Fighting Back on Retirement Benefits

September 1, 2020

NATIONAL NEWS

Chicago has a $1.2 billion 2021 budget hole, and Mayor Lightfoot has no good options
https://www.forbes.com/sites/ebauer/2020/08/31/chicagos-2021-budget-hole-there-are-no-good-options-for-mayor-lightfoot/#3faf9b4269a3

Ohio Pension Fund jumps into gold market with 5% allocations
https://www.kitco.com/news/2020-08-31/Ohio-Pension-Fund-jumps-into-gold-market-with-5-allocation.html

Canadian model offers lessons for US public pensions
https://www.benefitscanada.com/news/canadian-model-offers-lessons-for-u-s-public-pensions-report-149400

A top US pension sold off cruise stocks. Here’s what it bought.
https://www.barrons.com/articles/top-pension-sold-cruise-stocks-carnival-royal-caribbean-bought-gm-exxon-stock-51598544141?$HeadlineQueryString$=&tesla=y

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August 25, 2020

CALIFORNIA NEWS
Who would want the top investment job at California’s pension fund?
https://www.ft.com/content/0c343a15-174e-4200-939d-bbe8f4b13004

NATIONAL NEWS
US public pension plans face ‘vicious cycle’ as funding gap soars
https://www.ft.com/content/87d385d2-318a-4ddc-8947-9867f03faae1

Public pension funding and reform – or lack there of – when were not ‘all in this together’
https://www.forbes.com/sites/ebauer/2020/08/23/public-pension-funding-and-reform–or-lack-thereof—when-were-not-all-in-this-together/#7d3df84f4eef

Post office pension revisited: What’s fair, what’s unfair
https://www.forbes.com/sites/ebauer/2020/08/21/post-office-pensions-revisited-whats-fair-whats-unfair/#7b0e3e8f2ffd

A top pension manager sold GE, Starbucks, and McDonald’s stock. It bought this chip stock.
https://www.barrons.com/articles/pension-sold-ge-starbucks-mcdonalds-stock-bought-amd-chip-stock-51597786494

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August 21, 2020

CALIFORNIA NEWS

City streets back new bonds California cities issue to fund pensions
https://www.bondbuyer.com/news/city-streets-back-new-bonds-california-cities-issue-to-fund-pensions

NATIONAL NEWS

State pensions entered pandemic in worse position than in 2008
https://www.ai-cio.com/news/state-pensions-entered-pandemic-worse-position-2008/

North Carolina’s pension funds report 6.38% second quarter return
https://www.bondbuyer.com/news/north-carolinas-pension-funds-report-6-38-second-quarter-return

School employees face benefit changes as SERS board talks ‘pension sustainability’
https://www.dispatch.com/news/20200820/school-employees-face-benefit-changes-as-sers-board-talks-rsquopension-sustainabilityrsquo

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August 19, 2020

CALIFORNIA NEWS

Late pension checks and delayed medications: Bay Area residents decry postal service problems
https://www.sfchronicle.com/bayarea/article/Late-pension-checks-and-delayed-medications-Bay-15493702.php

Newspaper giant McClatchy gets reprieve on pensions due to COVID-19
https://nypost.com/2020/08/18/newspaper-giant-mcclatchy-gets-reprieve-on-pensions-due-to-covid-19/

NATIONAL NEWS

COVID-19 could increase states’ pension debt by $16 trillion
https://www.forbes.com/sites/lizfarmer/2020/08/18/covid-19-could-increase-states-pension-debt-by-16-trillion/#536c42ef3637

Amid COVID-19 pandemic, local government pension plans funded ratios hold steady in fiscal year 2020
https://www.prnewswire.com/news-releases/amid-covid-19-pandemic-local-government-pension-plans-funded-ratios-hold-steady-in-fiscal-year-2020-301113993.html

August 14, 2020

CALIFORNIA NEWS

The new ‘FICO Score’ CalPERS and NY Common are using to push managers on diversity
https://www.institutionalinvestor.com/article/b1mxqs3531mfd6/The-New-FICO-Score-CalPERS-and-NY-Common-Are-Using-to-Push-Managers-on-Diversity

NATIONAL NEWS

Teachers association urges more funding for school re-entry hires, pension change reversal
https://edmontonjournal.com/news/local-news/teachers-association-urges-more-funding-for-school-re-entry-hires-pension-change-reversal

Community newspapers get template for seeking pension relief
https://news.bloomberglaw.com/employee-benefits/community-newspapers-get-template-for-seeking-pension-relief

Pension debt expected to rise 6% due to COVID-19 volatility
https://www.cfodive.com/news/pension-debt-coronavirus-moodys/583480/

State pension fund pops in final quarter to end year in the black
https://www.staradvertiser.com/2020/08/13/hawaii-news/state-pension-fund-pops-in-final-quarter-to-end-year-in-the-black/

August 12, 2020

CALIFORNIA NEWS

CalMatters: California’s immense pension dilemma
https://hanfordsentinel.com/news/calmatters-california-s-immense-pension-dilemma/article_b973519a-9f80-508a-bd44-25f05b0ddd55.html

Pension funds explore ramifications of court decision on ‘California rule’
https://www.pionline.com/pension-funds/pension-funds-explore-ramifications-court-decision-california-rule

NATIONAL NEWS

Oregon Supreme Court strikes down challenge to pension reform law
https://www.pionline.com/courts/oregon-supreme-court-strikes-down-challenge-pension-reform-law

Treasury Department denies request from Musicians Union’s Pension Fund to reduce benefits to keep it solvent; trustees say they’ll try again
https://deadline.com/2020/08/treasury-department-denies-musicians-union-request-on-pension-fund-solvenncy-1203010727/

August 11, 2020

CALIFORNIA NEWS

California’s immense pension dilemma
https://calmatters.org/commentary/dan-walters/2020/08/california-court-pension-debt-unfunded/

Opinion: California has few options to prevent public employee pension meltdown
https://timesofsandiego.com/opinion/2020/08/10/california-has-few-options-to-prevent-public-employee-pension-meltdown/

NATIONAL NEWS

Opinion: Paying off unfunded pension liabilities will be a low priority after COVID-19
https://www.marketwatch.com/story/paying-off-unfunded-pension-liabilities-will-be-a-low-priority-after-covid-19-2020-08-10

La. sheriff’s pension fund halts retirement payments to ghost employee after Investigative Unit reports
https://www.wbrz.com/news/la-sheriff-s-pension-fund-halts-retirement-payments-to-ghost-employee-after-investigative-unit-reports/

August 10, 2020

CALIFORNIA NEWS

California pension funds weighing impact of ruling
https://www.pionline.com/pension-funds/california-pension-funds-weighing-impact-ruling

State court relaxes ‘California rule’ standard
https://www.pionline.com/pension-funds/state-court-relaxes-california-rule-standard

California Supreme Court ruling ends the pension reform game for now
https://www.ocregister.com/2020/08/07/california-supreme-court-ruling-ends-the-pension-reform-game-for-now/

NATIONAL NEWS

Retirees want private prisons out of pension funds
https://www.santafenewmexican.com/opinion/my_view/retirees-want-private-prisons-out-of-pension-funds/article_33b39654-d797-11ea-86b3-23532faa7a24.html

Teachers’ pension fund adopts new, more transparent travel policy after revelations of hidden L.A. trip costs
https://www.penncapital-star.com/working-the-economy/teachers-pension-fund-adopts-new-more-transparent-travel-policy-after-revelations-of-hidden-l-a-trip-costs/

Feds seek to limit pension and 401K plan options for socially minded investments
https://www.postandcourier.com/business/feds-seek-to-limit-pension-and-401k-plan-options-for-socially-minded-investments/article_9be67e12-d274-11ea-b5ed-8f70327f55b0.html

A huge pension sold Apple, Microsoft, and GE stock. It bought this biotech.
https://www.barrons.com/articles/huge-pension-sold-apple-stock-microsoft-ge-stock-bought-biotech-moderna-51596576315

Court upholds changes to PERS, Oregon public pension benefits
https://www.registerguard.com/news/20200808/court-upholds-changes-to-pers-oregon-public-pension-benefits

Scott Burns: Ranking Texas’ most underfunded police pension funds
https://www.dallasnews.com/business/personal-finance/2020/08/08/burns-lets-examine-the-trees-in-the-texas-pension-fund-forest/

August 7, 2020

CALIFORNIA NEWS

San Jose pension plans face perilous future in COVID-19 economy
https://patch.com/california/campbell/san-jose-pension-plans-face-perilous-future-covid-19-economy

Editorial: California Supreme Court rightly stops one pension abuse
https://www.sfchronicle.com/opinion/editorials/article/Editorial-California-Supreme-Court-rightly-stops-15462095.php

California’s public pension CIO Ben Meng resigns
https://www.nationalreview.com/news/californias-public-pension-cio-ben-meng-resigns/

NATIONAL NEWS

Executive director of massive illinois’ teachers pension resigns after investigation into “performance issues”
hhttps://www.chicagotribune.com/politics/ct-illinois-teachers-pension-leader-resigns-20200806-l3u7vlodgnhira3zlrkzpw6gr4-story.html

Fire and Police Pension Association of Colorado is a lead plaintiff in lawsuit against Boeing
https://www.denverpost.com/2020/08/06/fire-police-pension-colorado-lawsuit-boeing/

August 6, 2020

CALIFORNIA NEWS

CalPERS Investment Chief Ben Mengto step down from largest US pension
https://www.wsj.com/articles/calpers-investment-chief-ben-meng-to-step-down-from-largest-u-s-pension-11596688494

California Supreme Court finds modifications to CERL constitutional, but leaves “California Rule” intact
https://www.jdsupra.com/legalnews/california-supreme-court-finds-37638/

Pasadena state pensions investment strategies threaten city’s finances
https://www.pasadenastarnews.com/2020/08/05/pasadena-state-pensions-investment-strategies-threaten-citys-finances/

NATIONAL NEWS

Ohio bill, introduced after House speaker’s arrest, would target state pension for public officials convicted on federal corruption charges
https://www.cleveland.com/open/2020/08/ohio-bill-introduced-after-house-speakers-arrest-would-target-state-pension-for-public-officials-convicted-on-federal-corruption-charges.html

Managers of $16T lay out plan to decarbonize investments
https://www.financial-planning.com/articles/pension-funds-investment-managers-with-16-trillion-in-assets-lay-out-plan-to-tackle-climate-change

August 5, 2020

CALIFORNIA NEWS

San Jose pension plans face perilous future in COVID-19 economy
https://sanjosespotlight.com/san-jose-pension-plans-face-perilous-future-in-covid-19-economy/

Mermell calls for more transparency in CalPERS plans
https://www.pasadenanow.com/main/mermell-calls-for-more-transparency-in-calpers-plans/

The California Supreme Court addresses the California rule and public retirement system governance
https://www.jdsupra.com/legalnews/the-california-supreme-court-addresses-39015/

Opinion: Dick Spotswood: Some Marin public pension funds have ponzi-scheme flavor
https://www.marinij.com/2020/08/04/dick-spotswood-some-marin-public-pension-funds-have-ponzi-scheme-flavor/

NATIONAL NEWS

Beleaguered public pension funds make record gains in second quarter
https://www.wsj.com/articles/beleaguered-public-pension-funds-make-record-gains-in-second-quarter-11596531602

Should local Illinois governments consider pension obligation bonds for public safety funds
https://www.bondbuyer.com/news/should-local-illinois-governments-consider-pension-obligation-bonds-for-public-safety-funds

Arizona pars $1.35 million to woman who said they were harassed at PSPRS
https://www.azcentral.com/story/news/local/arizona/2020/08/04/arizona-pays-1-35-m-settle-sexual-harassment-cases-psprs-pension-fund/5574579002/

Mississippi pension system investments take hit from COVID-19 recession, but rebound could be coming
https://www.northsidesun.com/mississippi-pension-system-investments-take-hit-covid-19-recession-rebound-could-be-coming#sthash.DGXMLXV2.dpbs

August 4, 2020

CALIFORNIA NEWS

Local governments can crack down on pension spiking, California Supreme Court rules
https://www.ocregister.com/2020/07/30/local-governments-can-crack-down-on-pension-spiking-california-supreme-court-says/

Newsletter: A bumper crop of California ballot measure lawsuits
https://www.latimes.com/politics/newsletter/2020-08-03/california-ballot-measure-title-summary-bias-newsletter-essential-politics

NATIONAL NEWS

Maine state pension fund dodges worst of coronavirus-induced recession for now
https://bangordailynews.com/2020/08/03/politics/maine-state-pension-fund-dodges-worst-of-coronavirus-induced-recession-for-now/

Big DOT raises will bring pension costs that NC agencies and school systems must pay
https://www.newsobserver.com/news/politics-government/article244645712.html

Grand Forks’ tentative 2021 budget has new pension plan for first-responders
https://www.grandforksherald.com/news/government-and-politics/6601614-Grand-Forks%E2%80%99-tentative-2021-budget-has-new-pension-plan-for-first-responders

NYC sees 4.4% pension system return for fiscal year
https://www.pionline.com/pension-funds/nyc-sees-44-pension-system-return-fiscal-year

August 3, 2020

CALIFORNIA NEWS

What the CA Supreme Court pension decision means for workers
https://www.sacbee.com/news/politics-government/the-state-worker/article244615857.html

California’s top court rules against pension spiking
https://reason.com/2020/07/31/californias-top-court-rules-against-pension-spiking/

California court gives schools districts, local governments limited win in ruling on pensions
https://edsource.org/2020/california-court-gives-school-districts-local-governments-limited-win-in-ruling-on-pensions/637416

NATIONAL NEWS

A huge pension sold Apple, Microsoft, and Tesla stock. Here’s what it bought.
https://www.barrons.com/articles/huge-pension-sold-apple-stock–microsoft-tesla-bought-intel-51596034133

Princeton to pay $5.8 million to settle pension lawsuit
https://www.insidehighered.com/quicktakes/2020/07/31/princeton-pay-58-million-settle-pension-lawsuit

Relief is not in sight from Texas underfunded public pension plans
https://www.dallasnews.com/business/personal-finance/2020/08/01/relief-is-not-in-sight-for-texas-underfunded-public-pension-plans/

NJ lottery profits drop, and that could be bad news for public worker pension system
https://www.nj.com/coronavirus/2020/07/nj-lottery-profits-drop-and-that-could-be-bad-news-for-public-worker-pension-system.html

July 29, 2020

CALIFORNIA NEWS

West Covina issues new bonds to pay unfunded pensions
https://www.sgvtribune.com/2020/07/28/west-covina-issues-new-bonds-to-pay-unfunded-pensions/

Opportunity Alert: State seeks pension tech consultant
https://www.techwire.net/news/opportunity-alert-state-seeks-pension-tech-consultant.html

NATIONAL NEWS

Big investors like pension funds could be facing a ‘triple whammy’ of risks, says JPMorgan
https://www.cnbc.com/2020/07/28/big-investors-like-pension-funds-could-be-facing-a-triple-whammy-of-risks-says-jpmorgan.html

The US should look to Canada to reform its public pension system
https://thehill.com/opinion/finance/509410-the-us-should-look-to-canada-to-reform-its-public-pension-system

Can states afford rising public pension debts?
https://www.forbes.com/sites/andrewbiggs/2020/07/28/can-states-afford-rising-public-pension-debts/#164c9ca797ee

Massachusetts Pension posts a pandemic-related private-equity loss
https://www.wsj.com/articles/massachusetts-pension-posts-a-pandemic-related-private-equity-loss-11595970330

Moody’s dings Colorado for dropping $225 million pension contribution from budget
https://www.pionline.com/pension-funds/moodys-dings-colorado-dropping-225-million-pension-contribution-budget

NM pension fund officials proposed pay hike eyed
https://www.abqjournal.com/1480329/nm-pension-fund-officials-proposed-pay-hike-eyed.html

Rhode Island Pension returns 3.8% in 2020 to hit record-high asset value
https://www.ai-cio.com/news/rhode-island-pension-returns-3-8-2020-hit-record-high-asset-value/

Maryland State Pension receives $405,000 in LIBOR restitution from UBS
https://www.ai-cio.com/news/maryland-state-pension-receives-405000-libor-restitution-ubs/

July 28, 2020

CALIFORNIA NEWS

CalPERS got 10,000 calls about retirement as California leaders talked about pay cuts
https://www.sacbee.com/news/politics-government/the-state-worker/article244480862.html

NATIONAL NEWS

In the black: Florida’s pension system earned billions on investments during pandemic
https://www.tallahassee.com/story/news/politics/2020/07/27/floridas-pension-system-earned-billions-investments-during-pandemic/5485402002/

Westmoreland County allows furloughed workers to pay into pension accounts
https://triblive.com/local/westmoreland/westmoreland-county-allows-furloughed-workers-to-pay-into-pension-accounts/

New Jersey Lottery receipt slump pressures pension funding
https://www.bondbuyer.com/news/new-jersey-lottery-receipt-slump-pressures-pension-funding

Local pension board considers changes after court ruling
https://www.ricentral.com/narragansett_times/local-pension-board-considers-changes-after-court-ruling/article_c5ad9b1e-d04d-11ea-8d40-6743e9df4c04.html

Arkansas teachers pension sues Allianz Global Investors over $774 million loss
https://www.ai-cio.com/news/arkansas-teachers-pension-sues-allianz-global-investors-774-million-loss/

July 23, 2020

NATIONAL NEWS

401(k) plans no longer make much sense for savers
https://www.bloomberg.com/opinion/articles/2020-07-21/401-k-plans-no-longer-make-much-sense-for-savers

AG Daniel Cameron steps into public pension case poised dismissal
https://www.courier-journal.com/story/news/2020/07/22/ag-daniel-cameron-steps-into-public-pension-case-poised-dismissal/5488248002/

Market gains mean huge comeback for Georgia teacher pension system
https://www.ajc.com/politics/market-gains-mean-huge-comeback-for-georgia-teacher-pension-system/UD24YZ6EABESDIFLY6QPQ5R6H4/

Church pension fund asset value declines by $500 million in 2020
https://www.ai-cio.com/news/norges-bank-raises-stake-5-fossil-fuels-giant-bhp/

Pension plan sues Allianz for $774 loss in three funds
https://citywireusa.com/professional-buyer/news/pension-plan-sues-allianz-for-774m-loss-in-three-funds/a1383389

Here’s the latest on bhow NJ public worker pension fund investments are doing
https://www.nj.com/politics/2020/07/heres-the-latest-on-how-nj-public-worker-pension-fund-investments-are-doing.html

July 22, 2020

CALIFORNIA NEWS

Pension funds, others call for climate action from regulators
https://www.pionline.com/esg/pension-funds-others-call-climate-action-regulators

NATIONAL NEWS

Arkansas pension sues Allianz over more than $700 million loss
https://www.wsj.com/articles/arkansas-pension-sues-allianz-over-more-than-700-million-loss-11595343382

State comptroller says he can’t help fired Buffalo cop get pension
https://buffalonews.com/news/state-comptroller-says-he-cant-help-fired-buffalo-cop-get-pension/article_7708a87a-cb78-11ea-98f9-83e5ce017350.html

Senator Portman again calls for multiemployer union pension reform
https://www.planadviser.com/senator-portman-calls-multiemployer-union-pension-reform/

Protesters say they’ll starve until officers lose pension and jobs
https://www.wlbt.com/2020/07/20/protesters-say-theyll-starve-until-officers-lose-pension-jobs/

July 20, 2020

CALIFORNIA NEWS

As pensions sink, CalPERS gets riskier
https://www.dailybreeze.com/2020/07/17/as-pensions-sink-calpers-gets-riskier/

NATIONAL NEWS

What happens when Illinois invests in holes rather than hills
https://www.chicagobusiness.com/orphe-divounguy-economy/what-happens-when-illinois-invests-holes-rather-hills

Arizona Supreme Court allows little wiggle room for pension reform, but it won’t be enough
https://www.azcentral.com/story/opinion/op-ed/robertrobb/2020/07/19/arizona-pension-reform-gets-little-wiggle-room-wont-enough/5455609002/

Congressional leaders receive at least $1 million in pension payouts paid for by taxpayers
https://www.thepress.net/news/national/congressional-leaders-receive-at-least-1-million-in-pension-payouts-paid-for-by-taxpayers/article_ba173eb8-7a45-5d1a-be85-fe6dee490af5.html

Boulder woman sentenced from stealing over $429K in pensions funds
https://patch.com/colorado/boulder/boulder-woman-sentenced-stealing-over-429k-pension-funds

Colorado pensions CIO on battle to protect retirement benefits
https://www.ft.com/content/95a8d22e-0404-4b77-9a09-80e77c5720d3

Milwaukee County Board Chairwoman Marcelia Nichollson removes and replaces head of County Pension board
https://www.jsonline.com/story/news/politics/2020/07/17/marcelia-nicholson-removes-and-replaces-head-county-pension-board/5462411002/

July 17, 2020

CALIFORNIA NEWS

CalSTRS adopts interim target allocations to get closer to long-term plan
https://www.pionline.com/pension-funds/calstrs-adopts-interim-target-allocations-get-closer-long-term-plan

NATIONAL NEWS

Texas teacher pension fund trims private-equity investment plans
https://www.wsj.com/articles/texas-teacher-pension-fund-trims-private-equity-investment-plans-11594942078

Public pensions face a COVID-19 conundrum
https://www.ai-cio.com/news/public-pensions-face-covid-19-conundrum/

July 16, 2020

CALIFORNIA NEWS

CalPERS posts 4.7% fiscal-year return
https://www.pionline.com/pension-funds/calpers-posts-47-fiscal-year-return

NATIONAL NEWS

Hamden reduces pension benefits for overpaid pensioners
https://www.newhavenindependent.org/index.php/archives/entry/hamden_reduces_/

Ohio sues Express Scripts for overcharging state pension fund
https://www.biopharmadive.com/news/express-scripts-lawsuit-ohio-pension-fund/581685/

New Jersey considers tapping new fed borrowing program to meet pension contributions
https://www.pewtrusts.org/en/research-and-analysis/articles/2020/07/15/new-jersey-considers-tapping-new-fed-borrowing-program-to-meet-pension-contributions

Public pensions may rethink vacation payouts after court ruling
https://news.bloomberglaw.com/employee-benefits/public-pensions-may-rethink-vacation-payouts-after-court-ruling

Judge says St. Clare’s pension lawsuit can advance
https://www.timesunion.com/news/article/Judge-says-St-Clare-s-pension-lawsuit-can-move-15411281.php

July 15, 2020

CALIFORNIA NEWS

California workers hit by pandemic will pay more for health care
https://www.fa-mag.com/news/california-workers-hit-by-pandemic-will-pay-more-for-health-care-56851.html

CalPERS board learns about embedding leverage in asset allocation
https://www.pionline.com/pension-funds/calpers-board-learns-about-embedding-leverage-asset-allocation

CalSTRS to increase real estate allocation on market volatility
https://realassets.ipe.com/news/calstrs-to-increase-real-estate-allocation-on-market-volatility/10046841.article

NATIONAL NEWS

Get ready for another pension reform push in Providence
https://www.bostonglobe.com/2020/07/14/metro/get-ready-another-pension-reform-push-providence/

DGA Pension & Health extend availability of $20,000 loans against supplemental retirement through December 31
https://deadline.com/2020/07/dga-pension-health-plans-extend-availability-of-20000-loans-against-supplemental-retirement-funds-through-dec-31-1202985535/

July 14, 2020

CALIFORNIA NEWS

CalSTRS master plan to rein in investment costs
https://www.institutionalinvestor.com/article/b1mh20tl3b7m5z/calstrs-master-plan-to-rein-in-investment-costs

NATIONAL NEWS

Pharmacy benefit manager sued for millions in overcharges to Ohio pension fund
https://www.dispatch.com/news/20200713/pharmacy-benefit-manager-sued-for-millions-in-overcharges-to-ohio-pension-fund

Public pension funds in an era of low rates and COVID-19
https://www.brookings.edu/blog/up-front/2020/07/13/public-pension-funds-in-an-era-of-low-rates-and-covid-19/

Bloomington aims to end “pension spiking” as council signs off on police dispatchers’ deal
https://hoiabc.com/2020/07/13/bloomington-aims-to-end-pension-spiking-as-council-signs-off-on-police-dispatchers-deal/

July 13, 2020

CALIFORNIA NEWS

In uncertain times, the mission of California’s pension funds is vital
https://calmatters.org/commentary/my-turn/2020/07/in-uncertain-times-the-mission-of-californias-pension-funds-is-vital/

Riskier bet: Why CalPERS, the country’s largest pension fund, is getting into banking
https://calmatters.org/economy/california-pension-crisis/2020/07/calpers-pension-banking-private-debt-ab-2473/

For pensions, valuing real estate is tough. COVID-19 brings new hurdles.
https://www.wsj.com/articles/for-pensions-valuing-real-estate-is-tough-covid-19-brings-new-hurdles-11594379215

Stop the largest tax hike in California history
https://newspress.com/stop-the-largest-tax-hike-in-california-history/

California’s pandemic-era 2020-2021 budget passes, but hinges on federal aid.
http://www.montereycountyweekly.com/news/local_news/california-s-pandemic-era-2020-2021-budget-passes-but-hinges-on-federal-aid/article_66988ea2-c16d-11ea-87f5-774302fc7c60.html

NATIONAL NEWS

These companies with underfunded pensions could drag down your portfolio, Morgan Stanley warns
https://www.cnbc.com/2020/07/12/these-companies-with-underfunded-pensions-could-drag-down-your-portfolio-morgan-stanley-warns.html

NYC’s biggest pension fund overwhelmed by coronavirus death benefit claims as grieving families await answers
https://www.nydailynews.com/coronavirus/ny-coronavirus-nycers-mta-covid-death-benefits-pension-fund-20200713-7bvhzvsxh5c4bighefpezu2m3m-story.html

Beware a $12 trillion pension revolt against low rates
https://www.bloomberg.com/opinion/articles/2020-07-10/beware-a-12-trillion-pension-revolt-against-low-rates

Commentary: Public pensions are at risk of insolvency, but COVID-19 is not to blame
https://www.chicagotribune.com/opinion/commentary/ct-opinion-pensions-coronavirus-illinois-congress-20200709-mkzqt4mhy5ejxdvpmdrqfuora4-story.html

NY pension fund one of the world’s most responsible
https://www.timesunion.com/opinion/article/N-Y-pension-fund-one-of-world-s-most-responsible-15403354.php

Public pensions are at risk of insolvency, but COVID-19 is not to blame
https://www.courant.com/opinion/op-ed/hc-op-schuster-pensions-coronavirus-0710-20200710-q6mpn363bbewjh5juxnk3y7zla-story.html

July 10, 2020

CALIFORNIA NEWS

Riskier bet: Why CalPERS, the country’s largest pension fund, is getting into banking
https://calmatters.org/economy/california-pension-crisis/2020/07/calpers-pension-banking-private-debt-ab-2473/

Schools may return to 100% distance learning
https://calmatters.org/newsletters/whatmatters/2020/07/when-will-california-schools-reopen/

NATIONAL NEWS

Cash-strapped Syracuse hospital asks feds to take over pension plan
https://www.syracuse.com/coronavirus/2020/07/cash-strapped-syracuse-hospital-asks-feds-to-take-over-pension-plan.html

Lawsuit against Kentucky pension trustees, fund managers tossed
https://www.reuters.com/article/securities-kentucky/lawsuit-against-kentucky-pension-trustees-fund-managers-tossed-idUSL1N2EG2QE

July 9, 2020

NATIONAL NEWS

Connecticut pension pushes into private credit with $350 million Goldman Sachs pledge
https://www.wsj.com/articles/connecticut-pension-pushes-into-private-credit-with-350-million-goldman-sachs-pledge-11594243184

Legislative committees approve firefighter pension bills
https://www.providencejournal.com/news/20200708/legislative-committees-approve-firefighter-pension-bills

Will public pensions in Illinois – and elsewhere – crash? Here’s what will make the difference
https://www.forbes.com/sites/ebauer/2020/07/08/will-public-pensions-in-illinois—and-elsewhere—crash-heres-what-will-make-the-difference/#4b67b05834f9

Montana pensions face risk of fiscal distress in recession
https://www.ai-cio.com/news/montana-pensions-face-risk-fiscal-distress-recession/

West Covina pays off unfunded pensions with bond debt
https://www.sgvtribune.com/2020/07/08/west-covina-will-pay-off-unfunded-pensions-with-bond-debt/

July 8, 2020

CALIFORNIA NEWS

Pensioners chide Northrop for reaching out to retirees
https://www.law360.com/legalethics/articles/1289850/pensioners-chide-northrop-for-reaching-out-to-retiree

NATIONAL NEWS

Illinois pension payment, pension debt both jump
https://www.wjol.com/illinois-pension-payment-pension-debt-both-jump/

Penske again beats appeal over $9.5 million pension fund bill
https://news.bloomberglaw.com/employee-benefits/penske-again-beats-appeal-over-9-5-million-pension-fund-bill

US, Canadian pension funds rebound with markets in Q2
https://www.ai-cio.com/news/us-canadian-pension-funds-rebound-markets-q2/

Technology, manager initiative buffer Florida pension’s PE portfolio
https://www.wsj.com/articles/technology-manager-initiative-buffer-florida-pensions-pe-portfolio-11594081536

Pension fund Ponzi loss appeal fails for lack of final judgment
https://news.bloomberglaw.com/securities-law/pension-funds-ponzi-loss-appeal-fails-for-lack-of-final-judgment

July 7, 2020

CALIFORNIA NEWS

Calif. Plan to discuss RE consultant search
https://www.fin-news.com/2020/07/06/calif-plan-to-discuss-re-consultant-search/

NATIONAL NEWS

Public pension reckoning delayed with stimulus pumping up stocks
https://finance.yahoo.com/news/public-pension-reckoning-delayed-stimulus-154603022.html

Public pensions and the COVID-19 fiscal dilemma
https://www.governing.com/finance/Public-Pensions-and-the-COVID-19-Fiscal-Dilemma.html

Stress test of Montana pension plans highlights recession risks
https://www.pewtrusts.org/en/research-and-analysis/articles/2020/07/06/stress-test-of-montana-pension-plans-highlights-recession-risks

July 6, 2020

CALIFORNIA NEWS

What Gov. Newsom’s budget deal  means for reopening California’s K-12 schools
https://timesofsandiego.com/education/2020/07/05/what-gov-newsoms-budget-deal-means-for-reopening-californias-k-12-schools/

NATIONAL NEWS

10th Circuit rules favor of foreign parent of U.S. subsidiary
https://www.natlawreview.com/article/erisa-pension-plan-liability-10th-circuit-rules-favor-foreign-parent-us-subsidiary

Chicago’s pension debt soared $1.7B in 2019: City Analysis
https://news.wttw.com/2020/07/02/chicago-s-pension-debt-soared-17b-2019-city-analysis

New York Democrats want to strip cops with “serious” offense of pension benefits
https://nypost.com/2020/07/02/albany-lawmakers-want-to-strip-bad-cops-of-pension-benefits/

July 1, 2020

CALIFORNIA NEWS

California budget punts on the big issues
https://www.ocregister.com/2020/06/30/california-budget-punts-on-the-big-issues/

NATIONAL NEWS

R.I supreme court deals huge blow to Providence in pension case
https://www.bostonglobe.com/2020/06/30/metro/ri-supreme-court-deals-huge-blow-providence-pension-case/

Pensions: For whom the bell tholes
https://www.nationalreview.com/corner/pensions-for-whom-the-bell-tholes/

Coronavirus may add to strains for already frail Chicago pension funds
https://www.bondbuyer.com/news/coronavirus-may-add-to-strains-for-already-frail-chicago-pension-funds

Steinhardt attacks Murphy over plan to continue making pension payments
https://newjerseyglobe.com/governor/steinhardt-attacks-murphy-over-plan-to-continue-making-pension-payments/

June 30, 2020

CALIFORNIA NEWS

A glimpse at some of what’s in California’s new $202-billion state budget
https://www.latimes.com/california/story/2020-06-29/california-new-state-budget-signed-gavin-newsom-overview

LA could pay thousands of city workers up to $80,000 to retire
https://www.latimes.com/california/story/2020-06-29/los-angeles-city-budget-crisis-retirement-payouts

NATIONAL NEWS

Golden years ahead? Probably not
https://www.nationalreview.com/corner/golden-years-ahead-probably-not/

DOL ‘Friends’ CalSavers challenge
https://www.asppa-net.org/news/browse-topics/dol-%E2%80%98friends%E2%80%99-calsavers-challenge

June 29, 2020

CALIFORNIA NEWS

California Legislature approves state budget; here are the highlights for education funding
https://edsource.org/2020/california-legislature-approves-state-budget-here-are-the-highlights-for-education-funding/634806

For CalPERS, revolution is now
https://www.pionline.com/pension-funds/calpers-cio-revolution-now

NATIONAL NEWS

Will a ‘second stimulus’ bill be a second chance for multiemployer pension – and the GROW act
https://www.forbes.com/sites/ebauer/2020/06/26/will-a-second-stimulus-bill-be-a-second-chance-for-multiemployer-pensionsand-the-grow-act/#7a62b9695742

Former Norton CEO must repay missing pension millions
https://www.cycleworld.com/story/motorcycle-news/norton-ceo-ordered-to-repay-missing-pension-millions-cycle-world/

Index and pension rebalancing acts will impact the markets near term
https://realmoney.thestreet.com/investing/stocks/index-and-pension-rebalancing-acts-will-impact-the-markets-near-term-15359121

Flagstaff is trying an unusual financial method on a pension gap – and putting city buildings up as collateral
https://www.azcentral.com/story/money/2020/06/27/flagstaff-pension-gap-city-buildings-collateral/3266359001/

June 26, 2020

CALIFORNIA NEWS

How Fresno’s county pension fund is helping finance its recovery
https://nextcity.org/daily/entry/how-fresnos-county-pension-fund-is-helping-finance-its-recovery

Orange County pension to increase private-equity pace
https://www.wsj.com/articles/orange-county-pension-to-increase-private-equity-pace-11593123750

NATIONAL NEWS

COVID-19 will turn the state pension problem into a fiscal crisis
https://www.thestreet.com/phildavis/news/covid-19-will-turn-the-state-pension-problem-into-a-fiscal-crisis

How the public pension fund crisis will affect everyone
https://www.valuewalk.com/2020/06/pension-fund-crisis/

Pension funds set to dump stocks after epic rally
https://www.ft.com/content/d333f0b0-7df5-4bfb-be83-b1165b12f23d

June 24, 2020

New From CalPERS:

FAQ: Toward A 7% Solution
https://www.calpers.ca.gov/page/newsroom/for-the-record/2020/toward-a-seven-percent-solution

CALIFORNIA NEWS

Sitting CalPERS board member sues California pension fund president, claiming retaliation
https://www.sacbee.com/news/politics-government/the-state-worker/article243733367.html

Health officers leave in droves after threats, Fresno’s top doc responds
https://gvwire.com/2020/06/23/health-officers-leave-in-droves-after-threats-fresnos-top-doc-responds/

NATIONAL NEWS

Oaktree’s new distressed-debt fund gets New Mexico pension pledge
https://www.wsj.com/articles/oaktrees-new-distressed-debt-fund-gets-new-mexico-pension-pledge-11592951787

Rhode Island pension commits to new Endeavour Capital fund
https://www.wsj.com/articles/rhode-island-pension-commits-to-new-endeavour-capital-fund-11592948515

South Dakota pension system responds to pandemic-related market downturn
https://www.pewtrusts.org/en/research-and-analysis/articles/2020/06/23/south-dakota-pension-system-responds-to-pandemic-related-market-downturn

What construction contractors can expect from multiemployer pension plans following COVID-19 crisis
https://www.natlawreview.com/article/what-construction-contractors-can-expect-multiemployer-pension-plans-following-covid

June 22, 2020

CALIFORNIA NEWS

CalPERS gambles on risky investments. The California Legislature should examine them.
https://www.sacbee.com/opinion/california-forum/article243660767.html

Marin Voice: Before COVID-19, pension demands put San Rafael budget in vise
https://www.marinij.com/2020/06/21/marin-voice-before-covid-19-pension-demands-put-san-rafael-budget-in-vise/

Anthony Pompliano continues push for pension fund crypto allocation
https://cointelegraph.com/news/anthony-pompliano-continues-push-for-pension-fund-crypto-allocation

California needs serious budget reform
https://www.ocregister.com/2020/06/19/california-needs-serious-budget-reform/

CalPERS board member objects to $80bn leverage gamble
https://www.ft.com/content/d051abe6-b959-422d-a24b-24e2344a2263

NATIONAL NEWS

Man pleads guilty to stealing over $400k in pension benefits
https://www.fedsmith.com/2020/06/20/man-pleads-guilty-stealing-over-400k-pension-benefits/

Pension fund sues Musk for taking massive pay package
https://www.bloomberg.com/news/videos/2020-06-18/pension-fund-sues-musk-for-taking-massive-pay-package-video

Commentary: Pay raise or not, legislators boosted their own pensions
https://www.chicagotribune.com/opinion/commentary/ct-opinion-pensions-general-assembly-illinois-mcconchie-20200619-rrbgfrnwubat7m5q3jjvuazbmm-story.html

Durbin: Illinois needs federal assistance, not ‘pension bailout’
https://news.wttw.com/2020/06/21/durbin-illinois-needs-federal-assistance-not-pension-bailout

The leaders of Pa.’s giant school pension plan are stumped by how to invest in this economy
https://www.inquirer.com/columnists/psers-coronavirus-chinese-bonds-20200620.html

June 19, 2020

CALIFORNIA NEWS

FAQ: Toward a 7% solution
https://www.calpers.ca.gov/page/newsroom/for-the-record/2020/toward-a-seven-percent-solution

Passage of California budget legislation is only the beginning
https://www.bondbuyer.com/news/lawmakers-pass-california-budget-at-odds-with-gavin-newsom-proposal

CalPERS long term care insurances to see ‘significant premium increases,’ officials say
https://www.fresnobee.com/news/california/article243634217.html

NATIONAL NEWS

Elon Musk, Tesla board sued by pension fund for ‘unrelenting avarice’
https://www.bloomberg.com/news/articles/2020-06-18/musk-tesla-board-sued-by-pension-fund-for-unrelenting-avarice

June 18, 2020

CALIFORNIA NEWS

CalPERS revises fixed income and public equity investment policies
https://www.ai-cio.com/news/calpers-revises-fixed-income-public-equity-investment-policies/

CalPERS investment committee backs hiking opportunistic strategies target
https://www.pionline.com/pension-funds/calpers-investment-committee-backs-hiking-opportunistic-strategies-target

NATIONAL NEWS

COVID-19 will turn the state pension problem into a fiscal crisis
https://theconversation.com/covid-19-will-turn-the-state-pension-problem-into-a-fiscal-crisis-139262

Supreme Court hears union challenge to 2019 public pension changes
https://pamplinmedia.com/pt/9-news/470509-380767-supreme-court-hears-union-challenge-to-2019-public-pension-changes

June 16, 2020

CALIFORNIA NEWS

CalPERS CIO eyes more private equity, leverage to hit target
https://www.bloomberg.com/news/articles/2020-06-15/calpers-cio-eyes-more-private-equity-leverage-to-boost-returns

Dignity Health’s $747 million pension deal denied approval again
https://news.bloomberglaw.com/employee-benefits/dignity-healths-747-million-pension-deal-denied-approval-again

NATIONAL NEWS

Trump DOL throws 401K investors to the wolves
https://www.forbes.com/sites/edwardsiedle/2020/06/13/dol-throws-401k-investors-to-the-wolves/#61664eb17edd

Pension actuary asks SCOTUS to undo $750,000 ruling against fund
https://news.bloomberglaw.com/employee-benefits/pension-actuary-asks-scotus-to-undo-750-000-ruling-against-fund

Treasurer: State pension strong despite COVID-19 downturn
https://wakeweekly.com/stories/treasurer-state-pension-strong-despite-covid-19-downturn,210180

June 15, 2020

CALIFORNIA NEWS

Top US pension fund aims to juice returns via $80bn leverage plan
https://www.ft.com/content/2a6ec6aa-492e-4e7d-85f8-83789a2bc481

States ongoing fight over pension obligation bonds
https://www.dailybreeze.com/2020/06/14/states-ongoing-fight-over-pension-obligation-bonds/

NATIONAL NEWS

Pension plan fiduciaries get relief from Supreme Court
https://www.pionline.com/courts/pension-plan-fiduciaries-get-relief-supreme-court

Teachers settle pension lawsuit for $117M
https://www.law.com/dailyreportonline/2020/06/11/teachers-settle-pension-lawsuit-for-117m/

Pandemic prompts change to Alton pension plans
https://www.thetelegraph.com/news/article/Pandemic-prompts-change-to-Alton-pension-plans-15336668.php

Kingman City Council to consider pension-funding policy
https://kdminer.com/news/2020/jun/13/kingman-city-council-consider-pension-funding-poli/