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Careful research by Ph.D economists concludes America faces a huge retirement shortfall. We are about eight to nine years away from Social Security's inability to pay full benefits; all boomers are past age 60, and the typical Gen Y and Millennial is predicted to do a little worse or much worse than the cohorts of their big brothers, sisters, and parents. The erosion in retirement security is worse for the bottom 60% or so of the earnings distribution. Read more

National News

US Retirement Assets Hit Record $40T

Total U.S. retirement assets climbed to $40 trillion as of June 30, marking a 1.3% increase from March and the highest since the Investment Company Institute started tracking the figure in 2000. Retirement assets represented 32% of all household financial assets in the U.S., reflecting a steady rise in the nation’s long-term savings, the firm noted. Read more

Bill to Boost Social Security for Public Workers Heads to a Vote

The bipartisan Social Security Fairness Act secured enough support to force a House vote. The Act would repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) that reduce Social Security benefits for certain retirees who also receive pension income. If the bill passes, it will go to the Senate for a chance to become law. Read more

Spotlighting Women’s Retirement Security

Over the past few decades, women have made strides in their economic participation. Women’s prime-age labor force participation rate (ages 25-54) reached 78.4 percent in August 2024, narrowing the gap in participation between women and men to the lowest point in three decades. As of 2021, 39 percent of women have completed four or more years of college – up from 19.6 percent three decades earlier. Read more

Recruitment, Retention at Public Pension Funds Improves as Benefits and Wages Rise

Public pension funds are starting to feel relief from recruitment and retention woes as they offer increasingly desirable benefit packages. That relief is in tandem with a jump in public sector wage growth, according to a new survey from the National Conference on Public Employee Retirement Systems and CBIZ. The '2024 Public Pension Compensation Survey,’ released on Sept. 23, found that nearly one-half of respondents (49.3%) said they were having no problems in attracting and recruiting skilled staff, up from 38% of respondents in a 2022 survey conducted by NCPERS. Read more

Bill to Repeal WEP, GPO Reaches Threshold to Force a House Floor Vote

Legislation to repeal the Windfall Elimination Provision and the Government Pension Offset is nearing the finish line in the House. After it was filed, a discharge petition for the Social Security Fairness Act has reached the 218-signature threshold needed to force the bill to a floor vote. Read more

SEC Charges 12 Financial Firms for Recordkeeping Failures

The Securities and Exchange Commission announced charges against 12 financial firms for failing to properly maintain and preserve electronic communications, violating federal securities recordkeeping laws. The firms acknowledged their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined civil penalties totaling $88.2 million, according to the SEC. Read more

Canadian Newsï»¿

How Canadian Association of Pension Supervisory Authorities’ Updated CAP Guideline Will Impact Plan Sponsors, Members

While the Canadian Association of Pension Supervisory Authorities’ updated capital accumulation plan guideline contains several key updates with regard to plan sponsor and member responsibilities, smaller plan sponsors may face administrative challenges in applying the guidance, says Jordan Fremont, a partner at Stikeman Elliott LLP’s pensions and benefits group. Read more

State News

NYC Pension System Makes $9.5 Million Infrastructure Commitment

New York City Retirement Systems made a $9.5 million co-investment commitment to an infrastructure investment vehicle managed by American Triple I, according a news release on the website of city Comptroller Brad Lander, investment adviser and custodian for the $277 billion pension system. Read more

Colorado PERA Need $13 billion to Bolster its Odds of Full Funding

Six years and billions of dollars into Colorado’s 30-year pension rescue plan, the Public Employees’ Retirement Association has less than a 50-50 chance of reaching its goal of full funding by 2048. PERA officials are expected to report back to the legislature’s Pension Review Subcommittee on what it would take to increase those odds to 67%. Read more

Connecticut Treasurer Erick Russell Deposits $608.2 Million Volatility Transfer into State Pension Funds

Connecticut Treasurer Erick Russell announced that $608.2 million in excess revenues generated through the state’s volatility cap have been deposited into the pension funds for retired teachers and state workers following the certification of Fiscal Year 2024 data. Read more

Pennsylvania Municipal Employees Receive $400M Pension Boosts

Public workers received state aid in their pension plans thanks to an announcement from Pennsylvania Auditor General Tim Defoor. He visited the Cambria County Courthouse to announce over $400 million being added to municipal workers’ retirement fund. He gave the Ebensburg Borough Council their share of over $138,000. Read more

'We're Kind of at a Loss': County Testifies on Vanderburgh, Indiana Sheriff Pension Issues

Vanderburgh County Council President Jill Hahn expressed confusion to Indiana's state Pension Management Oversight Committee in Indianapolis over what the county's responsibility of the board is in funding the Vanderburgh County Sheriff's Office pension. Read more

Chaos at Ohio Teachers’ Pension Board Leading to Even More Ethical Concerns

Chaos at the retired teachers' pension board left two people without jobs and plenty more concerns about violation of ethics laws. It was the expected final day for the State Teachers Retirement System (STRS) board member Wade Steen, but the unexpected dismissal of Executive Director Bill Neville. Read more

Amarillo, Texas City Council Approves Pay Raises for Amarillo Police and Fire

The City of Amarillo recently approved pay raises and other updated agreements for the Amarillo Fire Department and the Amarillo Police Department, which will go into effect on Oct. 1. The APD will receive pay raises of 6% to 16%, depending on rank, and the AFD will receive pay raises of 8% to 19%, depending on rank. Read more

South Carolina Firefighter, Law Enforcement Unions Push Vote on Federal Social Security Bill

Federal lawmakers will consider a federal social security bill for public servants after seven petition attempts and a decades-long discussion over fairness. Millions of firefighters, law enforcement officers, teachers and other civil service workers are affected by social security provisions each year. Read more

Illinois Town Halls to Focus on Lower Benefit Tier 2 Pensions for Educators, Public Employees

Town halls across Illinois began in the We Are One Coalition, joining together educators, public sector workers, pension experts and Labor leaders to address problems in the Illinois pension system. Employees of schools and colleges hired in 2011 and later are usually Tier 2 participants in the Teachers’ Retirement System, State Universities Retirement System or Illinois Municipal Retirement Fund. Read more

Chicago Public Schools Wants to Combine State and Local Teacher Retirement Funds. Is That Possible?

As they worked to close a budget deficit this summer, Chicago Public Schools officials proposed a surprising and bold cost-saving measure: Combine the Chicago Teachers’ Pension Fund with the Illinois Teachers’ Retirement System. Chicago school officials said the move could direct more money to schools by reducing the cost of Chicago’s contribution to the pension fund. Read more

Texas Municipal CIO positive on Private Markets in Asia-Pacific

Investors will find it worthwhile to study and consider private markets in Asia-Pacific in the long run, particularly in countries such as Australia, Japan, South Korea, and India, said Yup Kim, CIO of the $41 billion Texas Municipal Retirement System, Austin. Read more