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 Public Pension Plans written by United States. General Accounting Office and published by . This book was released on 1995 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Pension Plans written by DIANE Publishing Company and published by DIANE Publishing. This book was released on 1995-06 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses three points: what has been the extent of ETI's by nonfederal public employee pension plans, in terms of the amounts invested and the types of investments; did ETI programs aimed at business development realize competitive returns; and what were the economic effects of business development ETI programs, such as jobs created. 18 charts and tables.
Download or read book Targeting Public Pension Fund Investments written by Paul J. Pupo and published by . This book was released on 1980 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Governance and Investment of Public Pension Assets written by Sudhir Rajkumar and published by World Bank Publications. This book was released on 2011 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.
Download or read book Whose Pension is it Anyway written by Cassandra Chrones Moore and published by . This book was released on 1995 with total page 56 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 Upgrading the Investment Policy Framework of Public Pension Funds written by Dimitri Vittas and published by World Bank Publications. This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
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 Public Pension Plans written by and published by . This book was released on 1990 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Targeted Pension Fund Investment for Economic Growth and Development written by United States. Congress. Joint Economic Committee and published by . This book was released on 1994 with total page 102 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 U S Public Pension Handbook A Comprehensive Guide for Trustees and Investment Staff written by Von M. Hughes and published by McGraw Hill Professional. This book was released on 2019-07-26 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first comprehensive guide to mastering the roles and responsibilities of a public pension fiduciary in the U.S. In an ever-changing financial and political landscape, your job as a public pension fiduciary continues to get more difficult. Now, you have the help you need. U.S. Public Pension Handbook is the only one-stop resource that covers the various areas of public pension governance, investment management, infrastructure, accounting, and law. This comprehensive guide presents critical data, information, and insights in topic-specific, easy-to-understand ways—providing the knowledge you need to elevate your expertise and overall contribution to your pension plan or system. U.S. Public Pension Handbook covers: •Today’s domestic and global public pension marketplace•The ins and outs of the defined benefit model, the defined contribution, and hybrid pension designs•Financial concepts central to the actuarial valuation of pension benefits•Public pension investment policies and philosophies•Asset allocations and how they have changed over time•State and local government pension contribution policies•The impact of governance structure and board composition on organizational results•Fiduciary responsibility and the general legal/regulatory framework governing trustees•How changes in trust law may affect public pension trustee fiduciary responsibility and liability•Best practices in pension governance and organizational design Public pension trustees are the unsung heroes of the world of finance, collectively managing over $6 trillion in retirement assets in this country alone. U.S. Public Pension Handbook provides the grounding you need to make sure you perform your all-important with the utmost expertise and professionalism.
Download or read book Public Pension Plans written by U. S. Government Accountability Office ( and published by BiblioGov. This book was released on 2013-06 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuant to a congressional request, GAO reviewed economically targeted investments (ETI), focusing on the: (1) amount and types of ETI being invested by nonfederal public employee pension plans; (2) realization of competitive returns by ETI programs aimed at business development; and (3) economic effects of business development ETI programs. GAO found that: (1) public pension plans have invested billions of dollars nationwide in ETI; (2) in a survey of large public pension plans, 50 of the 119 respondents indicated that they had invested a total of $19.8 billion in ETI to promote housing, real estate, or small business development; (3) ETI that promote business development include private placements, venture capital investments, and bond, loan, and certificate of deposit purchases; (4) the performance of ETI by the public pension plans studied was generally similar to the returns of comparison investments; (5) the performance of ETI venture capital programs sometimes lagged behind the comparison investments; and (6) no definitive conclusions have been reached regarding the economic effects of ETI programs due to insufficient data.
Download or read book Public Pension Fund Activism and Firm Performance written by Sunil Wahal and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the efficacy of pension fund activism and the ability or willingness of these funds to vote with their feet. I examine all firms targeted by nine major funds over a seven year period (1987-1993). Targeting announcements are associated with a small but significant wealth effect for a subset of firms. However, there is no evidence of improvement in the long-term stock price performance of targeted firms. In fact, performance continues to decline even three years after targeting. Moreover, in contrast to other institutions, pension funds do not appear to significantly reduce their holdings in underperforming firms in general, or in firms that they target. Collectively, the results cast doubt on the effectiveness of public pension fund activism as a substitute for an active market for corporate control.
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 Public Pension Plans written by United States. General Accounting Office and published by . This book was released on 1995 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
