P&I reported that CalSTRS generated a 6.8% return for their fiscal year ending June 30, 2019, which exceeded their benchmark's 6.5% return. Unfortunately, this is no cause for celebration, as CalSTRS funded ratio was only 65.5% as of June 30,...

Senator Sherrod Brown (D-OH) and 26 other Democrat Senators, including some of the former members of the now defunct Joint Select Committee on the Solvency of Multiemployer Pensions, have reintroduced pension legislation to tackle the evolving pension crisis. The legislation...

The House passed the H.R. 397 legislation Wednesday in a 264-169 vote aimed a helping stabilize multiemployer pension plans in hopes of mitigating the looming pension crisis. Importantly, twenty-nine Republicans — nine of whom co-sponsored the legislation — joined Democrats...

I want to provide a quick update for you regarding H.R. 397. I just heard from Congressman Gottheimer's Legislative Assistant, Zach Eckstein that the "Butch Lewis Act" will be up for a vote on the floor before 8 pm this...

As mentioned yesterday, I am participating at the Opal Public Fund Summit in Newport. The conference is well attended and the panels/presenters have been very good. Yesterday's sessions provided a heavy dose of product related conversation, including equities, fixed income,...

Ron Ryan and I are presently spending a few days in Newport, RI at the Opal Public Funds Summit East. The sessions on day one were outstanding, and the audience was very engaged. One theme, in particular, continues to echo...

Here is another interesting and insightful article from the folks at Spring Valley Asset Management. They ask the question: When should one rebalance their portfolio? It is a question that allocators rarely ask prospective investment managers. However, when one rebalances...

House Ways and Means Chairman Richard Neal, D-Mass., confirmed that pension bill H.R. 397 (Butch Lewis Act) is ready for a floor vote. Some are estimating that the cost of the legislation could be roughly $65 billion, although the proposed...

In order to understand the basics of actuarial methods of valuing pension liabilities, one must consider the fundamental equation of pension plan funding, which is: C+I=B+E Where (C) Contributions + (I) Income = (B) Benefits + (E) Expenses First, actuaries...

As you may have heard or read, the House of Representatives' Ways and Means Committee has passed H.R. 397 (July 10th) joining the Education and Labor Committee that voted to support this proposed legislation in June. A third committee, Appropriations,...