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  #1051  
Old 07-05-2018, 04:32 PM
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KENTUCKY
HEDGE FUND
LAWSUIT

https://www.ai-cio.com/news/hedge-fu...ampaignId=4032

Quote:
Hedge Fund Tells Kentucky Pension to Take a Hike
Davidson Kempner Capital Management takes issue with state’s code of ethics.
Spoiler:
Hedge fund Davidson Kempner Capital Management has told the $17 billion Kentucky Retirement Systems (KRS) it doesn’t want its money and asked it to withdraw its $68.7 million in protest over the state’s new code of ethics.

KRS Executive Director David Eager said he was notified by the New York-based hedge fund that it didn’t want to abide by the CFA Institute’s codes of ethics and professional conduct that was part of a pension transparency bill passed by the state last year.

According to the bill, all individuals associated with the investment and management of retirement system assets, whether contracted investment advisors, board members, or staff employees, must adhere to multiple codes of ethics created by the CFA Institute, a nonprofit association of investment professionals. This includes “The Code of Ethics and Standards of Professional Conduct,” the “Asset Manager Code of Professional Conduct,” and the “Code of Conduct for Members of a Pension Scheme Governing Body.”

“We wanted to place more money with them,” Eager said, according to Reuters. “They expressed concern about the requirements of Senate Bill 2 with regards to the CFA codes.”

Davidson Kempner is not affiliated with the CFA Institute.

Eager also said the hedge fund was upset over a lawsuit filed in December by current and former state employees against hedge funds KKR/Prisma, Blackstone and PAAMCO for recommending high-risk investments that led to losses for the retirement system. He said that although Davidson Kempner was not a party to the suit, it was worried about facing similar suits because the plaintiffs went after hedge funds.

“There could be a problem here, but we just don’t know yet how significant it’s going to be,” Eager said. “An increased desire for transparency and accountability is being written into a lot of legislation around the country, and that is going to create difficulty in some of our efforts to establish business relationships with the people we want to.”

According to a KRS financial report from February, the system’s investment in Davidson Kempner returned 7.35% over one year, 3.6% over three years, and 6.1% over the past five years.

Eager also said that KRS is in the act of lowering its allocation in hedge funds to 3% of its assets from 10%, in part because of the high fees that accompany the investments.

State Sen. Joe Bowen (R-Owensboro), who sponsored the pension transparency bill, was unmoved by Davidson Kempner’s rejection of KRS’s investment.

“If they want to fire us because they can’t comply with the transparency and accountability standards that we’ve put in place, then that’s OK with me,” he said, according to a report from the Lexington Herald Leader. “If these hedge funds are pushing back, that’s too bad.”
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  #1052  
Old 07-08-2018, 10:35 AM
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CONNECTICUT
PENSION OBLIGATION BONDS

https://www.bondbuyer.com/news/conne...ot-than-states

Quote:
Connecticut cities’ pensions are in a tougher spot than state's

Spoiler:
Better management may not be enough to stabilize pension funding in Connecticut’s major cities, according to the Manhattan Institute for Policy Research.

"Dramatic retirement benefit reform" -- such as phasing out defined-benefit pension plans -- may be more urgent for Hartford, New Haven, Bridgeport, Stamford and Waterbury than for state pension funds, senior fellow Stephen Eide said in a report for the right-leaning think tank.

“With the exception of Stamford, they all have weak economies and elevated rates of poverty,” Eide said. “A weak local economy raises questions about the affordability of defined-benefit programs.”

Hartford, New Haven, Stamford and Waterbury operate their own independent pension systems. While Bridgeport participates in a statewide system, the city is responsible for meeting its own pension obligations. All of these cities also offer retiree health-benefit programs run locally.


“While the state’s record of pension mismanagement is well documented, cities have been guilty of mismanagement as well,” said Eide. “However, for the state’s five biggest cities, the question of affordability is more important than mismanagement.”

Property tax revenue hasn’t kept up with the need for more pension funding in New Haven, Hartford, and Stamford, according to Eide. Hartford’s property tax revenues, for example, rose by $2.7 million to fiscal 2017 from fiscal 2008 in real terms, while its pension costs spiked by $16.7 million.

While annual costs for retiree health care have not risen as dramatically, they are still high, totaling $132 million for all five cities, Eide said. “This is a questionable expenditure, since the private sector has largely phased out health-care benefits for retired workers.”

Connecticut’s well-chronicled budget imbalance and legacy cost problems, which have incurred the wrath of bond-rating agencies, have effectively masked urban problems within the state, according to Eide.

“Public pensions in Connecticut are unusually decentralized,” he said. Of its 212 public pension plans — the sixth-highest total of any U.S. state —206 are local plans.

Capital city Hartford, which has flirted with bankruptcy the past two years, is under a bailout deal with the state, known formally as a contract-assistance agreement. Under the arrangement, the state is providing financial assistance in exchange for stricter oversight through the new Municipal Accountability Review Board.

Under that board, Hartford is designated as a Tier III community. Tier IV is the most deeply distressed.

“Rising pension payments have contributed especially to Hartford’s fiscal distress,” said Eide.

“When combined with its annual [other post-employment benefits] bill—about $14 million last year—Hartford’s spending on the promises of the past total about the cost of the $40 million state-financed ‘bailout’ that it claimed it needed to avoid bankruptcy last year,” said Eide.

“Without a retirement benefit burden, Hartford would still likely be a distressed city and certainly a poor one, but it might not be a city on the verge of insolvency.”

At state and local levels both in Connecticut and nationally, rising pension costs have crowded out funds available for infrastructure, the social safety net and other public services.

"State and local governments should always strive for the permanent fix as opposed to the Band-Aid,” said James Spiotto, a managing director at Chapman Strategic Advisors LLC in Chicago.

"Over 40 to 50 years, what has happened to our cities? We have not created urban areas. Cities are funding cultural, business and economic centers of the regions but they have less ability to do the funding.

"With legacy cities, as you see in the report, poverty is going up, not down. Taxes are going up. Revenue is going up to some degree, but you're never ahead of the game, you're falling behind."

According to Spiotto, the effects of a digital economy and artificial intelligence -- including the decline of retail and the increasing use of robots and automatic cars -- could deprive cities of tax revenue.

"You see all sorts of challenges to parking fees, gas fees, vehicle fees. The answer is in how do we do better with economic development."

One solution, said Spiotto, is to create regional governments.


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  #1053  
Old 07-08-2018, 10:36 AM
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MASSACHUSETTS
CRIMINAL OFFICIALS

https://www.bostonglobe.com/metro/20...9NJ/story.html

Quote:
Some criminally convicted retirees could keep more of their pensions under new proposal

Spoiler:
State lawmakers are pursuing widespread changes to the state’s pension laws that could allow former public employees to keep a portion of their taxpayer-funded benefits even after they have been convicted of job-related crimes.

Spurred by a series of controversial high court decisions, the proposal has won the approval of a key legislative committee, and, if passed and signed into law, it would mark a dramatic change to how each of the state’s 100-plus public retirement systems handles benefits of criminally convicted retirees.

At its core, the bill would end the state’s “all-or-nothing” approach to pension forfeiture in which any former public employee convicted of a crime “applicable to his office or position,” including misdemeanors, automatically loses his or her entire pension.

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In its place, the legislation would create a tiered system, allowing public retirement boards to cut a former employee’s benefits entirely or in three other ways: by two-thirds, one-third, or to a “minimum allowance,” defined as being equal to the amount a worker would otherwise receive if he or she retired at 55 years old with 10 years of service.
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  #1054  
Old 07-08-2018, 10:37 AM
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TENNESSEE
CRIMINAL OFFICIALS

https://www.wkrn.com/news/tennessee-...ion/1283616242

Quote:
Ex-judge stripped of pension following federal conviction
Spoiler:
NASHVILLE, Tenn. (AP) - A former Tennessee judge who pleaded guilty to federal charges will lose his pension after a vote by the city's pension oversight board.

News outlets report that former Nashville Judge Casey Moreland was due $58,203.48 annually after decades on the bench.

Moreland pleaded guilty to charges that included retaliating against a witness, obstruction of justice, theft from a federally funded program, destruction of records and witness tampering. He is due in U.S. District Court on Aug. 31 for sentencing.

Members of the Employee Benefit Board did not immediately respond to a request for information. Tara Stewart of Metro Human Resources said that Moreland will lose his pension due to the board vote Tuesday.

Moreland's attorney says he's not sure whether Moreland will appeal the board's decision.
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  #1055  
Old 07-09-2018, 06:27 AM
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PENNSYLVANIA
ASSET MANAGEMENT

https://www.ft.com/content/a0cba2a4-...7-1e1a0846c475

Quote:
Two public pension funds ‘wasted $5.5bn on Wall St fees’
State treasurer Joseph Torsella says passive strategy would have brought better return
Spoiler:


Pennsylvania’s two largest public pension funds “have wasted” $5.5bn in fees paid to poorly performing Wall Street investment managers over 10 years, according to a senior elected state official.

Taxpayer money paid to Wall Street has come under scrutiny after evidence that many of the largest US pension funds failed to report payments worth billions of dollars to private equity managers.

The claims — involving Pennsylvania’s Public School Employees’ Retirement System and Pennsylvania State Employees’ Retirement System — raise questions about the secrecy surrounding private equity contracts.

They also highlight the issue of whether it is appropriate for public pension schemes to employ highly rewarded investment managers.

Joe Torsella, Pennsylvania state treasurer, said both funds could have achieved better returns for lower cost if they had followed a simple passive index-tracking strategy instead of employing active fund managers. “We have paid Wall Street handsomely for mediocre returns,” he said.

We have paid Wall Street handsomely for mediocre returns. They represent not just a waste of money but also an abuse of the trust of the people

Joe Torsella
“They represent not just a waste of money but also an abuse of the trust of the people.”

A review has begun aimed at finding $3bn in cost savings over 30 years. It will also examine investment performance and fees paid.

Mr Torsella estimated that Pennsylvania’s Public School Employees’ Retirement System could have avoided spending $3.9bn in fees if it had followed a simple equity-bond global index strategy. This would also have delivered better returns in seven of the past 10 years.

The smaller Pennsylvania State Employees’ Retirement System could have saved $1.6bn if it had followed the same strategy. This would have outperformed the pension fund’s investment portfolio in six of the past 10 years.

“What has been gained by spending so much on active management and alternatives? The numbers clearly show that one simple low-cost passive strategy would have performed far better and saved a fortune,” said Mr Torsella.

Both of the funds have agreed to work with a review body, which is expected to present its findings to state lawmakers by the end of the year.



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  #1056  
Old 07-09-2018, 09:30 AM
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ILLINOIS
TEACHERS

http://www.chicagotribune.com/news/o...706-story.html

Quote:
Letter: Illinois has a lot of problems. The average teacher's pension isn't one of them.
Spoiler:
I continue to be frustrated with all government retirees being lumped together by the Tribune. The average teacher does not receive a golden parachute, unlike some in positions of power.

Remember that the average teacher, whom you never discuss, has paid 9 percent of his salary toward his pension for his entire career. Teachers do not receive Social Security. Recently, you suggested removing their sick day pay enhancement. There is a shortage of subs as it is. Many teachers come to teach when perhaps they shouldn’t because of the promise of that benefit.

I’m tired of reading about teachers receiving too much in retirement, let alone for their teaching careers. Who do you think will want to enter the field of education? There is already a shortage. Do you not realize how short-sighted your view is? Our well-educated children are our future. I’m tired of the Tribune referring to the relative handful who have benefited as if it were the average retiring teacher.

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— Alice Gruenberg, Northbrook


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  #1057  
Old 07-09-2018, 09:30 AM
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NEW YORK


https://www.nytimes.com/2018/07/08/n...al-trials.html

Quote:
‘Ugly Albany’ on Display in Federal Trials and Pension Ruling
Spoiler:
ALBANY — Alleged payoffs. A taxpayer-paid pension despite disgrace. Keeping donations from your sworn enemies.

Such are the ways that money — legal and less so — grabbed headlines in the last week, touching current and former Albany luminaries and underscoring the state capital’s reputation as a place where personal and professional financial concerns often overshadow the work of government.

On Friday, it was Dean Skelos, the former Republican leader of the State Senate, testifying in his own defense in a federal courtroom in Lower Manhattan as he attempts to fend off federal corruption charges that he had used his sizable influence to try to financially benefit his son, Adam.

Mr. Skelos denied that, but admitted doing what he could to help a child who seemingly had trouble taking care of himself. “Quite frankly, I’ve asked a lot of people to help my son,” he said on Friday. “If I had the opportunity to ask somebody to help Adam, I did it.”

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On Thursday, it was another former state official making news, as the New York Law Journal reported that Eric T. Schneiderman, the former state attorney general, had asked for — and would receive — his pension, despite career-ending accusations of physical abuse against his romantic partners.

Gov. Andrew M. Cuomo, meanwhile, was being hammered for several days by his Democratic primary opponent, Cynthia Nixon, for steadfastly refusing to return tens of thousands in past donations from President Trump, whom he has spent the better part of the last 18 months criticizing.

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“I’m going to be deeply critical of him,” the governor said on Thursday. “And keep the contributions.”

It was not the first time that Mr. Cuomo, who is seeking a third term in November, has come under fire for keeping money from controversial figures. Last year, as allegations swirled around movie mogul Harvey Weinstein, Mr. Cuomo initially said he would keep past donations from him as well, before finally relenting.

Image
Alain E. Kaloyeros, a former president of the State University of New York’s Polytechnic Institute, arriving at federal court for his corruption trial on June 19 in Manhattan.CreditMark Lennihan/Associated Press
In Mr. Schneiderman’s case, his pension was legally allowed despite a new law that strips pensions from public officials who are convicted of felonies related to their elected positions. In an exposé in The New Yorker published in May, Mr. Schneiderman, a Democrat, was accused of hitting and slapping four women he was romantically involved with, and he promptly resigned. But because the allegations had nothing to do with his work as attorney general, Mr. Schneiderman, is entitled to nearly $64,000 a year, amid an ongoing criminal investigation into his behavior.

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John Kaehny, the executive director of Reinvent Albany, a group that advocates for transparency in government, said the “ugly Albany on display in federal courtrooms and front pages across the state” flew in the face of the noble intentions of the nation’s founders.

“That idea of ‘Do the right thing’ is the opposite of the culture of shamelessness, cynicism, greed and moral obtuseness underlying the unending scandals engulfing Albany,” Mr. Kaehny said. “It’s that corrosive culture, and norms eroded by money and a lack of accountability, that make fixing Albany so hard.”

That sentiment echoes the position taken by Ms. Nixon, who is trailing Mr. Cuomo in the polls and has noted that the governor had received some $64,000 from Mr. Trump during past campaigns.

“Donald Trump and all of the other real estate developers who have given Cuomo millions of dollars did not do it out of the goodness of their hearts,” Lauren Hitt, a spokeswoman for the Nixon campaign, said on Friday. “Real estate developers like Trump give millions to Cuomo because they know the governor will protect their interests.”

But the Cuomo campaign said that those attacks had less to do with money — noting that the most recent of the Trump donations were almost a decade ago — and more to do with Ms. Nixon trying to gain traction in the race. In their defense, the campaign offered up more than two dozen examples of other Democrats who had taken donations from Mr. Trump in the past, including Senator Chuck Schumer of New York, and argued that the contributions were actually being used against the president.

“What’s sad is so-called progressives like Cynthia Nixon being more focused on attacking fellow Democrats than fighting Donald Trump,” said Lis Smith, a spokeswoman for the Cuomo campaign. “The joke is on Trump, whose decades-old contributions are actively being used to fight him and his dangerous, anti-New York agenda.”

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The corrosive power of money in Albany is also at the heart of a pair of corruption trials being argued side-by-side in federal courtrooms in Manhattan, including a case involving Mr. Cuomo’s signature upstate economic development program, the Buffalo Billion. Alain E. Kaloyeros, the architect of the plan that the governor has repeatedly cited as a success, in spite of less-than-promised job creation, is charged with bid-rigging that benefited developers who were donors to Mr. Cuomo in connection to a $750 million solar plant in Buffalo, among other projects. (The governor has not been accused of wrongdoing and prosecutors have said the donations were legal.)

Mr. Skelos is fighting charges that he pressured companies to give his son consulting work worth $300,000 via a no-show job and a direct payment of $20,000. His testimony is expected to continue Monday, as Dr. Kaloyeros’s trial resumes down the hall.


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  #1058  
Old 07-09-2018, 09:34 AM
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CONNECTICUT
GUBERNATORIAL RACE

https://www.wsj.com/articles/connect...s&page=1&pos=1
Quote:
Connecticut Republicans Confronted With Choices
Gubernatorial field includes candidates with business experience, government backgrounds
Spoiler:
Connecticut’s Republican voters will have to choose between government experience and business know-how in August’s gubernatorial primary, in what is one of the most crowded fields in recent years.

There are five candidates on the ballot, three of whom secured enough support from Republican delegates during the state GOP convention to make it on the ballot. The other two successfully petitioned their way on.

Gary Rose, chairman of the department of government, politics and global studies at Sacred Heart University in Fairfield, Conn., said he expects more candidates to emerge in future races who have no experience in government and who bypass political conventions and opt for the petition route.

“I believe we’ve entered a whole new era in Connecticut,” Mr. Rose said. “This could potentially be the new model.”

Republicans are characterizing this election as a referendum on the leadership of outgoing Gov. Dannel Malloy, a Democrat, who is one of the least popular governors in the U.S.

Connecticut Democrats say all the Republican candidates are a bad fit.

“We’ve seen every single Republican gubernatorial candidate, consistently, side with [Republican President Donald] Trump over the people of Connecticut,” said Nick Balletto, chairman of the Connecticut Democratic Party. “From gun-violence prevention, to a woman’s right to make her own health-care decisions with a doctor, to speaking out against separating families at the border, Republican gubernatorial candidates would rather be silent on the issues that matter than stand up to Trump.”


GOP gubernatorial candidate Tim Herbst at the Connecticut State Republican Convention in May.Jessica Hill/Associated Press
Connecticut voters elected a Republican as governor as recently as 2006. The Cook Political Report rates this race as a toss-up.

The winner of the GOP primary will face off in November against the Democratic primary victor—either Ned Lamont, a wealthy businessman from Greenwich, or Joe Ganim, mayor of Bridgeport.

All of the Republican candidates want to lower taxes, overhaul the state pension system and reduce spending. They also oppose tolls to pay for highway and rail improvements. Their personal backgrounds are perhaps the areas where the candidates diverge the most.

Tim Herbst

Mr. Herbst, the former first selectman of Trumbull, Conn., is the youngest candidate in the race, at age 37. His public-service career began when he was 19 and was elected to the town’s Planning and Zoning Commission. He served eight years as Trumbull’s first selectman, the highest elected official in the town.

Mr. Herbst said he would focus on fixing the state’s fiscal mess if elected—“pension and benefit reform right out of the gate,” he said.

He wants to move future state employees from the pension system to a 401(k)-style plan and is calling for state employees to chip in more for health care.

He wants to scrap the income tax for anyone making less than $75,000 and eliminate both the business-entity tax, a $250 tax paid biennially by every business in the state, and estate tax. He also wants to cut tax rates for corporations.


Tech entrepreneur Steve Obsitnik has no government experience.Steve Obsitnik for Governor
The Connecticut Citizens Defense League, a firearms-rights group, endorsed Mr. Herbst for his pro-gun views.

Mr. Herbst is participating in Connecticut’s Citizens Election program, the state’s public-finance system for political campaigns, and received a $1.35 million grant for the primary.

Steve Obsitnik

Mr. Obsitnik, a technology entrepreneur from Westport, is among the three GOP candidates with no experience in government. He founded a number of startups and worked with the company that developed the iPhone Siri program.

Mr. Obsitnik said his business background makes him the best Republican contender. “Connecticut must decide if they want a maker or taker for its next governor,” said Mr. Obsitnik, 51, who served in the Navy.

The tech entrepreneur proposes eliminating the gift and estate tax and taxes on Social Security and pensions. He also called for income-tax cuts for people who earn less than $100,000 and plans to phase out taxes on corporations.

Mr. Obsitnik is seeking public financing, but the State Elections Enforcement Commission is investigating his campaign for finance violations. He said he expected his campaign to be cleared by the investigation and denied wrongdoing. If the SEEC doesn’t approve his request for the $1.35 million grant, Mr. Obsitnik said he would use traditional fundraising and pour in his own money to stay in the race.

Mark Boughton


Republican nominee for governor Mark Boughton is in his eighth term as mayor of Danbury.Jessica Hill/Associated Press
This is the second governor’s race for Mr. Boughton, who flirted with running in 2010 and opted instead to run for lieutenant governor. He jumped in to the gubernatorial race in 2014 and lost the nomination to businessman Tom Foley.

Now, Mr. Boughton, in his ninth term as mayor of Danbury, enters the race as the candidate with the longest record in public service. He says his experience leading Danbury, with a population of 85,000, sets him apart from his GOP rivals. And the state Republican Party endorsed him.

His biggest policy proposal calls for phasing out the state’s income tax over 10 years. He says the state won’t need this revenue stream in a decade if it eliminates some departments and reins in spending.

“We need to put our financial house in order and rebuild our relationship with the business community,” said Mr. Boughton, 54.

Mr. Boughton said he wants health care and pension benefits for state employees handled by the state Legislature rather than collective bargaining and is prepared to take legal challenges on this front to the U.S. Supreme Court.

He is participating in the state’s public-financing program.

David Stemerman

Mr. Stemerman began shutting down his hedge fund, Conatus Capital Management LP, in 2017 to launch his bid for governor, telling people he felt a calling to serve Connecticut. Before founding his fund in 2007, the former hedge-fund manager worked as a portfolio manager at Lone Pine Capital LLC.


David Stemerman, founder of Conatus Capital Management, wants a complete overhaul of Connecticut’s pension system.brendan mcdermid/Reuters
He wants a complete overhaul of the state’s pension system, arguing that the current version is unsustainable and crowds out spending in other areas, such as education. One option under Mr. Stemerman’s plan would allow current employees and retirees to take a one-time, lump-sum payment to buy them out from their pension.

“For taxpayers, we are going to get them out of the business of guaranteeing benefits that they cannot earn themselves,” said Mr. Stemerman, 49, from Greenwich. “It’s unfair.”

Mr. Stemerman said the proposals by his rivals to eliminate the state income tax are unrealistic. Instead, he proposes lowering the top tax rate from 6.99% to 5%. He also wants to slash corporate income taxes from 7.5% to 5%.

He has pledged to spend $12.8 million of his own money on the governor’s race.

Bob Stefanowski

Mr. Stefanowski also is highlighting his business career as he makes his case to voters. His résumé includes stints running DFC Global Corp., a consumer-financial-services company, as well as working as the chief financial officer for UBS Investment Bank and the division chief executive officer of General Electric Co.

The businessman, who lives in Madison, Conn., wants to phase out both the state income tax, which was established in 1991, and the corporate tax. He said the income-tax phase-out would be tied to revenue triggers and could be slowed or accelerated depending upon how the economy responded. He boasts that his tax plan was endorsed by Arthur Laffer, an adviser to former President Ronald Reagan.

“The state thrived without a state income tax,” said Mr. Stefanowski, 56. “There is no reason why we can’t do it again.”


Bob Stefanowski is highlighting his business career.Bob for Governor
He also wants to move new state employees from pensions to 401(k)-style plans and says state workers will need to pay more for health care.

Mr. Stefanowski said he is funding his campaign with a combination of fundraising and his own money. He declined to say how much money he will spend on the campaign.

there was a different article about the Democratic candidates, but I didn't see either of them talking about pensions in here:
https://www.msn.com/en-us/news/polit...nor/ar-AAzutEb
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Old 07-10-2018, 02:05 PM
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OHIO
OPERS

http://perspective.opers.org/index.p...port-released/

Quote:
New financial report released
OPERS’ CAFR focuses on moving your pension system forward
Spoiler:
July 10, 2018 – OPERS has released its 2017 Comprehensive Annual Financial Report, a yearly look at our financial, investment, actuarial and demographic measurements.

This year’s theme is “Focused Forward: Every step makes a difference.” It emphasizes that each decision made in the retirement saving process, no matter how seemingly small, makes a contribution to retirement security.

OPERS employees work daily to make sure each step we take propels the organization forward to achieve five main goals:

Provide a stable pension for all OPERS retirees.
Continue to provide a meaningful retiree health care program.
Minimize drastic plan design changes.
Be financially positioned to react to market volatility.
Maintain intergenerational equity.
Here are some of the facts you’ll discover about OPERS in the 2017 CAFR:

OPERS had a net position of $101.4 billion at the end of 2017, the first time in our history that net position topped $100 billion.
The system’s funded status at year-end was 81 percent.
We are able to pay off our unfunded liabilities within 18 years, 12 years sooner than mandated by Ohio law.
Health care expenses in 2017 were $1.0 billion.
The OPERS defined benefit investment portfolio returned 16.82 percent for the year; the health care portfolio returned 15.25 percent; the defined contribution portfolio returned 17.39 percent.
In 2017, member and employer contributions in all our pension plans totaled $3.4 billion, compared with net income from investing activity of $14.6 billion.
Of the 347,730 active members in our system, 94.4 percent have chosen the defined benefit plan, 3.3 percent the defined contribution plan and 2.3 percent the hybrid plan.
Our new retirees’ average pension was $2,285.
Of the 210,868 retirees in OPERS, 89 percent remained Ohio residents as of Dec. 31, 2017.
OPERS made $5.3 billion in pension benefit payments last year to Ohio residents.

So... this little booster did not actually link to the CAFR.

It's here:
https://www.opers.org/pubs-archive/f.../2017-CAFR.pdf
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Old 07-10-2018, 02:06 PM
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Mary Pat Campbell
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INVESTMENT RETURNS

http://crr.bc.edu/briefs/what-explai...ns-since-2001/

Quote:
What Explains Differences in Public Pension Returns Since 2001?

byJean-Pierre Aubry,Anqi Chen,Alicia H. MunnellandKevin Wandrei
SLP#60

The brief’s key findings are:

Investment returns for state and local pension plans varied over 2001-2016 from 6.3 percent for the top quartile to 4.6 percent for the bottom.

The variation could be due to differences in asset allocation and/or to the returns by asset class.

The analysis found that asset allocation – in equities, fixed income, and alternatives – was broadly similar across plans, while asset class returns showed more variation.

Therefore, asset class returns turned out to be the primary reason for the disparities in overall returns.
full brief:
http://crr.bc.edu/wp-content/uploads/2018/07/slp_60.pdf
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