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Public Employees Fiduciary Duty

Nossaman LLP

Felony Forfeitures Statutes Tested Again: A Tale of Two States’ Pension Reform Statutes–One Forfeiture Survives and One Does Not

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The constitutionality of California’s felony forfeiture statute, as applied by the Board of Administration of the California Public Employees’ Retirement System (CalPERS), survived yet another challenge in September 2023,...more

Jones Day

Pennsylvania's Imminent Report on Investment Fees: What's Coming Next?

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The schedule for review of the investment strategies of the Public Employees' Retirement System and School Employees' Retirement System just became accelerated. At its hearing on July 30, 2018, Pennsylvania's...more

Jones Day

PSERS Takes Action to Reduce Fees Paid to External Investment Managers

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This development represents just one aspect of the ongoing debate over active versus passive asset management. Earlier this month, Pennsylvania's largest public pension fund, the Public School Employees' Retirement System...more

Nossaman LLP

California Supreme Court Upholds Public Retirement Boards' Fiduciary Role When Adjudicating Disability Retirement Applications

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In a victory for the San Bernardino County Employees’ Retirement Association (“SBCERA”) and the nineteen other county retirement systems administered under the County Employees Retirement Law of 1937 (Gov. Code, § 31450 et...more

Allen Matkins

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

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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

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