Wealth management

The passage of a $11 billion plan, which aims to fully fund police and fire pensions in 30 years, comes as the retirement system is pushing its own plan in court.

In this episode, Howard Cure, Director of Municipal Bond Research at Evercore Wealth Management, discusses the improving state of public pensions, the ongoing challenges faced by states like New Jersey and Illinois, and the risks associated with pension obligation bonds.

Public pensions are averaging a significantly improved 80.6% funded ratio, but took on riskier investments to obtain higher returns, which would be problematic in a market correction.

"It would be irresponsible for us to ignore factors that can fundamentally impact the long-term viability of investments," said CalPERS interim Chief Investment Officer Dan Bienvenue of climate risks.

A city council committee received staff recommendations to fully fund the Police and Fire Pension System within 30 years.

Since war broke out on Oct. 7 between Israel and Hamas, over $1.64 billion of Israel bonds have been sold to more than 35 U.S. states, counties, cities and municipalities.

The city is offering $567.6 million of debt in competitive sales Thursday as rating agencies keep a close eye on pension funding progress.

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.

Investor demands and lower account minimums have grown separately managed accounts across fixed-income markets, particularly in munis. Russell Feldman, CEO and co-founder of IMTC, discusses this evolution and how technology has contributed to changing market dynamics.

Some participants on the Street estimate that SMAs hold as much as $1.5 trillion of munis while others peg it closer to $1 trillion to $1.3 trillion.