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State News
Dallas Officials Want Plan for Underfunded Police and Fire Pension
Dallas’ elected officials must have a plan on how to deal with billions in unfunded liability in the city’s police and fire pension by the end of 2024. Mayor Pro Tem Tennell Atkins, who chairs the city's Ad Hoc Committee on Pensions, wants a plan a lot faster than that. Read more
Could COLAs Come Back for State Pensioners? RI Treasurer Taking a Fresh Look
More than a decade after then-Treasurer Gina Raimondo made a national name for herself by leading a dramatic overhaul of the state's pension system, Rhode Island's current state treasurer, James Diossa, has launched a second look at one of the more controversial pieces in Raimondo's cost-cutting package. Read more
Oklahoma PERS Weighs Next Move in Tussle Over ESG-Blacklist Law
The board of trustees of the $11.1 billion Oklahoma Public Employees Retirement System is scrambling to respond to Oklahoma Treasurer Todd Russ in an escalating squabble over a law requiring public pension funds to cut ties with firms perceived to be hostile to the oil and gas industry. Russ sent the board a scathing 17-page letter rebuking it for its decision to take a fiduciary exemption from having to comply with the law. Read more
CalPERS’ Private Equity Allocation Remains Nearly $7B Under Target in Q3
The California Public Employees’ Retirement System continued to have the largest under-allocation to private equity among 352 pension funds worldwide in the third quarter of 2023, while the New York State Common Retirement Fund had the largest over-allocation, according to S&P Global Market Intelligence data. Read more
Bill Protects Retired PA Fire Instructors’ Pensions
The state Senate has approved Senate Bill 423, introduced by state Sen. Judy Ward, R-Blair, that would allow retired fire instructors to work part time while keeping their pensions. SB 423 would enable retired state employees to serve as part-time, state-certified fire instructors while continuing to collect their SERS pensions. Read more
New York City Unveils AI Action Plan
New York City Mayor Eric Adams on Monday unveiled an action plan for responsible municipal government use of artificial intelligence, the first plan of its kind for a major U.S. city. Read more
Illinois Teachers’ Names Ghiané Jones as Deputy CIO
“Ghiané has a strong background in asset allocation, knows the challenges facing Illinois public plans well, and has worked on and is committed to diversity programs such as ours, “said Stan Rupnik, TRS executive director and CIO, in a statement. Read more
PA Retirees Call on Lawmakers to make 'Cost-of-Living-Adjustment' for Pensions
The General Assembly hasn't passed any COLA legislation since 2002, meaning that state and school employees who retired before then have no increase to pension benefits. The average pre-Act 9 state retiree is living on less than $20,000 a year. Read more
Louisiana Voters Have Approved 4 Constitutional Amendments
Amendment 3, which increases payments to the state’s retirement funds, won approval from 56% of voters. That amendment increases the proportion of the state budget surplus that must go toward the Louisiana retirement systems’ unfunded pension liability from 10% to 25%. Read more
Several Pa. Pension Systems Kept Working with Financial Adviser After SEC Settlement
Leaders of several public pension systems in Pennsylvania continued to work with an investment adviser, his company, or a company for which he consults after he settled allegations of violating antifraud laws, a Spotlight PA investigation has found. Read more
Fitch Affirms Minnesota's Retirement System Building Rev Bonds at 'AAA'; Outlook Stable
Fitch Ratings has affirmed at 'AAA' the state of Minnesota's $4.76 million outstanding retirement system building revenue refunding bonds, series 2012. Read more
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