The Los Angeles County Employees Retirement Association (LACERA) has reportedly axed Goldman Sachs Asset Management's mandate to bring the core-plus exposure in line with the fund’s fixed-income suballocation targets.
Tim Thonis, pension administrator of the Ventura County Retirement Board in California, resigned unexpectedly, and while speculators blame years of failed promises over pay raises, he cites governance as the reason.
While Florida lawmakers are resolute on revamping the state and municipal pension system, union members from the AFL-CIO labeled allegations that Florida's public employee retirement plans are underfunded and provide lavish benefits as "myths."
Since the financial crisis hit, the US regulator has been especially keen on hunting down public pensions for lack of transparency about their investments and about information regarding their financial impacts on the state.
A Goldman unit that invests on behalf of asset owners turned
down an opportunity to invest capital in social network Facebook, raising
questions over whether the bank’s eventual investment is a robust one.