of participants in public pension and private-sector workplace retirement plans, it's this: They may need to rewrite their vendor contracts and redouble their monitoring of service providers. Read more

State Tax Cut Wave Has Peaked with Modest Revenue Effects for Most States

Tax cuts enacted by US states in 2023 are not likely to have a meaningful effect on most states’ revenues or affect credit ratings in the short term, says Fitch Ratings. For the most part, tax cuts enacted in 2023 will have more modest effects on revenues than cuts made in prior years, as most 2023 changes took the form of temporary rate reductions, tax holidays, or expanded tax credits. Read more

ESG Investing Laws Diverge in Red and Blue States: Explained

More than a dozen states across the country are implementing new ESG laws that in most cases curb use of the factors in investments, contracts, and other areas. Most of the action is in Republican-led states, where lawmakers have restricted environmental, social, and governance considerations—such as addressing climate change—in a range of state and corporate actions. Meanwhile, Democrat-led states including Illinois and Colorado enacted laws requiring additional disclosures on investment risks and sustainability.

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Canadian Newsï»¿

As Rates Rise, Bonds Boost One of Ontario’s Biggest Pension Funds, Even As Real Estate Arm Suffers Loss

Amid slumping commercial real estate values, one of Ontario’s biggest pension fund managers sees the upside in something a little retro: good, old-fashioned bonds. Ontario Municipal Employees Retirement System (OMERS) said Wednesday that it generated a net investment return of 3.1 per cent in the first half of the year, even as its real estate business suffered a loss, adding $3.8 billion to the plan’s total net assets of $127.4 billion. Read more

State News

New Front in ESG Wars: Securities Industry Sues Missouri

The Securities Industry and Financial Markets Association (“SIFMA”) – a leading Wall Street industry association – filed suit to enjoin new Missouri regulations requiring investment advisors (“IA’s”) and broker-dealers (“BDs”) there to obtain a prescribed form of client consent, if they use “social” or “nonfinancial” objectives in their investment analysis. Read more

West Haven Hopes Police Pension Deal Will Aid Retention

City officials for years have bemoaned the transience of department members, raising concerns about the number of officers who are recruited by and trained by the department before being leaving for higher-paying suburban departments with fixed-benefit plans. On Tuesday, the council took a vote to reintroduce a pension plan in the police contract. Read more

Oklahoma Treasurer Cuts Blacklist by More Than Half

Oklahoma Treasurer Todd Russ has released an updated list of financial companies banned from doing business with the state for allegedly boycotting oil and gas companies, reducing the number of blacklisted firms to six from 13. Read more

Maryland State Retirement Tops Benchmark with 3.1% Annual Return

Maryland State Retirement & Pension System, Baltimore, returned a net 3.1% for the fiscal year ended June 30, beating its benchmark return of 2.2%, its board of trustees announced. Read more

Maine, Colorado to Partner On State-Sponsored Auto IRA

Maine will partner with Colorado on its already established state-sponsored automatic retirement savings program for private-sector workers to provide the smaller state of Maine with a ready-made plan while reducing costs for both programs. Read more

Proposed Budget Shorts Dallas Police, Firefighters Pension

Last November, Dallas Police and Fire Pension System Administrator Kelly Gottschalk said funding the pension cannot be achieved merely through investing and will necessitate substantial funds from the Dallas taxpayer. Read more

CalPERS Hands Over Trove of Climate-related Documents Demanded by House GOP

The California Public Employees' Retirement System, Sacramento, has turned over thousands of pages of documents in recent months to Congress as the country's largest pension fund faces Republican scrutiny for its investment practices intended to combat climate change. Read more

Colorado PERA Receives Results of 2022 Financial Audit

The State of Colorado released its annual audit of Colorado PERA’s financial reporting and internal controls, finding no issues that needed attention. Read more

California Lawmakers Consider Repealing Taxes on Military Pensions

After several failed attempts, state lawmakers are now widely backing Assembly Bill 46, new legislation that would repeal the tax for the next decade. Read more

Maine Public Employees Nets 4.7% Return for Fiscal Year

The fiscal-year results trailed the benchmark of 5.7%. The three-year annualized return of 11% topped the benchmark of 10.8%. The five-year annualized return of 8.4% exceeded the benchmark of 7.9%. Read more