New York State Pension Commits Nearly $3B to Private Equity in November 2024
The New York State Common Retirement Fund earmarked $2 billion to a single Neuberger Berman fund.
Pensions
R.B. Pamplin Corp. to Restore $20.6M in Pension Assets, Unwind Illegal Real Estate Investments
The Department of Labor concluded that Pamplin had used assets from its pension plan to acquire the company’s own real estate, exceeding limits under ERISA.
CPP Investments Forms $789M Industrial Real Estate Joint Venture
The partnership with Bridge Industrial will ‘target the acquisition and/or development of modern industrial facilities in supply-constrained markets across the U.S.’
PBGC Approves $868.6M SFA Grant to Unite Here Retirement Fund
The White Plains, New York-based plan covers 91,744 participants in the hospitality industry.
Public Pension Funds Remain in ‘Fragile State,’ per Equable Report
For the 17th straight year, public pensions remain below 90% funded.
U.S. Corporate Pension Funds Ended 2024 Strong
Aggregate funded status was at 100% for 2024, the first time since before the Global Financial Crisis that pension funds closed the year fully funded or better, per data from WTW.
PBGC Approves SFA Funds for 3 Multiemployer Pension Funds
Laborers Local No. 265, Teamsters Local 734 and the IUOE Upstate NY Engineers Fund will receive grants totaling almost $250 million under the Special Financial Assistance Program.
Inaugural Emerging Managers Week to Kick Off in February
The week of conferences is intended to provide a platform and networking opportunities for diverse-owned and emerging management firms.
Equity Bull Market Buoys Australian Super Funds’ 2024 Returns
The calendar year saw double-digit returns based on Australian and global stock performance, ASFA reports.
New York Common Leads All US Public Pension Funds in Commitments to Diverse Firms
An NAIC report also found corporate pensions and union funds ‘lag significantly’ behind public pensions in hiring diverse managers.
Clarks Footwear, Pension Insurance Corp. Complete $677M Annuity Buy-In
The pension risk transfer will cover 8,000 beneficiaries and could set the stage for a record-setting year in transaction volume.
ERSRI, COAERS Issue Consultant RFPs
The Employees’ Retirement System of Rhode Island is searching for an investment consultant, while the City of Austin Employees’ Retirement System seeks a private markets consultant.
Most PBGC Premium Payment Deadlines Accelerated
Premiums for plan years beginning in 2025 will generally be due one month earlier than provided in the PBGC’s payment of premiums regulation.
Pension Income Contributed $1.5T to US Economic Output in 2022
Private and public sector defined benefit pension fund payments added $224.3 billion in tax revenue in the period, according to the National Institute on Retirement Security.
CalSTRS to Review General Investment Consultant RFP
Current consultant Meketa’s contract with the California teachers’ pension will end on June 30.