Good news is overshadowed by market reactions to the coronavirus pandemic that have cost the largest US pension plan more than $50 billion.
Plans in Massachusetts, Mississippi, and other states assure retirees that benefits won’t be delayed, but suspend counseling appointments.
Called the ‘burnout bill’ by advocates, pension beneficiaries could retire after 20 years, but get no health benefits.
The current CIO helped develop the liability driven investment approach the Ontario health care fund is known for.
As coronavirus cases increase, the investment office of the California educator fund has developed plans in case investment staff are quarantined.
Large money managers including J.P. Morgan, Fidelity, and Allianz have lost their relationships with the biggest US pension plan as part of a massive restructuring of CalPERS’s equity program.
The state retirement fund is injecting $55 million to pay down liabilities, while also changing COLAs and increasing contributions.
Largest US pension plan drops at least $15 billion as retirement programs worldwide suffer.
