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State News
PSRS/PEERS Named One of the “Best Places to Work in Money Management” by Pensions & Investments Magazine
Winners of the annual award were selected based on the results of employee surveys conducted by P&I and Best Companies Group, a research firm specializing in identifying great places to work. Read more
Detroit Police and Fire Pension Board Appeals Ruling, Fights for 20-year Amortization Plan
Detroit’s Police and Fire Retirement System is fighting back with an appeal of a ruling allowing the city to make catch-up pension payments, which were delayed during bankruptcy, over the next 30 years instead of 20 years. Read more
Oklahoma Teachers OKs Stock Divestment of 'Anti-Fossil Fuel' Firms
Oklahoma's largest pension fund, the $20.7 billion Oklahoma Teachers' Retirement System, will divest $184 million in the publicly-traded securities of Bank of America, BlackRock, J.P. Morgan Chase, State Street and Wells Fargo, five of the six firms that Oklahoma has identified as being hostile to the fossil-fuel industry. Read more
NY Governor Signs Bill to Allow Auto-Enrollment of NYC Board of Education Employees
New York Governor Kathy Hochul signed State Senate Bill S6962 on Monday, requiring new and existing New York City Board of Education Retirement System-eligible employees to be automatically enrolled into the BERS plan. Read more
TRS Board Talks COLA, Pension Fund Health
Last Thursday and Friday, the Teacher Retirement System of Texas (TRS) Board of Trustees met for its final quarterly meeting of 2023. At this meeting, the board discussed the financial health of the TRS pension fund and the pension cost-of-living adjustment (COLA) that will be applied to the checks of eligible retirees beginning in January. Read more
Delaware Joins Interstate Partnership to Accelerate State Auto-IRA Program
The Delaware EARNS program will be available to Delaware private sector workers who don’t have access to a retirement savings program and will be administered by digital 401(k) provider Vestwell. Read more
Dallas Police and Fire Pension Officials to City: Start ‘Monetizing’ City Assets to Build Back Fund
Pension officials briefed the committee on three recommendations they say could stabilize the police and fire fund. The first recommendation is for the city to make additional fixed contributions into the system of $20 million, $40 million and $60 million over the first three years of the plan — what officials call a “phase-in” period. But the main recommendation was for the city to start “monetizing” on city assets. Read more
CalSTRS Earns Best Place to Work in Money Management Honor for Ninth Time
For the ninth year, Pensions & Investments magazine has named the California State Teachers' Retirement System one of the Best Places to Work in Money Management. Read more
Illinois Teachers to Receive $6.2B From State to Boost Funded Status
Illinois will contribute $6.2 billion to the Teachers’ Retirement System of the State of Illinois, the fund at its December board meeting. The contribution will be granted in fiscal 2025, which begins in July 2024, and will be a 2.7% increase over the state’s $6.04 billion contribution this fiscal year. Read more
State Board Votes to Divest Missouri Employee Pension Fund from China
The board overseeing Missouri’s largest state employee pension fund voted Tuesday to sell most of its investments in Chinese-owned companies, reversing a decision it made last month. The divestment by the Missouri State Employees Retirement Fund will take place over the next 12 months, with an allowance to stretch that to 36 months to avoid financial losses as investments are sold. Read more
CalSavers Continues to See Retirement Plan Registrant Increase
The CalSavers November participation report shows the state auto-IRA program has accrued nearly $700 million in retirement assets. Read more
Rhode Island Retirees Will Make Their Case for Pension COLAs
Scores of retired public employees descended on the Community College of Rhode Island's Warwick campus on Thursday to argue for scuttling, or at least scaling back, the Raimondo-era changes made to their pensions in 2011. Read more
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