Month: January 2021

Data Visualization and the Modern Imagination

Mary Pat Campbell

Link: https://exhibits.stanford.edu/dataviz/

Description: Exhibit of historical data visualization examples

There is a magic in information graphics. Maps float you above the land for a bird’s eye view. Timelines arrange memories on the page for all to see. Diagrams reveal the parts inside without requiring disassembly, or incision.*
❡ Data visualization leapt from its Enlightenment origins and into the minds of the general public in the 1760s. It cast more powerful spells throughout the following century. By 1900, modern science, technology, and social movements had all benefited from this new quantitative art. Its inventions include the timeline, bar chart, and thematic map. Together, these innovations changed how we understand the world and our place within it. Data visualization helped a new imagination emerge, wired to navigate a reality much bigger than any single person’s lived experience.
❡ The sections in this exhibition examine information graphics that show space, time, nature, and society. Many are beautiful. Each is a unique way of seeing still worth our attention. —RJ Andrews, guest curator

Florence Nightingale graphs from Crimean War

Curator: RJ Andrews

Publication Date: September 2020

Site: Stanford University

Virgin Islands governor warns about worsening pension crisis

Mary Pat Campbell

Link: https://fixedincome.fidelity.com/ftgw/fi/FINewsArticle?id=202101261722SM______BNDBUYER_00000177-4023-d154-a1f7-44abf1540001_110.1

Excerpt:

U.S. Virgin Islands Gov. Albert Bryan warned the territory’s underfunded pensions were becoming critical and said help is coming for the ailing power system.

Bryan addressed these and other financial topics in his annual state of the territory speech Tuesday evening.

The Virgin Islands government has about $3.35 billion of net pension liabilities.

“Last year, the Government Employees Retirement System sold off about $120 million in assets,” Bryan said. “There is now less than $455 million remaining in the portfolio. This year we will likely sell off even more. The system is in an accelerating death spiral. And for every day that goes by without taking definitive action to reverse the failing of the Government Retirement System, the decisions that ultimately need to be made become more painful and more costly.”

Author: Robert Slavin

Publication Date: 26 January 2021

Publication Site: Fidelity Fixed Income

Homeowners in these 10 towns would pay the most under a proposed Connecticut ‘mansion tax’

Mary Pat Campbell

Link: https://www.courant.com/politics/hc-pol-mansion-tax-towns-20210127-vn3vkw7hfrg6lngynndiwe5kzi-story.html

Excerpt:

A proposed statewide property tax on homes valued at $430,000 or higher would be largely paid by homeowners along Connecticut’s Gold Coast, with Greenwich accounting for more than 25% of all the new revenue, according to legislative estimates.

But the analysis prepared by legislative staff shows that some homeowners in smaller or less well-heeled towns like Manchester or Putnam, would also be on the hook for the new fee, though contributing far less to the estimated $75 million that would be raised annually than their Fairfield County counterparts.

Author: Russell Blair

Publication Date:

Publication Site: Hartford Courant

With Interest Rates Low, US Pension Funds Make Risky Investments In Emerging Market Debt

Mary Pat Campbell
With Interest Rates Low, US Pension Funds Make Risky Investments In Emerging Market Debt

Excerpt:

In the United States, public pension funds, which have an average investment return target of 7.25 percent, will likely struggle to meet those investment targets and could be severely impacted by plummeting interest rates. Without changes to pension plans’ assumed rates of return, many public pension systems will see an increase in debt.

Unfortunately, many public pension plan managers are not interested in adjusting their investment return targets to realistic levels at this time. Instead, they are seeking riskier, potentially higher-yielding investments in an effort to make up for depressed interest rates and hit their targets.

Author: Swaroop Bhagavatula

Publication Date: 25 January 2021

Publication Site: Reason

New York City pension funds to divest $4 billion of fossil fuels

Mary Pat Campbell

Link: https://fixedincome.fidelity.com/ftgw/fi/FINewsArticle?id=202101260811SM______BNDBUYER_00000177-3abd-de06-a5f7-7aff55560002_110.1

Excerpt:

Dovetailing on President Biden’s clean-energy initiatives shortly after taking office, two of New York City’s five pension funds voted to divest their portfolios of an estimated $4 billion from securities related to fossil fuel companies.

The New York City Employees’ Retirement System and New York City Teachers’ Retirement System voted to approve divestments on Monday and the New York City Board of Education Retirement System is expected to proceed on a divestment vote imminently, Mayor Bill de Blasio and city Comptroller Scott Stringer said in a joint statement.

NYCERS and Teachers were valued at $91.4 billion and $77.4 billion as of November, according to data from Stringer’s office. Overall, the five systems have roughly $240 billion in assets under management, constituting the fourth largest public pension plan in the U.S.

Author: Paul Burton

Publication Date: 26 January 2021

Publication Site: Fidelity Fixed Income

Editorial | Legislative lunacy

Mary Pat Campbell

Link: https://www.news-gazette.com/opinion/editorials/editorial-legislative-lunacy/article_967b0ad5-3d2e-544a-b7ae-83f75d384af4.html

Excerpt:

When it comes to politics and government, Chicago is a force unto itself. Its strengths and weaknesses are, mostly, of its own making.

But the city was recently victimized by the General Assembly, and it’s important for the people of Illinois to know why. What happened speaks to a serious problem — a Legislature seemingly untethered to reality.

…..

Unfortunately, state legislators voted during the recent lame-duck session to increase retirement benefits for 2,200 Chicago firefighters.

Mayor Lori Lightfoot, as a newspaper headline put it, objected “strenuously” to the Legislature’s action.

She correctly described it as a “massive unfunded mandate to the taxpayers of Chicago at a time when there are no funds to cover this new obligation.”

Publication Date: 22 January 2021

Publication Site: The News-Gazette

Chicago Public Schools tees up first pandemic-era bond deal

Mary Pat Campbell

Link: https://fixedincome.fidelity.com/ftgw/fi/FINewsArticle?id=202101251653SM______BNDBUYER_00000177-3b58-d624-adf7-ff7a48da0001_110.1

Excerpt:

Chicago’s school district is heading into the market for its first COVID-19 era deal with a balance sheet shored up by federal relief.

The district is selling this week $560 million of tax-exempt, dedicated revenue-backed general obligation paper that carries two junk ratings and one at investment grade.

The deal offers $450 million of new money to finance capital work and $110 million of bonds that will refund 2006, 2009 and 2010 debt for savings with no extension of the original maturity. State aid is the pledged dedicated revenue on both pieces with other intergovernmental agreement-related revenue also pledged on the new money series.

Author: Yvette Shields

Publication Date: 25 January 2021

Publication Site: Fidelity Fixed Income

Original Publisher: Bond Buyer

Two NYC Pension Funds Divesting $4 Billion from Oil Companies

Mary Pat Campbell

Link: https://www.ai-cio.com/news/two-nyc-pension-funds-divesting-4-billion-oil-companies/

Excerpt:

Oil companies are quickly losing investors, including two pension funds in New York City, as more asset managers are pivoting to renewable options in the battle against climate change and for environmental, social, and governance (ESG) investing. 

The two pension funds will divest an estimated $4 billion from fossil fuel companies. NYC Comptroller Scott Stringer on Twitter called the move “one of the largest divestments in the world.”

The move to sell holdings in oil companies mirrors the divestment from tobacco companies two decades ago. 

The $77.4 billion New York City Employees’ Retirement System (NYCERS) and the $91.4 New York City Teachers’ Retirement System (TRS) approved the divestments in a vote on Monday. They represent the largest pension funds within the $239.8 billion New York City Retirement Systems.

Author: Ellen Chang

Publication Date: 26 January 2021

Publication Site: ai-CIO

Social Security COLA: What’s Working, What’s Not

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2021/01/12/social-security-cola-whats-working-whats-not/

Excerpt:

The only remaining provider of inflation-protected annuities in the United States is the federal government through Social Security. Retirees today can buy more of this income by waiting until age 70 to claim Social Security, thereby boosting their inflation-protected income by 30% over their full retirement age.


For healthy, higher-income retirees who have seen the largest improvements in longevity in recent decades, this increase in lifetime inflation-protected income appears to be a bargain.

Authors: Jason Fichtner and Michael Finke

Publication Date: 12 January 2021

Publication Site: Think Advisor

CalPERS’ Former CIO on Saving America’s Public Pensions

Mary Pat Campbell

Link: http://pensionpulse.blogspot.com/2021/01/calpers-former-cio-on-saving-americas.html

Excerpt:

Gordon thinks very highly of Ben Meng and so do I. I’ve had the pleasure of talking with him a few times since he was appointed CIO at CalPERS and not only is he brilliant, he was always very nice and generous with his time.

The last time I spoke with Ben was in the summer via a webcast where he explained that CalPERS is not leveraging its portfolio by $80 billion. We spoke about a few things and I recommend you read my comment here to gain an appreciation of everything he was tying to do at CalPERS.

That was before his crucifixion In August where he was forced to resign.  

I’m on record stating the way Ben Meng was treated was absolutely shameful and disgusting.

I don’t need to expand on this, suffice it to say CalPERS lost one of the best CIOs in the world and they still haven’t replaced him.

Author: Leo Kolivakis

Publication Date: 19 January 2021

Publication Site: Pension Pulse

NFL Players Pension Red Zone – $4 Billion

Mary Pat Campbell
NFL Players Pension Red Zone – $4 Billion

Excerpt:

It’s Super Bowl time which, for some of us, means  that the new 5500 for the Bert Bell/Pete Rozelle NFL Player Retirement Plan (EIN 13-6043636) is out and we get a better idea of how much Tom Brady really has in common with a Cleveland Iron Worker.

Interestingly enough, the NFL plan meets the objective (less than 40% funding and less than 40% active) criteria under both HR 397 and the Grassley-Alexander proposal from the prior legislative session and would qualify for a bailout were it to declare itself a red zone plan.

Author: John Bury

Publication Date: 25 January 2021

Publication Site: burypensions

NJ Retiree Update – December, 2020

Mary Pat Campbell
NJ Retiree Update – December, 2020

Excerpt:

Based on state pension data updated through December, 2020 there are 358,277 retirees getting annualized pensions of $12,024,013.

Through December, 2019 there were 352,416 retirees getting annualized pensions of $11,675,297,749 .

There are now 4,195 retirees getting over $100,000 annually. Of those 91 are getting pensions of over $150,000 annually:

Author: John Bury

Publication Date: 26 January 2021

Publication Site: burypensions