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State News
Ohio Bill Would Increase Police and Firefighter Pension Funds
Some Republican lawmakers want to increase certain pension fund contributions. House Bill 296 is sponsored by Representatives Thomas Hall (R-Madison Township) and Cindy Abrams (R-Harrison) and would incrementally, over four years, increase the contribution amounts to the Ohio Police and Fire Pension Fund. Read more
Morningstar Added to Florida's Israel-boycott List
Florida State Board of Administration, Tallahassee, has added Morningstar to its list of “Scrutinized Companies that Boycott Israel.” Trustee meeting materials did not provide any further information on the reason for inclusion on the list, except for a reference to Morningstar’s ESG research subsidiary Sustainalytics. Read more
How Texas’ Teacher Retirement System is Incorporating AI into Pension Governance
While artificial intelligence represents a new cornerstone for institutional investors’ operational tasks, corporate governance will be essential to ensure the risks are properly managed, according to Andrew Roth, deputy director of the Teacher Retirement System of Texas. Read more
N.J. Public Worker Pension Fund Posts Surprisingly Strong Gains Despite Volatile Fiscal Year
New Jersey’s public worker pension fund gained more than $5 billion in market value in the fiscal year that ended June 30, lifting its total value to about $91.4 billion as it continued to rebound from heavy losses in 2022. That amounted to a 9.1% gain on investments, outperforming the fund’s benchmark and its long-term assumed rate of return. Read more
Pension Spotlight: California
Pension plans continue to be moderately funded for most cities and counties that participate under the California Public Employees' Retirement System's (CalPERS) statewide pension plans. Read more
NYC Pension Funds Argue ESG Lawsuit Hinges on ‘Legal Errors’
New York City pension funds slammed their opposition’s request for the New York State Supreme Court to reject the funds’ motion to dismiss complaints brought against three of the five funds for allegedly jeopardizing the retirement security of participants by permitting environmental, social and governance factors to be considered in investment decisions. Read more
Alaska Governor’s Staff Deleted State Agency’s Analysis of Teacher Pay
The report, which had been the cover article in this month’s edition of Alaska Economic Trends, concludes that Alaska’s teachers are paid more than the national average but that the state’s “pay premium” has declined significantly since the 1980s. Read more
Ramsey County Lawsuit Says New Law Violates Disability Pay for Disabled First Responders
An organization that represents police, firefighters, paramedics, corrections workers and other first responders disabled in the line of duty has filed a lawsuit against Minnesota’s public pension system, the Public Employees Retirement Association, or PERA, over a new law that it says will heavily impact its members’ pension benefits and eligibility requirements. Read more
Georgia to Pay for Gender Affirmation Care for Public Employees
The state of Georgia will start paying for gender affirmation care for state employees, public school teachers and former employees covered by a state health insurance plan, settling the latest lawsuit aimed at forcing state agencies to pay for surgery and other procedures. Read more
Alabama Pension Fund Veteran David Bronner Opens Up About His 50-year Reign as CEO
P&I spoke with Bronner about the changes he has overseen at the $47.9 billion pension fund, as well as his insights into the future of the retirement landscape. Read more
State Teachers Retirement System of Ohio Returns 7.55% in Fiscal 2023
The return came despite alternatives within the fund returning negative 1.41%, a stark reversal from recent performances. The system had $87.5 billion in assets under management as of September. Read more
Los Angeles Fire & Police Earmarks Up to $20 Million for Venture Capital Fund
Los Angeles Fire & Police Pensions committed up to $20 million to Innovation Endeavors V, L.P, a venture capital fund, according to a report for the $30 billion pension plan's board. Read more
Kentucky Public Pension Authority to Start Search for New Executive Director
The authority is conducting the search due to the upcoming retirement of David Eager, effective June 30, 2024, he said in a phone interview. Read more
New York City Unveils AI Action Plan
The New York City Artificial Intelligence Action Plan includes a broad framework through which city agencies can evaluate AI-driven tools and their risks, help employees build their knowledge of and skills with the technology and responsibly implement AI to help improve city residents’ quality of life. Read more
CalPERS Starts CIO Search Again, Hiring Dore Partnership as Recruiter
CalPERS has launched a search for a new CIO to replace Nicole Musicco, who stepped down at the end of September. Dan Bienvenue, CalPERS Deputy CIO, is currently serving as interim CIO. Read more
Florida State Board OKs New Asset Allocation for Retirement System
Florida State Board of Administration's trustees have approved a new asset allocation for the $188.8 billion Florida Retirement System, Tallahassee, which includes the creation of a dedicated active credit target and increases to fixed income, private equity and real estate. Read more
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