Retirement Trends

The buyer will pay about $250 million in cash, with the eventual purchase priced tied to fluctuations in Summits book value.

Ted Eliopoulos, current senior investment officer for real estate, will serve as acting CIO of the more than $277 billion pension plan, also known as Calpers.

Brown also said hell back a constitutional amendment to stockpile unpredictable capital-gains taxes and deal with looming shortfalls in public pensions.

Six states account for the bulk of the unclaimed pension assets. New York had the highest number of missing participants at 6,678, with $40.33 million that remains unclaimed.

TAMPs can be offered as stand-alone products or as a platform in which financial advisors can direct clients retirement savings to different investment models for a fee.

The $150 million amount, which had been mentioned in Macys 10-K filing with the SEC in April, was the same amount contributed in 2012.