The executive director of the Arkansas Teacher Retirement System on Monday defended his recommendation for the system to cut its target rate of investment return from 7.5% to 7.25% a year, saying he couldn’t in good conscience recommend keeping the higher rate if the system’s actuary considered it unreasonable.
A report, which says their investments have underperformed since the 2008 financial crisis and are costly, suggests officials should switch to purely passive investing.
The Detroit police and fire pension fund is suing Rocket Cos. chairman and real estate mogul Dan Gilbert in Delaware, alleging he traded on insider information in a $500 million stock sale.