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The bankrupt city of Stockton, California, will face off against a holdout creditor this week in a closely watched municipal bankruptcy case pitting the rights of impaired bondholders against retirees and other creditors.
The executive director of the Jacksonville Police and Fire Pension Fund said Monday the fund is open to discussing reductions in pension benefits for current police and firefighters as part of comprehensive pension reform.
The trustees of Detroit's two pension funds remain at odds with city and state officials over future control of the multibillion-dollar funds as a critical 60-day creditor vote over the city's debt-cutting plan begins Monday.
A state pension fund overseen by Gov. Chris Christie funneled $25 million to an investment firm where a Massachusetts gubernatorial candidate is a partner, only months after the man donated $10,000 to the New Jersey Republican State Committee, according to the Boston Globe.
Yet, despite all of these laws and rules, Pando has discovered evidence that Gov. Chris Christie's administration awarded a public pension contract to a technology venture capital firm shortly after a partner at that same firm made a $10,000 contribution to the New Jersey Republican State Committee.
Baker responded to our report by telling the Boston Globe that, contrary to previous assertions by General Catalyst and Baker himself, that he was never actually employed by the company, nor did he have an active role in setting investment strategy.
New York state's pension fund reached its highest value on record of $176.2 billion at the end of its fiscal year in March as the rate of return on its investments jumped to 13.02 percent, the state comptroller said on Monday.
Though it passed the Oklahoma Senate more than a month ago, a bill that would move future public employees to a 401(k)-type retirement system remains stalled in the House of Representatives (subscription required)
A look at where the four Democratic gubernatorial candidates - state Treasurer Rob McCord, former Clinton White House environmental adviser Katie McGinty, U.S. Rep. Allyson Schwartz and businessman Tom Wolf - stand on some key issues:
Why are many state and local public pension funds putting more taxpayer assets into hedge funds and other "alternative" investment vehicles - inviting not only overall high fees for humdrum returns, but also instances of pay-to-play corruption and accusations of misgovernance? Because public pension funds are desperate for high returns -- or at least the illusion of high returns.
Public pensions are under threat from outright fraud as well as the financial sector's drive to generate higher profits for itself, regardless of the cost to our communities. The public can take simple steps to eliminate this danger.
Nearly a quarter of all state and local public pension assets have disappeared -- $660 billion in state workers' retirement savings taken off the radar and swept into high-cost hedge, private equity, venture and real estate funds with little or no public oversight.
Having invested multiple billion dollars of pension assets, and now teaching "Institutional Investing; Alternatives in Pension Plans," I approach this question with theoretical and empirical knowledge, and more than a modicum of trepidation.
