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
WSJ Your Money Briefing · Pensions Got a Market-Rally Boost, But Still Struggle · 5 Aug 2020
podcast
Maybe even they have had the experience of being under some budgetary stress and reducing their contribution to their 401k.
But when you do that, whether you're a person or a government, it reduces your ability to earn income on the money that you have set aside.
And so that's something that a lot of governments are likely to encounter and some governments have already encountered is income.
coming to the end of the budget year or to the point in the budget year where you readjust your expectations and saying, I guess we can't afford to contribute as much as we had wanted to into our pension fund.
I talked with the executive director of the Oklahoma Teacher Pension Fund, and he is expecting $70 to $80 million less over the next two years than was originally promised from the state.
And so he's thinking that even though the state has said that it will make that money up,
Over the following five years, he's thinking that all in all, it will amount to $40 million in opportunity costs, in lost investment returns that they won't be able to earn because they won't have had that money as early as they thought.
Well, courts have protected pension benefits pretty reliably.
So for people who do earn pensions, who have been promised pensions, currently those people have very secure promises about getting those pensions.
Pension promises don't vary with investment returns.
Who is watching it really carefully is the governments and maybe some taxpayers who are going to have to make up shortfalls when the market doesn't produce what the government had hoped for.
Sure.
Thanks for having me.
These funds have been struggling for years to make up these deep funding holes.
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And in an effort to do so, they've taken on more risk and tried to meet very aggressive investment targets.
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And this past quarter was a real blow to them.
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As it turned out, public pension funds lost a median 13.2% of their holdings in the quarter that ended March 31st.
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Well, that's true because as pensions, especially large pensions, have branched out into sort of an alternative investments like infrastructure, private equity, real estate,
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It's been harder to measure in real time the value of those holdings.
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They're not like stocks and bonds where you can get a price any minute almost.
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Showing 141–160 of 548 · page 8 of 28
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