The state’s Roth IRA program has signed up more than 20,500 employees and will soon mandate employer participation if no other plan exists.
In what seems to be a coordinated effort between the governor, attorney general and secretary of state, six lawsuits challenging voter-approved property tax cuts and increases to teachers’ pensions have been blocked.
High-profile departures of senior-level executives reflect not only an aging workforce and a more politicized operating environment but also salaries and benefits that need to be competitive with the private sector’s.
City officials have until Nov. 1, 2024 to submit a plan to the state as to how they will close the $3 billion shortfall and have the system fully funded by 2055, but it remains unclear how officials will do so.
Halloween seems an apt metaphor for what state and local financiers will encounter over the next year and beyond: plenty of tricks but a modest supply of treats.
The annual Medicare-plus advertising blitz now under way should remind us that smarter post-employment benefit designs for state and local employees are long overdue.
The state’s public pension system had its worst investment performance in more than a decade, losing 1.55 percent of its value in 2022. To recoup its funds, the agency may have to make changes that could strain government employers.
A hefty nationwide increase in premiums for public employers to provide their workers and retirees with health coverage will outstrip most governments’ revenue growth. It’s time to address and attack root causes.
With federal deficits soaring, bond issuers may face higher financing costs. State and local cash managers shine for now, but all eyes will be on the coming congressional budget battle.
Many Americans are at risk of outliving their retirement savings. State pension plans could have a new role: selling longevity insurance. It could even save states money in the long run.
An online resource now being built out has the potential to become an important intellectual hub for public-sector investment practitioners. They need to articulate what they most want to find there.
Private credit has gained a growing share of pension portfolios over the past decade. It’s time to take a second look under the hood.
It is irresponsible and dangerous for politicians to dictate which investments public asset managers must favor. States, municipalities and public pensions are paying higher interest rates on bonds and getting poorer returns on investments.
Inflation rates are coming down, but state and local labor costs will be sticky, as will public-employee health-care expenses. Overall, though, it’s a better outlook for pension funding and astute government cash managers.
State Republican lawmakers, the powerful petroleum lobby and the public pension funds targeted by the bill oppose the measure that would divest the state’s retirement funds and sell nearly $15 billion in assets.
The city spends roughly $1 of every $5 on pensions while more than 80 percent of property tax dollars go towards retirement payouts. In November, the city had no junk ratings for the first time since 2015.
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