State News
Chicago Teachers’ Pension Fund Wants to Enter Market for Private Debt
The Chicago Teachers’ Pension Fund, Illinois’s oldest public retirement system, wants to enter the hot private credit market with an initial investment of as much as $350 million. The fund said it has issued a request for proposals to split the total among multiple private credit investment managers, setting Jan. 19 as the deadline for bids, according to a document on its website. Read more
CalPERS Announces $100 Billion Net Zero Pledge and New Climate Accountability Measures
CalPERS announced a sweeping sustainable investing strategy to accelerate moving the fund’s portfolio toward net zero, where carbon emissions from investments are evenly balanced with carbon reductions. The new effort will commit $100 billion toward climate solutions by 2030 and ensure corporate accountability through the sale of investments that do not have a credible plan to reduce carbon emissions. Read more
Washington State’s Pension Plans’ Contributions Double Over Last Nine Years
The state’s contributions to 10 state pension plans have increased from $1.6 billion in 2014 to $3.3 billion in 2023, a 61% increase once adjusted for inflation. Read more
Iowa Attorney General Brenna Bird Leads 23 States in Letter to Combat 'Woke' Investment
Iowa Attorney General Brenna Bird is leading a coalition of 23 states in a letter to International Shareholder Services (“ISS”) and Glass Lewis. Read more
Texas Teachers Embarks on Asset Allocation Review
Texas Teacher Retirement System, Austin, is launching a strategic asset allocation study. The $181.7 billion pension fund will go through the asset allocation study process in 2024 due to its policy of conducting a study every five years. Read more
Up For Debate: Can NJ Keep Making Full Payments to Public-worker Pension Funds?
Surging collections helped fund employer pension contributions in New Jersey that now cost roughly $7 billion annually as overall spending has increased to near $55 billion. But since a new fiscal year began in July, total revenues were off last year’s pace by roughly 4% compared to this time last year, according to the Department of Treasury. Read more
New York Pension Case Poised to Decide Fate of ESG in 401(k)s
A state-court lawsuit challenging three New York City pension plans’ decision to divest from fossil fuel companies is poised to determine the fate of a broader, Republican-backed legal theory that ESG considerations don’t belong in workplace 401(k)s. Read more
PennPSERS' Private Equity Team Hit by Wave of Exits
One of the biggest U.S. public pensions lost most of its private equity team after the fund made changes that would crimp the group's ability to allocate to the alternative asset class. Four members of the Pennsylvania Public School Employees' Retirement System, Harrisburg, private equity investing team are retiring or have accepted new jobs. Read more
LACERS Sets $850 Million Private Equity Pacing Plan for 2024
The private equity strategic plan adopted Nov. 28 by the board of the $21.2 billion pension fund calls for 10 to 15 commitments with a target size of $40 million to $75 million per commitment, excluding co-investments. Read more
New York Comptrollers Call Out eBay for Removing Unionization Language
The comptrollers of New York state and New York City are calling on eBay Inc. to restore language the company removed from its human rights policy statement, which previously said the company respects its workers’ right to unionize. The comptrollers have accused the company of intentionally removing the passage after workers at one of its subsidiaries voted to form a union. Read more
Trumbull Brings Back Police Pensions in Unanimous Vote
The town council took a step that members hope will help retain police officers Monday, unanimously approving a plan to bring back pensions for the police department. Read more
Tax Cuts, Teacher Pension Increases at Stake After Misinformation-led Challenge to 2023 Election
Cost of living increases for about 400,000 retired teachers and public school employees could be delayed for months, unless the lawsuit moves quickly through the courts. Advocates say that, for many, this would be the first raise to their pensions they will see in nearly 20 years. Read more
NYC Comptroller Lander and Pension Trustees Join Global Labor Rights Investor Network
New York City Comptroller Brad Lander announced that the New York City Employees’ Retirement System (NYCERS) and Teachers’ Retirement System (TRS) have joined the Labor Rights Investor Network (LRIN), a global initiative of the CWC and its partnering unions. Read more
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