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/
June 12, 2020
NATIONAL NEWS
Corporate pensions see slight funded status boost in May
https://www.plansponsor.com/corporate-pensions-see-slight-funded-status-boost-may/
Legal roundup: Supreme Court handles pension mismanagement case
https://riskandinsurance.com/legal-roundup-27/
June 9, 2020
CALIFORNIA NEWS
CalPERS commits $4.3 billion to alternatives
https://www.pionline.com/searches-and-hires/calpers-commits-43-billion-alternatives
SB939 would harm business, cripple real estate, and cause job loss
https://www.dailynews.com/2020/06/08/sb939-would-harm-business-cripple-real-estate-and-cause-job-loss/
NATIONAL NEWS
Pandemic creates pension plan tension: Take the lump sum or trust lifetime payments
https://www.cnbc.com/2020/06/08/pandemic-creates-pension-tension-take-lump-sum-or-trust-lifetime-payments.html
Supreme Court limits ability of pension plan participants to sue for fiduciary breach
https://www.jdsupra.com/legalnews/supreme-court-limits-ability-of-pension-86978/police-pension-fund-15321780.php
June 8, 2020
CALIFORNIA NEWS
Riverside County sells $719 million in bonds to pay down pension debt
https://www.pe.com/2020/06/05/riverside-county-sells-719-million-in-bonds-to-pay-down-pension-debt/
NATIONAL NEWS
63 former state lawmakers receiving more than $100K pensions
https://www.illinoispolicy.org/63-former-state-lawmakers-receiving-more-than-100k-pensions/
Will the pandemic cost teachers their pensions?
https://washingtonmonthly.com/2020/06/05/will-the-pandemic-cost-teachers-their-pensions/
America’s public-pension funding crisis worsens
https://www.economist.com/finance-and-economics/2020/06/04/americas-public-pension-funding-crisis-worsens
Lyons sells $25 million in bonds for police pensions
https://desplainesvalleynews.com/lyons-sells-million-in-bonds-for-police-pensions-p4883-153.htm
White will lead police pension fund
https://www.thetelegraph.com/news/article/White-will-lead-police-pension-fund-15321780.php
June 4, 2020
CALIFORNIA NEWS
Upland poised to make $1M in cuts affecting library, recreation and payroll
https://www.dailybulletin.com/2020/06/03/upland-poised-to-make-1m-in-cuts-affecting-library-recreation-and-payroll/
SF pension data breach ma have exposed city retirees’ bank, tax information
https://www.sfchronicle.com/business/article/SF-pension-data-breach-may-have-exposed-city-15315343.php
NATIONAL NEWS
Are public pensions doomed because of the coronavirus pandemic? State, local budgets feel pain
https://www.usatoday.com/story/money/2020/06/04/coronavirus-pensions-retirement-covid-19-state-local-budget-markets/5198176002/
Philadelphia pension board redeems $200 million from UBS property fund
https://www.pionline.com/investing/philadelphia-pension-board-redeems-200-million-ubs-property-fund
June 3, 2020
NATIONAL NEWS
Low funded public pensions might not survive the decade
https://www.ai-cio.com/news/low-funded-public-pensions-might-not-survive-decade/
‘Anger’ as Nissan plans Washington pension scheme closure
https://www.bbc.com/news/uk-england-tyne-52898309
Rhode Island attorney jailed for collecting pension benefits of deceased client
https://www.ai-cio.com/news/rhode-island-attorney-jailed-collecting-pension-benefits-deceased-client/
June 2, 2020
NATIONAL NEWS
Southern Co. governance shifting sands of democrats environmental agenda
https://saportareport.com/southern-co-governance-shifting-sands-of-democrats-environmental-agenda/
Supreme Court rules on pension, immigrant deportation cases
https://www.wsj.com/articles/supreme-court-rules-on-pension-immigrant-deportation-cases-11591040672
Pension funding respite could trigger future premium hikes
https://news.bloomberglaw.com/employee-benefits/pension-funding-respite-could-trigger-future-premium-hikes
The CIO of a major pension fund explains why the stock market looks like the 1960s again
https://www.cnbc.com/2020/06/01/watch-the-interview-with-calstrs-cio-chris-ailman-on-why-the-stock-market-looks-like-the-1960s-again.html
June 1, 2020
CALIFORNIA NEWS
The state pension crisis goes beyond the big blue states
https://www.wsj.com/articles/the-state-pension-crisis-goes-beyond-the-big-blue-states-11590791639
NATIONAL NEWS
COVID-19 will threaten Arizona pensions, long after we’ve found a vaccine. Here’s why.
https://www.azcentral.com/story/opinion/op-ed/2020/05/31/asrs-arizona-pension-at-risk-coronavirus-losses-hurt-workers/5257612002/
Wyoming’s only public employee pension system flouts state transparency law
https://www.forbes.com/sites/adamandrzejewski/2020/05/31/wyomings-only-public-employee-pension-system-flouts-state-transparency-law/#33c3c5d56824
US pension plans warned they will run out of money by 2028
https://www.bizjournals.com/charlotte/news/2020/05/31/us-pension-plans-warned-they-will-run-out-of-money.html
Public pensions, public protests, and why it matters
https://www.forbes.com/sites/ebauer/2020/05/31/public-pensions-public-protests-and-why-it-matters/#3713da4f5314