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December 11, 2023: NCPERS Weekly News Clips
Posted On: Dec 11, 2023

 

NCPERS Weekly NewsClips

December 11, 2023

 

NCPERS Spotlight

NCPERS Washington Update, December 8, 2023

Data Driven Pension Funds via Right-Sized Solutions: A Guide for Mid-Market Public Pension Plans, December 7, 2023

Maximizing Returns Through Asset Protection and Recovery, December 6, 2023

Public Pensions: New Discount Rate, New Strategy?, December 5, 2023

Pension Industry Careers: December Job Listings, Hiring, and Retirement Announcements, December 1, 2023

The Facts of SPACs: Why Wall Street Darlings Fell Back to Earth, November 30, 2023

How Public Pensions Can Support Participants' Retirement Readiness Through Financial Education, November 30, 2023

Public Pension Profiles: Exploring HR Challenges and Strategies with Shunne Powell, Chief Organizational Excellence Officer at TRS of Texas, November 29, 2023

Call for Speakers Officially Open for NCPERS 2024 Annual Conference & Exhibition (ACE), November 9, 2023

NCPERS Expands Pension Fund Roundtables to Create Space for HR Professionals, November 1, 2023

2023 Public Pension Compensation Survey: Mid- and Senior-Level Staffing Trends, October 20, 2023

Upcoming Events

Pension Communications Summit Date: January 21-22Location: Washington, DC

Legislative Conference

Date: January 22-24Location: Washington, DC

Opinions

Public Pensions Are Losing Top Talent. Isn’t It Time to Rethink Compensation?

High-profile departures of senior-level executives reflect not only an aging workforce and a more politicized operating environment but also salaries and benefits that need to be competitive with the private sector’s. Read more

National News

New Report Examines Impacts of Switching Away from Defined Benefit Pension Plans

Among states that switched to a DC plan, costs rose, negative cash flow grew, and employee turnover increased. Additionally, the retirement security of plan participants in DC plans was negatively impacted because of a high degree of “leakage” of retirement assets from the DC accounts that replaced pension plans. Read more

SECURE 2.0 Corrections Drafted by Congress

The bill would make corrections to several mistakes made in the hallmark retirement law. First and foremost, it corrects the most egregious error of SECURE 2.0: accidentally removing catch-up contributions, starting in 2024. Read more

Investors Worry About Geopolitics, Possible Recession in 2024 – Natixis

Almost half (49%) of investment managers surveyed by Natixis fear that the influence of geopolitical "bad actors" pose the biggest threat to the global economy, while 48% are concerned about a pullback in consumer spending, and 42% worry that policy errors by central banks represent the dominant threat. Read more

How to Plan, Craft Successful Participant Communication

Plan sponsors view communicating information to retirement plan participants as a critical function to connect employees to benefits, educate participants on the offerings and help them properly use their benefits. Read more

How Asset Managers Can Harness AI to Boost Profits, per EY

Artificial intelligence is coming to asset management firms, offering great promise. But the managers will need to “reframe” how they operate or get left behind, according to a recent EY report. The goal is to identify unseen investment opportunities, eliminate workplace inefficiencies and understand how to manage the new technology. Read more

Canadian News

Ontario DB Pension Plans’ Average Solvency Ratio Increased to 117% in Q3 2023

The average projected solvency ratio for Ontario defined benefit pension plans increased slightly to 117 per cent in the third quarter of 2023, with more than three-quarters of plans projected to be fully funded, according to a new report by the Financial Services Regulatory Authority of Ontario. Read more

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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