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31 Matching News Items
1.
Maybe Baby Boomers Won't Tank the Stock Market by Cashing Out
Chief Investment Officer [CIO]
May 3, 2024
Chief Investment Officer [CIO]
May 3, 2024
"The enormous Baby Boomer generation ... could harm investment markets as they cash out shares and bonds to fund their retirement. The same concern extends to the residential real estate market -- as they downsize their homes.... Encouragingly, there are enough younger folks to possibly offset any Boomer cash-outs. The two generations behind the Boomers are not small and, if history is any guide, those groups will increasingly buy securities and housing."
2.
Pension Funds Sue Silicon Valley Bank's Officers, Auditor KPMG Following Bank Failure
Chief Investment Officer [CIO]
Apr. 11, 2023
Chief Investment Officer [CIO]
Apr. 11, 2023
"Three pension funds have filed a class action lawsuit against officers and directors from Silicon Valley Bank's parent company, SVB Financial Group, and its auditor, KPMG LLP, for allegedly misrepresenting the strength of the company's balance sheet, liquidity and position in the market. SVB Financial Group and subsidiary SVB Securities were not named in the suit due to their ongoing bankruptcy proceedings.' [City of Hialeah Employees" Retirement System v. Becker, No. 23-1697 (N.D. Calif. complaint filed Apr. 7, 2023)]
3.
EBSA Secretary Defends ESG Rule as Legislative, Litigation Battles Continue
Chief Investment Officer [CIO]
Feb. 6, 2023
Chief Investment Officer [CIO]
Feb. 6, 2023
"[Lisa Gomez, DOL's Assistant Secretary for EBSA,] explained that this rule is 'not a per se requirement' to use ESG and clarifies that ESG factors may be considered as part of a fiduciary's ordinary risk-return analysis. She also explained that this new rule does not allow fiduciaries to sacrifice the financial health of a plan to pursue other goals ... Gomez dubbed the rule 'a return to neutrality.' "
4.
U.S. Pension Funding Ratios Continue to Increase
Chief Investment Officer [CIO]
Nov. 14, 2022
Chief Investment Officer [CIO]
Nov. 14, 2022
"During 2022 to date, the aggregate funded ratio for U.S. pension plans of S&P 500 companies increased to 97.2% from 95.5% ... The funded status deficit has decreased by $53 billion, which was driven by liability decreases of $574 billion offset with asset decreases of $521 billion year-to-date."
5.
Providence Voters Approve of $515 Million in Pension Obligation Bonds
Chief Investment Officer [CIO]
June 12, 2022
Chief Investment Officer [CIO]
June 12, 2022
"The city of Providence's pension fund, which is among the most underfunded in the country, just got one step closer to approving $515 million in pension obligation bonds. A majority of voters cast ballots in favor of the mayor's proposal to issue $515 million in bonds in a non-binding referendum.... [T]urnout was low: Only 4% of city residents voted."
6.
Some States Ban Pension Plans from Dealing with ESG-Backing Firms
Chief Investment Officer [CIO]
May 27, 2022
Chief Investment Officer [CIO]
May 27, 2022
"In Texas, West Virginia and Kentucky, legislatures have required state funds to limit transactions with companies that divest oil, natural gas and coal, according to news reports. West Virginia and Arkansas recently pulled out pension money run by BlackRock, whose chief has been vocal about fighting climate change. In Texas, a new law prevents state agencies from doing business with companies that the state comptroller determines are 'boycotting' fossil fuels."
7.
Corporate Pension Risk Minimization Is Going to Become Increasingly Inefficient
Chief Investment Officer [CIO]
Apr. 11, 2022
Chief Investment Officer [CIO]
Apr. 11, 2022
"The average top-100 corporate plan today is 96.4% funded. Currently, over 70% of the plans studied were at their highest-funded levels ever since the Great Recession. But the strategies that work for bridging a funding gap are not necessarily appropriate for better funded plans[.]"
8.
De-Risking Plans Suffer If They Don't Broaden Out to Alternative Investments
Chief Investment Officer [CIO]
Mar. 21, 2022
Chief Investment Officer [CIO]
Mar. 21, 2022
"The de-risking progression ... has reached a point of diminishing value, [a recent] study contended. It 'robs plans of the returns they need to remain fully funded and stable across time,' the report read. In short, returns suffer.... The report advocates peppering in the likes of real estate, emerging market debt, private credit, and hedge funds into portfolios."
9.
High Inflation Leads to Expensive Cost-of-Living Adjustments for CalPERS and Others
Chief Investment Officer [CIO]
Mar. 9, 2022
Chief Investment Officer [CIO]
Mar. 9, 2022
"For CalPERS members, those who retired between 2006 and 2014 will receive the biggest increase at 4.7%. This will be the largest cost-of-living increase for beneficiaries in the past 32 years, dating to 1990."
10.
What's the Impact of Pandemic-Induced Early Retirements on DB Plan Funding?
Chief Investment Officer [CIO]; free registration required
July 5, 2021
Chief Investment Officer [CIO]; free registration required
July 5, 2021
"During normal times, a sharp jump in the number of workers who decide to retire early does not bode well actuarially for DB plans.... But the pandemic was not a normal occurrence, and it might be that other mitigating factors like the mortality rate may dampen any effect early retirements have on the system."
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