The outlook is grim as a comfortable retirement seems further and further out of reach for most Americans. And at the same time, employers are struggling with employee retention in a particularly tight labor market. While the solution to these massive challenges will ultimately require a multifaceted approach, the long-term answer may be simple: Make pension plans mainstream again. Read more

National News

Public Pensions Report Improved Returns for 2023

After three years of roller-coaster returns, state and local government pension funds are reporting a little more normalcy. For the year ended June 30, the funds' median return was 8.3%, according to Wilshire Trust Universe Comparison Service. That's about the average return for the past decade and above pension plans' long-term targets of around 7% per year. Read more

Inside the $499 Million Lawsuit Settlement Exposing 'Opaque' World of Securities Lending

Some of America's billion-dollar pension funds have agreed to a proposed settlement in a lawsuit against Wall Street banks, in a long-running case that cracked open the hidden world of securities lending. Read more

U.S. Public Pension Plans Sustain Support for ESG Resolutions

Public pension funds—irretrievably tied to politics by nature of their public funding—continued demonstrating strong support for ESG shareholder resolutions in the 2022 proxy season, according to a Morningstar review of some of the largest U.S. pension funds. Read more

NAGDCA Provides Roth Catch-Up Guidance for Government Plan Sponsors

Off the heels of the IRS announcement that plan sponsors are allotted a two-year administrative transition period to implement Roth catch-up contributions that were mandated in the SECURE 2.0 Act, the National Association of Government Defined Contribution Administrators discussed additional guidance that the IRS is considering and what this may mean for government employers. Read more

Wall Street Fights Back Against New SEC Reforms in Scathing Lawsuit

A cohort of trade associations has thrown the first punch in a brawl over new Securities and Exchange Commission (SEC) regulations governing how investors are protected when putting their money with private fund advisers. Read more

Canadian Newsï»¿

Canada's Largest Pension Fund Trims Staff As It Puts China Deals on Hold

The fund has paused new investments in China, including direct investments as well as those in China-focused fund managers, discouraged by the country's faltering economic recovery and tensions with the West. Read more

Majority of Canadian Institutional Investors Consider Climate Change a Top ESG Focus

A majority (98 percent) of Canadian institutional investors consider climate change a top environmental, social and governance focus area, according to a new survey by consultancy Millani. Read more

State News

NYC Pension CIO Sees Little Impact From Wall Street ESG Pullback

Steven Meier, the chief investment officer for the New York City Retirement System, said a pullback on ESG efforts by major fund-management companies has little impact on the city’s pensions and their power to vote on shareholder measures seeking to change corporate policies. Read more

Oklahoma Pension Trustees Vote for Exemption to Law Barring Business With Some Banks

Trustees of the Oklahoma Public Employee Retirement System voted last week to take a financial exemption from a new law forbidding state pension systems from doing business with banks perceived to be hostile to oil and gas companies. Read more
Mississippi Public Employees Posts Gross Return of 7.8% for Fiscal Year

Mississippi Public Employees' Retirement System, Jackson, reported a gross return of 7.8% for the fiscal year ended June 30, falling short of its policy benchmark of 9.7%, according to a report prepared by Callan, the pension fund's investment consultant. Read more

Richmond City Council Weighs Employee Pension Proposal

City Hall is proposing that new employees be enrolled in the state’s pension system effective Jan. 1, according to a lengthy report City Council received Tuesday. Read more

New Mexico PERA Returns 4.2% for Fiscal Year 2023

New Mexico Public Employees Retirement Association, Santa Fe, N.M, earned a net 4.2%, below its 6.9% benchmark for the fiscal year ended June 30, Michael Shackelford, CIO told the board. Read more

Persistent Pension Problems Has Dallas Eying Pension Bonds

During a presentation to the city council last month on debt capacity for a 2024 general obligation bond referendum, Dallas Chief Financial Officer Jack Ireland said $400 million of available capacity was being set aside for the potential issuance of POBs. Read more

Seattle City Employees Records 7.3% Net Return for Fiscal Year

Seattle City Employees' Retirement System posted a net return of 7.3% for the fiscal year ended June 30, just short of the policy benchmark return of 8.1% for the period, according to a performance report on its website. Read more

Two Smaller State-Run Louisiana Pension Funds Report Solid Financials Despite Downturn

Retirement systems for Louisiana assessors and parochial employees remain strong despite declines in market returns in 2022. Read more

Chicago Teachers Chalks Up Net Return of 8.7% for Fiscal Year

The $11.9 billion pension fund's return fell short of the benchmark return of 9.5% for the period, according to performance report posted on its website. Read more

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