State News
Still No Clear Plan for Dallas’ Police, Fire Pension Funding Gap
City officials have until Nov. 1, 2024 to submit a plan to the state as to how they will close the $3 billion shortfall and have the system fully funded by 2055, but it remains unclear how officials will do so. Read more
Oklahoma Treasurer, OPEA differ over ESG policies
Oklahoma’s largest public employee association says efforts by State Treasurer Todd Russ to boycott large banks and asset management companies with environmental, social and governmental policies could cost state taxpayers tens of millions of dollars and “the promise the state has made to thousands of retired public employees.” Read more
Nearly 70K Pa. School, Government Retirees Have Had No COLA Increase in 21 Years
Legislation to provide former public servants who retired before July 2, 2001, with a COLA is on track to be considered by the Democratic-controlled House of Representatives. Two bills advanced out of the House State Government Committee in late June; one would grant a 10% to 20% increase in pension payments, with those who have been retired longer (and likely received lower salaries) receiving the higher percentage, and the other grants a 15% to 24.5% boost. Read more
California’s Pensions are Getting Greener
The California Public Employees’ Retirement System for years has resisted activists’ calls to dump all its oil and gas holdings, saying it doesn’t have the luxury of embracing “social responsibility” if there’s a risk to members’ pensions. But under a proposal published Friday, the system would add new scrutiny of climate risks in its $444 billion portfolio while expanding investments in things like renewable energy, carbon capture and drought-resistant crops. Read more
Alaska Retirement Board Recommends Closure of Widely Used Plan After Analysis Finds Flaws
The board in charge of Alaska’s retirement system for public employees has recommended the closure of its commonly used managed accounts program after an independent review found workers were being charged high fees and receiving lower-than-expected returns. Read more
Jacksonville City Retirement System Posts 13% Return
The $2.2 billion pension fund's return exceeded its policy benchmark return of 11.4% for the period, according to a performance report on its website. Read more
Illinois SURS CIO Doug Wesley to Retire
The CIO of the Illinois State Universities Retirement System, Doug Wesley, will retire from his role after seven years at the helm and 30 years with the organization. He will stay in his current position until retiring on March 1, 2024. Read more
Pennsylvania PSERS Reports Preliminary 3.54% Return for 2023
The $72.8 billion pension fund also launched a new strategic plan and hired an external derivatives manager. Read more
CalSavers Sees Retirement Plan Registrant Increase
The CalSavers retirement savings program continued to support an increase in registered employers, submitted retirement plan contributions and participant-funded accounts in September, according to its latest participation report. Read more
SJCERA Chief Executive Officer Johanna Shick to Retire in March
The San Joaquin County Employees’ Retirement Association (SJCERA) announced Chief Executive Officer Johanna Shick plans to retire in March 2024, after completing seven years of dedicated service and exceptional leadership at SJCERA, and more than 33 years of public service. Read more
Fiscal ’23 Was a Good Year for NJ’s Public-Worker Pension Funds
In all, net investment returns hit 9% during the 2023 fiscal year, which ended June 30, according to the new estimates reviewed by members of the council. Read more
New Mexico PERA Pledges $390 Million to Alts, Unwinds Overlay
New Mexico Public Employees Retirement Association, Santa Fe, committed a total of $390 million to alternative investment funds, according to a staff report. Read more
CalSTRS Expected to Consider Using Leverage to Manage Risk
Staff plans to present a revised investment policy statement to the board in January that would allow the use of leverage across its portfolio but would also increase how far the portfolio can stray from long-term asset allocation targets, expanding the permissible asset allocation ranges by a proposed 2%. Read more
Alaska Permanent Fund Eyes Path to $100B AUM
The program, currently at $78 billion, reviews plans to increase its risk in pursuit of higher returns. Read more
Florida State Board of Administration Reducing Allocation to Stocks
The Florida State Board of Administration has voted to reduce the state’s allocation to public equities and added active credit as a new target asset class, according to the administration’s most recent board meeting. Read more
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