Public pensions

Illinois' Commission on Government Forecasting and Accountability last week released its Special Pension Briefing on state-funded retirement systems in 2023.

It's a color-coded controversy about how far the fight over ESG and green investing precepts will affect public finance this year, with the latest skirmishes involving Bank of America and New York and New Hampshire.

The consolidation upheld by the state Supreme Court promises efficiencies, but the hundreds of local funds involved still face structural challenges.

The Illinois Supreme Court upheld pension reform legislation championed by Gov. JB Pritzker that was challenged in court by first responder pension funds.

"It is a torpedo into one of the safest, most secure pension systems in the United States, if not the world," said North Carolina Treasurer Dale Folwell.

"The work done by our agency often focuses on the long-term," said Connecticut State Treasurer Erick Russell.

Despite federal restrictions, governments flush with stimulus funds funneled a significant amount toward pension plans in 2022, a new report found.

"Preserving a livable planet and a thriving economy will require a collective global commitment both to the phase-out of fossil fuels and to massive new investments," said New York Comptroller Brad Lander.

The nation's fourth-largest city will have new officials at the helm of its government and finances for the first time in eight years.

West Virginia reduced its pension debt burden by 90% from 2000 to 2021, according to a recent report from the Pew Charitable Trust.