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Is This Solving the Pension Problem?

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By Kaspars Grinvalds @ Shutterstock.com

How many consultants do pensions really need? It’s a pretty simple problem: Pensions are underfunded and are dependent on unrealistic future returns. That’s not stopping the independent reviews. This from the Boston Globe:

The pension fund has been in a period of upheaval since December 2013, when it was revealed that it had lost $25 million in a bankrupt hedge fund whose troubles it had failed to disclose for more than two years.

Since then, Governor Charlie Baker has named three new “management” trustees to the fund’s board and has signed a new public records law that requires the pension fund to follow the same rules as other retirement funds for public workers.

Michael Mulhern, the pension fund’s executive director, stepped down in August and has not yet been replaced. The Baker administration is pressing the T pension fund to move investment of its assets to the larger state pension fund.

The new Pioneer report looks closely at how three Louisiana pension funds reacted when they, too, lost money in the same bankrupt hedge fund, run by Fletcher Asset Management. The Louisiana pensions disclosed in 2011 that they had been unable to withdraw money from the fund, prompting an investigation of Fletcher by federal securities regulators.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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