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State News
Chicago's 2024 Budget Includes $2.8 Billion in Pension Contributions
Those contributions, include $307 million in advance payments and represent the third year in a row — and third in the city's history — it has made actuarially determined contributions. Read more
New York City Comptroller Brad Lander and Pension Trustees Announce Critical Changes to and Expansion of Emerging Manager Program
During fiscal year 2023, the Systems’ total actively managed US based assets exposure to MWBE investment managers across all asset classes increased to $19.50 billion (12.68%) – up from 11.65% the prior year. This increase accompanies a strong 8% increase in investment returns for the fiscal year, surpassing the 7% actuarial target rate. Read more
Pennsylvania House OKs $1.8 Billion Pension Boost for Government and Public School Retirees
Democrats who control the state House of Representatives on Tuesday advanced an estimated $1.8 billion boost to the pensions of Pennsylvania state government and public school retirees, while some Republicans said taxpayers will unfairly shoulder the financial burden. Read more
Oklahoma Pension System Strikes Back at Anti-ESG Treasurer Over BlackRock, SSGA Funds
Oklahoma Public Employees Retirement System fired back at Oklahoma Treasurer Todd Russ in a letter rebuffing Russ' accusations that the $10.3 billion pension fund violated the law when it voted to keep BlackRock and State Street as asset managers. Read more
CalPERS Funded Status Inches Up from 2022 Plunge
CalPERS' estimated funded status was about 72% as of June 30, rising from 70.9% last year but still reflecting a significant decline from 81.2% in 2021, according to $446.7 billion pension fund's most recent funding report. Read more
Shreveport Mayor Asks for $1M to Avoid Firefighter Pension Funding Dilemma
The city has two, old pension funds for police and fire personnel who retired many years ago. The pension system was closed in the 1980s’ and new hires were then placed under the state’s system. The administration said their commitment is that the city owes the pension beneficiaries everything they were promised until the last beneficiary passes away. Read more
Illinois Municipal CIO Angela Miller-May on Reallocating Portfolios Amid a Volatile Market
She sat down for an interview to discuss her investment reallocations since joining the $49 billion pension fund;why fixed income presents opportunities; the geopolitical risks and outlook for a recession in the U.S.; whether the Federal Reserve is done raising rates; and her personal journey to the CIO job. Read more
New York State Common Retirement Fund value dips to $246.3 billion
The fund experienced a -1.59% investment return, a dip from June's $254.1 billion valuation but still an improvement over the March figure of $248.5 billion at the fiscal year-end. Read more
CalSTRS' Ailman: Energy Transition a 'Massive' Undertaking for Investors Worldwide
To mark its 50th anniversary this year, Pensions & Investments sought out pre-eminent investor Christopher Ailman, CIO of the $316.7 billion California State Teachers' Retirement System, West Sacramento, for his thoughts on the energy transition, the outlook for private markets and navigating through the pandemic. Read more
Bill to Boost Pensions for Retired Chicago Cops Will Cost City $60M
The pension bill — approved last week during the Legislature’s veto session — will grant 3% cost-of-living increases for all retired Chicago police officers, regardless of whether they were born before or after Jan. 1, 1966. Pritzker in 2021 signed into law a similar measure that boosted pensions for retired firefighters. Read more
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