Another financial services firm has agreed to some procedural changes and a monetary settlement regarding the proprietary funds it offered in its own 401(k) plan.
Baltimore, MD (July 31, 2019) — The Board of Trustees of the Maryland State Retirement and Pension System today announced that its portfolio returned 6.46% percent, net of fees, on investments for the fiscal year that ended June 30, 2019—falling short of the System’s 7.45% assumed actuarial return rate. The fund’s performance raised the system’s assets to $54.2 billion, an increase of $2.4 billion over last year.
NASHVILLE — In a state where many in the Republican-dominated government, including Gov. Bill Lee, oppose legalizing even medical marijuana, it turns out that Tennessee’s massive $52 billion retirement system stands to benefit from an investment it has in the soaring pot industry.
A plan that allowed some pension enrollees to cash in early on their earned retirement benefits in exchange for curbing future benefits has so far generated only 3% of its expected savings.
Baltimore, MD (July 26, 2019) —The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) today voted to reduce the System’s actuarial assumed rate of return on its investments from 7.45% to 7.40%. The System’s lower rate will be effective beginning in fiscal year 2021.
Institutional investors have been using their financial heft to urge corporations to go green. But now they are asking Congress to do more — to get regulators to ensure transparency and consistency when it comes to reporting risks.