The WSJ has an article in today's edition that frankly is pretty scary, but has gotten little press. According to Municipal Market Analytics Data, ten municipal borrowers defaulted in May and another 10 in June, the most for these months...

We believe that the primary objective of managing a pension plan is to secure the promised benefits through a cash flow driven investing (CDI) approach. However, there is a very important secondary benefit when using CDI and that is the...

I was reading an opinion piece in The Press-Enterprise, titled "Game-Changer For Riverside's (CA) Budget". The piece discussed The Riverside Council's action to reduce the budget by 10% due to a loss of revenue and rising expenditures related to Covid-19....

Countless articles mention the burgeoning US federal deficit, as if it is a rival to the Covid-19 virus, getting ready to unleash long-term harm the likes of which we've never witnessed. They are WRONG! Yes, deficits for individuals, businesses, states/municipalities,...

We are huge fans of cash flow driven investing (CDI). We believe that securing pension benefit payments is the number one objective for a DB plan. Maximizing the efficiency of the asset allocation process is also critical, especially for those...

Every once in a while I read something that just makes me shake my head in disbelief. Today I had such an experience. The gist of the article to which I am referring had to do with a question that...

The Covid-19 crisis has raised awareness regarding many social ills, including the lack of emergency funds, the fragility of the labor force, especially for older workers, and inequality in general. These all need to be addressed in time, but there...

Of course they are! Recently, there has been more reporting about 401(k) participation taking a hit amidst the COVID-19 pandemic. Now, that is a shocker. According to folks at LIMRA Workplace Benefits Research, their findings reveal that among workers with...

Here is the question of the day: If your pension plan beats the ROA, but loses to liability growth, did you win? I suspect that most plan sponsors and many consultants would suggest that they have won the game. But,...

The New Jersey Pension Fund has reported that the system generated a -2.47% return for the 10-months ending April 30, 2020, which is obviously quite poor given their annual return on asset target (ROA) of 7.5%. Furthermore, they are reporting...