Michigan Pension Tax Likely to Be Removed
Currently, there are only 12 states that do not tax retirement income. Michigan might become the 13th.
Newsmakers
Milliman Faces ERISA Lawsuit Over Alleged Breach of Fiduciary Duty
The plaintiffs claim the firm’s 401(k) lost as much as $85 million due to imprudent investment decisions.
Looks Like Politicians Will Extend Illinois’ Pension Buyout Program
The program has reduced the state pension’s unfunded liability by $325 million so far.
PBGC Approves $100.5 Million Bailout of New Jersey Pension Plan
Teamsters Local 408 is the 5th plan to be approved under the American Rescue Plan Act’s Special Financial Assistance program.
El-Erian: Fed’s Powell Is Keeping Investors in the Dark
The chair of the central bank missed his chance to clarify its tightening plans, an economist laments.
PSERS Delays Turning Over Investigation Results
Board members were warned that the results of the report could be damaging to their reputations, according to the Philadelphia Inquirer.
PBGC Bails Out Struggling NY Pension With $112.6 Million in Aid
The Local 138 Pension Plan becomes the first multiemployer plan to receive funds under the American Rescue Plan Act.
CalPERS Board President Henry Jones Resigns, Theresa Taylor Elected as New President
The new board president is ‘really big on ESG,’ according to an ex-board member.
CalPERS’ Project to Measure ESG in Private Equity Has 100 Organizations, $8 Trillion Participating
Environmental, social, and governance investing is notoriously difficult to measure in a private equity context.
ESG Activist Larry Fink Takes Heat From Right and Left
The BlackRock CEO is either too radical or too namby-pamby, critics say.
Despite Record Returns, Kentucky’s Pensions Remain Severely Underfunded
Even after investment gains of 25%, funding levels for the state’s public pensions range from only 16.8% to 60.4%.
UK Pension Ownership of British Firms Plummets
The proportion of public shares held by UK pensions has fallen to 4% from one-third since 1990.
CalPERS Considering Selling Up to $6 Billion in Private Equity Stakes
The report comes after the fund said it would increase its allocation to the asset class.
NC Treasurer Supports Proposed 2% Pension Supplement
Dale Folwell says the boost for retirees would be paid for by investment gains, not taxes.
DB Plans Far More Cost-Efficient Than DC Plans, Research Finds
Switching from pensions to 401(k) plans only saves money if benefits are cut substantially, a new report says.