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State News
Auditor General Distributes Nearly $405 Million in Aid to Municipal Pension Plans Across Pennsylvania
Auditor General Timothy L. DeFoor announced his department has distributed nearly $405 million in state aid to municipal pension plans across Pennsylvania as part of the annual allocation. Ebensburg Borough in Cambria County received $138,414.21. Read more
CalSTRS to 'Take Off Training Wheels' From its Private Equity Policy, Add Leverage Guardrails
CalSTRS updated the private equity investment policy for its $53 billion portfolio on Sept. 25, delineating the use of total portfolio leverage in the asset class and requiring an independent fiduciary to verify price on co-investments greater than $250 million. Read more
North Dakota is Building Up Its In-House Capabilities. Its CIO Wants to Hit Up to 50% Internally Managed.
The North Dakota State Investment Board is moving to harness the fast-paced growth of the state’s institutional investment pools to build advanced in-house asset management capabilities in Bismarck. Scott M. Anderson, the State of Wisconsin Investment Board veteran who joined North Dakota as chief investment officer in 2022, said that effort could see the internally managed portion of the $22 billion in assets the State Investment Board oversees on behalf of 31 state clients go to as high as 50% from zero over the coming five years or so. Read more
Washington State Investment Board Posts 8.5% Fiscal-Year Return
Washington State Investment Board's $166.9 billion commingled trust fund of defined benefit plan assets returned a net 8.5% for the fiscal year ended June 30. The return fell below the Olympia-based board's custom benchmark return of 12% for the period, according to a performance report on its website. Read more
Ohio State Teachers Can't Invest Its Way to Permanent COLAs
The Ohio State Teachers’ Retirement System cannot invest its way to a permanent COLA, Brian Grinnell, former chief actuary of the $97.3 billion pension fund, told Pensions & Investments. Grinnell left the pension fund in May after more than 10 years as its chief actuary. In a Sept. 27 interview, he said his responsibilities were primarily to help STRS staff and the board understand the risks the pension fund has faced and help develop a forward-looking plan to make decisions with long-term outcomes in mind. Read more
Texas Teachers Trims Private Equity in New Asset Allocation, But CIO Still Sees Opportunity
Private equity may be maturing and competition increasing, but large institutions may benefit from increased competition by seeing better returns on existing investments, said Jase Auby, chief investment officer of the Texas Teacher Retirement System. The $203.7 billion Austin-based pension fund recently completed an asset allocation study, and the board approved a new target allocation that included lowering the target to private equity to 12% from 14%. Read more
Chicago Public Schools Wants to Combine State and Local Teacher Retirement Funds. Is That Possible?
Both the Chicago Teachers Union and the Chicago Teachers’ Pension Fund oppose the plan, saying teachers would not support it and both groups want to keep the pension system they’ve had since 1895. Read more
Iowa Public Employees’ Retirement System Returns 9.07% in Fiscal 2024
The Iowa Public Employees’ Retirement System board announced a 9.07% return in fiscal 2024, outperforming its policy benchmark of 8.80% and long-term investment assumption of 7%. Assets of the IPERS trust fund grew $2.48 billion to $43.61 billion. At the fund’s board meeting, IPERS CEO Greg Samorajski attributed returns to equity performance, specifically emerging market equities, especially in Asia. Read more
San Antonio Fire & Police Earmarks $50 Million for Private Credit
San Antonio Fire & Police Pension Fund approved two new private credit commitments totaling $50 million. The $4 billion pension fund’s board approved commitments of $25 million each to MCP Private Capital Fund V, managed by Metric Capital Partners, and VGO Special Situations Fund III, managed by VGO Capital Partners. Read moreLouisville, Kentucky Facing Critical Shortage of First Responders
Louisville Metro EMS is often the first line of defense or the first phone calls when there is an emergency around the city. Louisville Metro EMS is looking for first responders amid a nationwide staffing shortage. The city is looking to recruit more EMTs, paramedics and dispatchers. Read more
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