Public pensions

The initiative proposed by business interests would amend California's constitution to prevent the state from approving tax increases without a two-thirds majority vote of the Legislature and voter approval.

With economic uncertainty ahead and the Federal Reserve potentially shifting to interest-rate cuts, analysts should take a closer look at individual issuers' financial disclosures.

Pensions funds are increasingly investing in riskier asset classes, with more than half their investments in 2022 in these, according to some estimates.

Meanwhile in New York, the state doubles down on climate investments and restricts investments in some big oil and gas companies as the city blasts several big banks as they pull out from the Climate Action 100+ initiative.

The value of the fund rose from the $246.3 billion reported in the second quarter while returns improved to 6.18% in the third quarter from negative 1.59% in the prior period.

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.

Recommendations from an actuary on the city's police and fire pensions come amid a rising unfunded liability and uncertainty over the use of pension bonds.

Funds invested into risky private equity and real estate could flow into bonds

The total unfunded pension liability for all 50 states is expected to be $1.3 trillion for fiscal 2023, according to a Reason Foundation analysis.

The city, which issued POBs in 2005, is awaiting recommendations from an actuary on how to deal with a $3 billion unfunded liability in its public safety fund.

The Attorney General's office found the firm complies with a 2021 state law banning contracts with companies that "discriminate" against the firearm industry.