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State News
NYC Pension System Invests 13.3% of Assets with Minority- and Women-Owned Firms
The New York City Retirement Systems invested $23.1 billion with minority-owned and women-owned asset management firms, representing 13.3% of total pension fund assets for the fiscal year ended June 30, reported Brad Lander, the city comptroller and custodian of the five pension funds in the city system...The firms' performance during the previous fiscal year "helped us achieve a 10% return that saved taxpayers $1.8 billion," he said. Read more
Mississippi Municipalities Should Brace for Higher Pension Contributions
Around 10% of Mississippi’s population is a member of the state’s Public Employee Retirement System (PERS). Yet, the pension plan has only enough funds to cover about half of the retirement benefits promised. A new law, Senate Bill 3231, aims to address the underfunding by mandating a moderate increase in municipal pension contributions, but the increase prescribed will not be sufficient to resolve the underfunding accumulated over decades. Read more
Ohio House Passes Bill to Boost Police Pension Contributions by Cities
A bill to require municipalities to pay around $80 million a year more toward pensions for law enforcement passed the House with bipartisan support. But the bill, which is supported by cops but opposed by cities, may not get much further. House Bill 296 would require municipalities to increase the contribution to the fund for police from 19.5% to 24% over six years, which is the rate for firefighters. Read more
Morgantown, West Virginia Leaders Considering Options for Police/Fire Pension Plans
City leaders are exploring options for the pension plans that cover police officers and firefighters...The decision was made after a presentation by city Finance Director John Furgison, who encouraged the council to consider a variation of city fire service fee increases, a reexamination of sales tax fund allocations and potential cuts to programs to go along with a move to the State Municipal Pension Plan to prevent costly liabilities and fully cover both pensions. Read more
Michigan Corrections Officers Push for State Police Pension Bill
The Michigan statehouse will debate adding state corrections officers to the state police pension plan in the final days of this year's legislative session. Two months ago, the state Senate passed legislation that would expand pension options for state prison staffers beyond the standard state employee 401K. State corrections officers have been raising alarms over a staffing crisis for years. They currently face a staffing shortage of almost 1,000 staff. Read more
State of Wisconsin Taking Over Milwaukee County Pension System
As of January 1, 2025, the Milwaukee County pension system will begin to be absorbed by the State of Wisconsin, with all new hires becoming part of the state pension system. It’s a historic change addressing one of the nation’s most troubled government pension systems, and most of the credit for this goes to Milwaukee County Executive David Crowley. Read more
North Dakota Teachers’ Fund for Retirement Earns Pension Standards Award
The North Dakota Teachers’ Fund for Retirement (TFFR) has received its eighth Public Pension Standards Award for Funding and Administration. The award, which is given by the Public Pension Coordinating Council (PPCC), recognizes organizations with excellence in public defined benefit plans. The council looks at standards of management, administration, and funding. Read more
Washington Teachers’ Suit Remanded for Relief Calculations
Washington public school teachers have won, for the second time, an appeal to the U.S. 9th Circuit Court of Appeals of the district court decision in a 2015 lawsuit filed against the director of the Washington State Department of Retirement Systems, Tracy Guerin. According to the appeals court’s decision filed on November 26, the U.S. District Court for the Western District of Washington did not have the authority to consider the grounds it used in 2021 to grant summary judgment in favor of the Department of Retirement Systems. Read more
Connecticut to Save $18.5 Billion from Pension Payoffs
Connecticut has paid down more than $8 billion in its accumulated state employee (SERS) and teacher (CTRB) pension debt through the state’s fiscal guardrails, and that payoff will translate to $18.5 billion in annual payment (ADEC) savings and interest by 2049, according to a report newly released to Connecticut Comptroller Sean Scanlon. Read more
Dane County, Wisconsin’s Judge Strikes Down Act 10, Restoring Public Employee Union Bargaining Rights
Dane County Circuit Court Judge Jacob Frost struck down several sections of the 2011 law, known as Act 10, passed by Republican lawmakers and signed by former Gov. Scott Walker. His decision built on a July ruling, which found the law violated the Wisconsin Constitution’s equal protection clause because it allowed unions representing police, firefighters and other public safety workers to collectively bargain with the state, while it removed those rights from other public employees like teachers. Read more
Oklahoma's Attorney General Will Appeal Injunction Blocking State Anti-ESG Law
Attorney General Gentner Drummond said he plans to ask the state's highest civil court to reinstate a controversial law that blocks Oklahoma from contracting with financial firms that limit oil and gas investments. Drummond took over the case after a lower court halted the law in May in response to a lawsuit filed by a retiree who alleged the Oklahoma Energy Discrimination Act of 2022 would violate state law and hurt the state of the Oklahoma Public Employees Retirement System. Read more
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