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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No, we're talking about millions of people around the U.S., public workers, police, firefighters, teachers, clerks, you know, anyone who works for the government pretty much.
That was one of the more interesting data points that came out of this year's pension returns.
As pensions have recognized their really serious shortfalls over the past decade, they've moved more into alternative investments, private equity, real estate, different kinds of vehicles that they hope will provide them higher returns than stocks and bonds.
after the fees and other costs related to these more sophisticated, complicated investments are netted out.
That hasn't always been the case.
And this year was a really stark demonstration of that.
So Wilshire Trust Universe Comparison Service, who collects this data, did a hypothetical portfolio that was 60% domestic stocks, 40% domestic bonds.
And it returned a little over 9%.
200 basis points above what the median pension plan returned.
The Tampa Police and Fire Fund, which is a really traditional sort of old school pension plan, one manager, it's been managed by the same family firm for 45 years, only invests in stocks and bonds, never does alternatives.
That fund returned a little over 8%.
So, you know, well above the median return for large public plans.
The landscape is definitely changing.
There are governments that are moving to define contribution plans like 401ks that you see in the private sector.
Michigan put a lot of its employees on 401ks.
Other governments have done that.
There have been many reductions in pension benefits in a lot of police departments, fire departments, public schools around the country, particularly in public schools around the country.
You see
new teachers coming in with much less generous pensions than the older teachers that they're working alongside.
So there have actually been a lot of changes to retirement benefits for new public workers.
Showing 401–420 of 548 · page 21 of 28
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