Quincy Pension Loses $3.5 Million After Cyberattack
A growing number of pensions are becoming targets of cybercrime.
Newsmakers
Wall Street Tonic: Russia Claims It Is Withdrawing Some Military Units
The prospect of de-escalation from the Ukraine border, as yet unproven, buoys stocks.
Teamsters Pension Applies for Bailout After $58 Million Legal Appeal Dismissed
A circuit court has denied the New York multiemployer pension’s attempt to recover withdrawal liabilities from the bankrupt firm’s new owner.
Risk Aversion Strategy Causes Colorado Pension to Lose Out on Millions
Lawmakers required the fund to keep cash in a low-interest bank account to avoid risk.
New York Common Returns 4.74% in Q3
This quarter’s returns were significantly better than the last one’s.
Rhode Island Pension Fund Hits Record but Misses Benchmark in 2021
Its investment portfolio value nears $10.8 billion after a 17.27% annualized return net of fees as the fund boosts its private equity allocation.
UK’s Biggest Pension Fund Facing Lawsuit, Potential Strikes Over Benefit Cuts
The plan is increasing contributions while cutting benefits despite significant investment returns last year.
AstraZeneca to End Its US Corporate Pension Plan
Terminating the $1.3 billion plan is significant because the pharmaceutical industry is one of the few strongholds for DB plans, according to a Willis Towers Watson report.
Why Sometimes Ya Just Can’t Trust Payroll Estimates
Economist Gary Shilling shows how Wall Street projections and the actual official report can be way off.
Notre Dame, USC Endowments Return 53.2%, 43.2% for 2021
Robust returns raise the asset values for Notre Dame and USC’s endowments to $20.3 billion and $8 billion, respectively.
Portent? Facebook Parent’s Stock Takes a Beating After Earnings Miss
Other Big Five members also dip, axing their reversal from the January descent.
City of San Diego Will Retroactively Replace Thousands of Employees’ DC Plans With Pensions
The payments will mark an end to a nine-year legal battle.
DC Retirement Board Responds to Federal Investigation, Whistleblower Lawsuit
The $11.4 billion pension is being sued by its general counsel, who alleges the board retaliated against her for cooperating with a subpoena.
PSERS Internal Investigation Into Miscalculated Returns Released
Critical pieces of information still remain missing.
Endowment Index Rises 14.59% in 2021
Oil and gas commodities led all asset classes with a 75.59% gain, while gold lost nearly 4%.