October 2018
Texas Pension Review Board Chairman Josh McGee backed down from committing to a legislative effort to enable or require asset pooling for small pension systems. His comments, made at the tail end of the  Oct. 4 PRB meeting , recognized concerns from TEXPERS Board President Paul Brown and board member David Stacy. 

For video of comments made by TEXPERS Brown and Stacy, click the image above.

Texas Pension News
Photo: www.pexels.com
Court issues temporary restraining order to stop Dallas city officials from taking legal action against two municipal employee-elected fund trustees
A state district court is prohibiting the city of Dallas and its interim city attorney, Christopher Caso, from ousting two trustees from the Dallas Employees’ Retirement Fund’s board of directors.

The city is trying to impose term limits on the retirement fund, and recently sent letters to the fund’s board chairman, John Jenkins, and trustee Tina Richardson, instructing them to resign from their voter-elected positions or face lawsuits. On Sept. 27, a district court issued a temporary restraining order against the city and its interim attorney, preventing either from taking action against Jenkins and Richardson. 

“The letter is the latest by Dallas’ city leaders in a year-long attempt to ignore the governing IRS-approved plan document of the retirement fund and weaken the effectiveness of the retirement fund’s trustees,” says Max Patterson, executive director of the 80-system-member Texas Association of Public Employee Retirement Systems. 

“At issue,” according to a statement posted to the Dallas Employees’ Retirement Fund, “is whether the city is attempting to impose term limits on the fund’s board without going through a three-step process historically utilized, and legally required, to make changes to the plan.”

No other public employee pension system in Texas has imposed term limits on their employee-elected trustees because it is counterproductive to good pension fund governance, says Patterson, TEXPERS’ executive director. He says Dallas officials are arbitrarily trying to impose term limits and he questions why the city’s interim attorney would threaten legal action against public pension fund trustees who have spent years learning about investment decision-making and benefits administration on behalf of those who voted them onto the fund’s board.  

For complete coverage, click here to read a report by The Dallas Morning News. Also, click here for a news release issued by the Dallas Employees’ Retirement Fund and here to read TEXPERS’ full news release. 
Texas Teachers’ returns top benchmark in multiple periods

The $151.2 billion pension fund returned a net 0.4% in the three-months ending June 30 (benchmark, 0.5%); one year, 9.2% (8.5%); three years, 7.7% (7.1%); five years, 8.7% (8.1%); 10 years, 6.6% (6.3%); and since inception July 1, 1991, 8.7% (8.2%).

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Dallas Police and Fire Pension System leader says city...

If City Hall doesn’t do more to grow its ranks of police and firefighters, the Dallas Police and Fire Pension System won’t be able to stay on its already perilous path to solvency, the fund’s top official said during an Oct. 15 committee meeting.

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In-depth: Corporate Governance
In boardroom fights, pension funds side with their peers

Analysis of pension fund voting habits shows they are more likely to support other pensions - and vote against the recommendations of proxy advisory firms.

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Read the full report to
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The paper examines the proxy voting behavior of public pension funds and documents several important determinants.

Texas Economy
Report: Midland is second fastest-growing city in U.S.

Midland is the second fastest growing city in the United States, according to a report released this week by WalletHub.

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How aging populations are affecting state economies

Texas boasts the strongest demographic and economic growth nationally, with strong growth also a feature of coastal South Atlantic states, according to new S&P Global report.

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North American trade deal to keep Texas economy humming

Trade between Texas, Mexico and Canada will continue to flow freely, following a late-hour deal on Sunday that re-worked the North American Free Trade Agreement, analysts said. The agreement, now called the United States-Mexico-Canada Agreement,...

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Do you know the difference between an advisor and adviser?

Yes, there is a difference between an investment adviser acting as a fiduciary for advice given and a non-fiduciary investment advisor.

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U.S. Public Pension News
Texas among states that increased employee contributions

Unlike in the private sector, a majority of employees of state and local governments are required to share the cost of their retirement benefits. Texas is among states that increased employee shares in at least one public pension plan since 2009.

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Tweet This
Why are so many Americans "unretiring"? They haven't saved enough for retirement. Not surprising so many retirees with 401(k) accounts from the private sector are heading back to work.

A new report indicates that the median retirement account balance is $0 among all working individuals ( https://tinyurl.com/y9rersek ) .

Defined-benefits earned by their public-sector peers are more secure and give police officers, firefighters, municipal employees and educators a continuing income to help them through what should be their golden years.

About Us 
The Texas Association of Public Employee Retirement Systems (TEXPERS) is a statewide voluntary nonprofit association that provides education and legislative advisory services to the trustees, administrators, professional service providers and employee groups that manage the retirement money of police, firefighters, municipal and district employees in cities across Texas.