Download or read book Economically Targeted Investments by State wide Public Pension Funds written by Richard Ferlauto and published by . This book was released on 1993 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Competitive Plus written by Lee Orr Smith and published by . This book was released on 1990 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economically Targeted Investing written by James Packard Love and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investment Practices of State and Local Pension Funds written by Annika E. Sundén and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The investment practices of public pension funds have become a topic of major interest in the wake of President Clinton's 1999 proposal to invest a portion of the Social Security Trust Funds in equities. Both supporters and opponents of the proposal point to the performance of public plans to argue their case. Supporters cite the success of Federal plans, particularly the Federal Thrift Savings Plan (TSP), which has avoided picking individual stocks by investing in a stock index and has steered clear of projects with less than market returns. Divestiture of stocks for social or political reasons has also not been a problem, and TSP has avoided government intervention in the private sector since individual portfolio managers vote the proxies. Opponents of Social Security Trust Fund investment in equities point to state and local pension funds. They contend that state and local pensions often undertake investments that sacrifice return to achieve political or social goals, divest stocks to demonstrate that they do not support some perceived immoral or unethical behavior, and intervene in corporate activity. Opponents claim that if Social Security's investment options were broadened, Congress would use the Trust Fund money for similar unproductive activities. An important question is the extent to which allegations about state and local plans are true. This study explores four possible avenues through which social or political considerations could enter the investment decisions of state and local pension funds. The first section focuses on economically targeted investments (ETIs), those investments that are designed to meet some special need within the state. The second section looks at instances of pension fund activism, whereby the fund managers attempt to influence corporate behavior to improve profitability or other aspects of corporate performance. The third section investigates the extent to which state and local pension plans have avoided or divested certain holdings in order to make a political or ethical statement. The fourth section investigates the extent to which states and localities have used pension funds as an escape valve for general budget pressures. This comprehensive review yields the following conclusions. First, economically targeted investments account for no more than 2.5 percent of total state and local holdings. Although early studies showed plans sacrificing considerable return for targeting their investments to in-state activities, recent survey data reveal no adverse impact on returns as a result of the current small amount of ETI activity. Second, public plans in only three states have seriously engaged in shareholder activism, and this activism appears to have been motivated by a desire to improve the bottom line not to make a political statement. The literature suggests that this activity has had a negligible to positive impact on returns. Third, the only significant divestiture that has occurred was related to companies doing business in South Africa before 1994. This was a unique situation where worldwide consensus among industrial nations led to a global ban on investment in that country. With respect to tobacco, public plans have generally resisted divestiture, and only a few have actually sold their stock. Finally, state and local governments have borrowed occasionally from their pension funds or reduced their contributions in the wake of budget pressures, but this activity has been restrained by the courts and frequently reversed. In short, the story that emerges at the state and local level is that while in the early 1980s some public plans sacrificed returns for social considerations, plan managers have become much more sophisticated. Today, public plans appear to be performing as well as private plans.
Download or read book Investment Practices of State and Local Pension Funds written by Alicia Haydock Munnell and published by . This book was released on 1999 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economically Targeted Investment Program Under Development written by Florida. Office of Program Policy Analysis and Government Accountability and published by . This book was released on 2008 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Pension Investment Targeting written by Government Finance Research Center and published by . This book was released on 1983 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economically Targeted Investments by Public Pension Funds written by and published by . This book was released on 1991 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economically Targeted Investments and Social Investments written by John R. Nofsinger and published by . This book was released on 1997 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents the emergence of economically targeted investments (ETIs) and social investments on pension funds. We find that these dual purpose investments are usually concessionary and reduce portfolio investment return. When fiduciary standards are weakened, public pension fund assets become easily abused by political objectives. Pension beneficiaries suffer by reduced investment returns, increased underfunding, and unfriendly actuarial assumptions. We also review the recommendations and policy implications of the Department of Labor's Work Group on Economically Targeted Investments. This Work Group is trying to allow, even encourage, private pension funds to invest in ETIs.
Download or read book Alternative Investing by State and Local Pension Funds written by John E. Petersen and published by . This book was released on 1980 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Competitive Plus written by and published by . This book was released on 1990 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Funds and Economically Targeted Investments written by Stephen Alexsandaer and published by . This book was released on 1997 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Alternative Assets and Public Pension Plan Performance written by Douglas Robertson and published by . This book was released on 2008 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Our Money s Worth written by New York (State). Governor's Task Force on Pension Fund Investment and published by . This book was released on 1989 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economically Targeted Investments ETIs The Issues written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Joint Economic Committee (JEC), based in Washington, D.C., presents the full text of a paper entitled "Economically Targeted Investments (ETIs): The Issues." published May 1995. Economically targeted investments (ETIs), also known as social investments, are pension fund investments selected for their economic benefits apart from their investment return to the employee benefit plan. The paper discusses the problem of these investments violating the fund manager's fiduciary duty under the Employee Retirement Income Security Act (ERISA).
Download or read book Pension Funds Economic Development written by Lawrence Litvak and published by . This book was released on 1983 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Funds Economic Renewal written by Lawrence Litvak and published by Council of State Policy & Planning Agencies. This book was released on 1981 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
