(Bloomberg) — A record-setting run for U.S. stocks and an expanding economy aren't solving one of the biggest challenges facing cities and states — how to pay for retiree benefits.
This week's move by California Public Employees' Retirement System, the nation's largest, to scrap a decade-long bet on hedge funds underscored that there's no magic bullet to dealing with mounting costs. Halfway across the country, the plan for Texas counties is devoting more pension assets to hedge funds to boost returns. In New Jersey, Governor Chris Christie put off pension contributions to avert budget cuts.
See also: Top 10 states for pension spending
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
