California Supreme Court Rules in Favor of Pension Benefit Cuts
Despite the ruling, the court sidestepped a much larger issue, whether core pension benefits promised at the time of hire for public workers can be changed.
Newsmakers
Exclusive: CalPERS Aims to Advance Private Equity Plan
Investment committee members may vote on the plan in two weeks.
Warren Buffet Tells Pensions and Endowments to Cut Management Fees
Wizard of Omaha has slipped in some subtle advice for funds in Berkshire’s annual letter.
Equities Killed Norway’s Sovereign Wealth Fund in 2018
How overreliance on one asset class led to a $56.6 billion wipeout.
New York City Leads Anti-Carbon Coalition of Big Funds
Institutional group wants the top 20 public power companies to make good on Paris Agreement goals.
Penn State Needs a New CIO
Endowment searching for a successor to newly retired first chief financial official.
Rhode Island Makes a Sustainability Deal with Archer Daniels Midland
Treasurer Magaziner pulls ESG proxy proposal.
Texas Teachers’ Launches Strategic Asset Study
Pension notes that the current asset allocation is ‘good…but can we do better?’
Top Ratings Agency Slams Illinois Gov.’s Budget Proposal
Pritzker’s plan to bolster the underfunded public pension system via new taxes ‘punts’ on meaningful change, S&P says.
CalPERS CIO Says Pension Plan Must Create New Private Equity Organization
Plan is essential if CalPERS wants to avoid increasing its approximate $140 billion unfunded liability, Meng says.
New CIOs, Possible Teachers Pension Overhaul for Kentucky
Amid acrimony and a deadlocked legislature on the retirement plan issue, small signs of change are welcome.
Navistar Canada De-Risks Pension Obligations, Assets
Truck manufacturer transfers $268 million to two insurers.
Accountant Allegedly Stole $2 Million from New Orleans Firefighters’ Pension
Wayne Triche was charged with wire fraud and tax fraud in 38-count indictment.
New Mexico PERA Gets a Task Force
Governor-appointed group to find ways to patch up $6 billion-plus funding deficit.
Nebraska’s Chief Investor Discusses His Conservative Approach to Alternative Investors
State council also outlines private equity pacing plan with re-ups to existing managers.