News & Analysis as of

Public Pension

Connections the Key for Resolving CalPERS Issues - BB&K Partner Isabel Safie Helped Two Public Agencies Overcome Problems

by Best Best & Krieger LLP on

Best Best & Krieger LLP Partner Isabel Safie recently represented two special district clients in mitigating potential negative impacts related to CalPERS findings....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Yahoo—via new parent Verizon Communications—has officially tripled its estimate of the number of accounts affected by its 2013 cyber hack, putting the total at a staggering 3 billion (aka, all of them)....more

California Law Requires Enhanced Fee Disclosure for Public Pension and Retirement Systems Investing in Private Funds

by Morrison & Foerster LLP on

Assembly Bill 2833 passed by the California legislature and signed into law by Governor Jerry Brown went into effect January 1, 2017, as California Government Code Section 7514.7 (“Section 7514.7”). It received wide support...more

Briefs Filed in CalPERS v. ANZ Securities

On February 27, 2017, the California Public Employees’ Retirement System (“CalPERS”) filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second...more

Asset Managers: Are You Ready for Your Exam? Steps You Should Take Now

by Sullivan & Worcester on

Last week we told you about the five biggest pet peeves of the SEC’s Office of Compliance Inspections and Examinations (OCIE) when examining investment advisers. This week, we want to get you ready for your exam. Here are the...more

SEC Speaks: 2017 Enforcement and Exam Trends for Private Funds

At the recent SEC Speaks program, sponsored by PLI, senior SEC staff members provided valuable insight into the SEC’s 2017 priorities for private funds. While the tenor of this year’s discussion seemed to focus more on...more

Generating Returns Through Better Relationships: How Managed Custody Accounts Benefit Managers and Investors

by Foley & Lardner LLP on

Institutional investors are under significant pressure to maximise returns. To that end they have focused on reducing fees and consolidating their portfolios according to the best ideas of their best managers. A few...more

News from the Vermont State House - An Analysis from DRM’s Government & Public Affairs Team - January 2017 #2

by Downs Rachlin Martin PLLC on

Treasurer Will Build Public Pension Plan for Small Business - State Treasurer Beth Pearce on Wednesday asked the Senate Economic Development, Housing and General Affairs Committee to create the framework for a...more

SEC's New Rule Requires Additional Disclosures on Form ADV

by Bracewell LLP on

On January 12, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published its 2017 examination priorities.1 OCIE’s 2017 priorities, which largely mirror its 2016 priorities, cover three areas: (1)...more

First District Court of Appeal Speaks Again on Vested Rights as It Upholds the Constitutionality of PEPRA's Elimination of...

by Nossaman LLP on

On December 30, 2016, Division Three of the First District Court of Appeal (“DCA”) issued a unanimous published decision in Cal FIRE Local 2881, et al. v. CalPERS, et al. (Dec. 30, 2016, A142793) (“CalFIRE Decision”)...more

Court of Appeal Rejects Another Post-PEPRA Challenge

by Nossaman LLP on

On December 20, 2016, the California Court of Appeal struck another blow to a legal challenge brought against an employer who changed its pension policies in the wake of the Public Employees’ Pension Reform Act of 2013...more

AB2833: New California Law Opens Lid on Private Fund Fees

by Reed Smith on

On September 14, 2016, California Governor Jerry Brown signed Assembly Bill No. 2833. The new law obligates every California public investment fund to require alternative investment vehicles (“AIVs”) to make annual...more

New Law Mandates Disclosure of Alternative Fund Fees By California Public Pensions

To increase the transparency of fees and expenses paid to alternative funds, every California public pension plan must require each alternative fund in which they invest to make various disclosures, and California public...more

New California Law Mandates Public Disclosure of Private Fund Information

by Goodwin on

A new California law requires public pension and retirement systems to obtain and publicly disclose information about their investments into venture capital, private equity, hedge and absolute return funds. The law appears to...more

New California Law Requires Increased Private Fund Fee and Expense Disclosure

by Proskauer Rose LLP on

Recent state legislative developments in California will require disclosure of certain information by private investment fund managers, primarily in the area of fees and expenses incurred by state and local pension and...more

California’s New Fee Disclosure Law For Public Pension Plans Investing In Alternative Investment Vehicles

by Ropes & Gray LLP on

On September 14, 2016, California Governor Jerry Brown signed into law a bill intended to provide transparency with respect to fees and expenses paid by California public pension or retirement systems (“PPPs”) to private...more

California's Legislature Puts Additional Disclosure Pressure on Fund Managers with the Passage of AB 2833

by Nossaman LLP on

On August 24th, the California Legislature approved Assembly Bill No. 2833 (“AB 2833”), which is now headed to Governor Jerry Brown’s desk for signature. If Governor Brown signs the bill, as is expected, all public pension...more

Private Fund Advisers Must Pay Close Attention to Nuances under Pay-to-Play Restrictions in Light of Upcoming Elections Nationwide

by Proskauer Rose LLP on

As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise...more

Case Note: Fifth Circuit Interprets "Vested" and "Accrued" For Governmental Pension Benefits

by Jackson Walker on

Jim Griffin In a decision issued on July 1, the United States Court of Appeals for the Fifth Circuit considered whether changes that were made to the City of Fort Worth pension plan violated the Texas constitution’s...more

Eleventh Circuit Joins Peers in Preserving SEC’s Home Court Advantage

After four failed attempts at persuading federal appellate courts to hear constitutional challenges to SEC administrative courts, it is increasingly clear that defendants in SEC in-house proceedings will not be able to pursue...more

Rating Agency Developments

On May 25, 2016, DBRS published an updated report on rating Public Pension Funds & Related Exclusive Asset Managers. Report. On May 25, 2016, DBRS published an updated report on rating Canadian Municipal Governments. Report....more

SEC Announces 2016 Exam Priorities

by Reed Smith on

The SEC Office of Compliance Inspections and Examinations (“OCIE” or the “Staff”) released its 2016 Exam Priorities recently, as applicable to examined registrants other than national securities exchanges...more

California’s New “Thermal Coal” Divestment Law Forces Fiduciary Duty Question

by Allen Matkins on

Public pension funds exist to provide retirement benefits to public employees.  Cal. Const. Art. XVI, § 17(a).  In 1992, the voters of California tried to eliminate political interference with the state’s retirement funds by...more

Do Public Pension Funds Breach Their Fiduciary Duties By Pursuing Social Issue Proposals?

by Allen Matkins on

Yesterday, UCLA Law School Professor Stephen Bainbridge noted the publication of a recent study that reaches some devastating conclusions for public pension funds.  The study by Professor Tracie Woidtke at the University of...more

Commonwealth Court Affirms, Expands Public Employers’ Ability to Control Manning, Pension Costs through Collective Bargaining,...

by Ballard Spahr LLP on

The Commonwealth Court of Pennsylvania significantly strengthened public employers’ ability to address rising costs by holding that minimum shift manning requirements are a non-bargainable managerial prerogative. The court...more

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