Heather Gillers
speaker
548 appearances
11 recordings
1 series
first heard Nov 2018
last heard Oct 2021
Heather Gillers’s voice in public audio — every appearance, attributed to the second.
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Appearances
Their retiree health care benefits are a little more vulnerable, but certainly any drop in the markets and definitely the kind of thing that we've seen over the past couple weeks will set pensions back as far as their difficult efforts to make assets match liabilities.
This volatility gets in the way of the pension funds being able to project their investment returns, how much their portfolios are going to grow in a big way.
And it also interferes with something that's been happening for the past decade or so, which is that pension funds have been gradually climbing out of the hole that they fell into in 2009 following the financial crisis.
We've basically had a bull market since then.
Stocks have really been good to pension funds.
That's why public pension funds have put more and more money into stocks.
But suddenly stocks aren't as reliable anymore.
That's right.
Especially in the last few years, there's been a lot of discussions about how pension funds can de-risk or protect themselves in the event of a downturn, especially for public pension funds, which, again, often take on more risk.
They're particularly vulnerable to that type of problem.
And
They have taken different measures.
I mean, I talked to the CEO of the Los Angeles County Retirement Association, the pension fund that serves county workers in Los Angeles.
And that fund took 10% of its portfolio out of stocks and put it into debt instruments like bank loans and emerging market debt.
which are some of the areas of credit investments that, unlike treasuries, pension funds are still hoping to get a pretty significant return on.
So pension funds have taken those kinds of measures.
They've rolled back their assumed rate of return in a lot of cases.
They're still banking on getting 7%, but they're no longer banking on getting 8%, which would have been an even harder target to meet in this environment.
Sure.
Anytime.
Showing 241–260 of 548 · page 13 of 28
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