“March 2019 Performance Great peer comparison. MPSERS Plan (03/31/19) 1-Year 3-Years 5-Years 7-Years 10-Years Annualized Returns 6.1% 10.3% 8.3% 9.6% 11.0% Policy Returns 4.2% 9.4% 7.8% 9.4% 11.6% Peer Median Returns* 4.3% 8.9% 6.7% 8.0% 10.0% *State Street Universe greater than $10 billion.
Find the full report on Department of Treasury website www.michigan.gov.
Ten Things Retirees Should Not Keep in Their Wallet
According to consumer protection experts, the things you should immediately remove from your wallet are your Social Security Card, computer passwords, spare keys, blank checks, passport, multiple credit cards, birth certificate, receipts, Medicare card, and gift cards. Also, photocopy the front and back of whatever remains in your wallet. That way, if your wallet is lost or stolen, you can at least quickly and easily file reports with the appropriate government agencies and financial institutions. (Kiplinger Magazine)
Michigan Pensions Well Funded
“Taxpayer contributions to Michigan’s public pension funds in 2017 amounted to 78.5 percent of the total, the 13th highest ratio among the 50 states, according to newly released data by the U.S. Census Bureau.
The total contributions for the state’s public pension plans amounted to $5.6 billion. Employee contributions stood at only $1.2 billion, while state contributions amounted to $3.2 billion and the local share was $1.2 billion.
The Census Bureau’s survey of the public pension plans includes revenues, assets and membership data. The survey indicated there were 299 pension funds administered by state governments and 5,977 funds managed by local governments.” See US Census Bureau data at www.thecentersquare.com.
Chief Risk Officers (CRO)
“A growing number of pension funds are looking to fill positions for persons focused on the investment risks, aka “risk officers.” Connecticut Treasurer Shawn Wooden states, “Having a chief risk officer that is not a portfolio manager creates some distance and some independence. I think that’s better governance, better monitoring and better accountability.” A growing number of major public pension funds have appointed chief risk officers since last decade’s financial crisis. While the California Public Employees’ Retirement System, the largest U.S. pension, appointed a CRO in 2010, New York State’s $210 billion pension, the third-largest in the U.S., didn’t do so until 2017. Some of the biggest U.S. public pensions, including Virginia’s, Michigan’s and Georgia’s teachers’ fund, don’t have a chief risk officer. Read more at www.fa-mag.com.
The Michigan Department of Attorney General has announced that a settlement with Equifax that was to bring $4,639,247.70 into Michigan’s general fund was received by the Department of Treasury. Consumers will be able to obtain information about the settlement, check their eligibility to file a claim, and file a claim on the Equifax Settlement Breach online registry at www.equifaxbreachsettlement.com. Read the full memorandum on the Attorney General’s web site.
*Public pensions are abandoning the 8% rate of return. (Pensions and Investments)
*The funded ratio of state and local pensions inched up to 72.8% in 2018 from 72.1% in 2017 (Center for Retirement Research at Boston College)
Prescription Drug Rebates
While we hear a lot about these prescription drug rebates, it’s not easy to see how they fit with retirees and our needs. Kaiser Family Foundation has a new video out that might help. The video explains who benefits, and how they affect consumers. Check it out at www.kff.org. Click on prescription drugs in the top right corner of the page.
Editor’s note: June Morse may be contacted at email@example.com or 517-886-9323.
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