Editorials

  1. The pension fund cookie jar

    trueCorporate defined benefit plans, still struggling to raise funding levels, are being used, in the words of one actuarial consultant, as a cookie jar by Congress to finance unrelated federal spending.

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  2. Cartoon: Pension debt

    trueTroubles with the city pension funds in Chicago, Los Angeles and New York offer an ominous tale.

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  3. Ominous tales of three cities

    trueA farewell speech by Michael Bloomberg in New York, a new report on the future of Los Angeles and concerns expressed by Chicago's mayor all underscore the need to address the looming financial crisis that affects the country's three largest urban centers.

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  4. Balancing short, long term

    trueInstitutional investment managers and corporations alike have been criticized in recent years for an excessive focus on short-term performance, a practice that can lead to suboptimal outcomes and undermine long-term value creation.

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  5. Constitutional showdown

    trueIf the purpose of a constitution is to establish a framework for a sustainable system of governance, including fiscal management, then state constitutions with provisions guaranteeing pension benefits fall short.

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  6. Presumption of company stock

    trueThe Department of Labor's intervention seeking a U.S. Supreme Court hearing on the responsibilities of fiduciaries concerning company stock as an investment option in defined contribution plans might lead to better guidance on a long-standing exception to the diversification rules of the Employee ...

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  7. Holding companies to account

    trueMary Jo White, chairwoman of the Securities and Exchange Commission, plans to strengthen its law enforcement, broadening its reach and seeking more admissions of guilt.

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  8. No way to target instability

    trueThe Office of Financial Research study on “Asset Management and Financial Stability,” released Sept. 30, has generated a firestorm of protest from the money management community. The community is right to be disturbed.

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  9. Market efficiency's challenge

    trueThe Royal Swedish Academy of Sciences, in honoring Eugene F. Fama this year as a co-winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, recognized the triumph of the efficient market hypothesis, which through index funds has improved the investment outcomes of ...

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  10. Legacy of innovation, resiliency

    truePension funds 40 years ago, while in aggregate enormous by the standards of the day, were tiny by today's measures.

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  11. Promoting pension reform

    trueSince it began its pension project in 2007, the Pew Charitable Trust has shed considerable light, and focused needed attention, on the funding challenges of public employee retirement systems.

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  12. Adding value by activism

    trueThe Timken Co.'s plan to split its businesses into two separate publicly traded companies takes shareholder activism to a new level, putting more pressure on companies to improve corporate performance.

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  13. Derailing pension reforms

    trueThe Obama administration is using the federal government's financial clout to attempt to weaken public employee pension reforms passed last year by the state of California. In particular, it is holding up transit project funding for California to try to force state officials to dilute those ...

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  14. Rethinking disorder, fragility

    truePension funds and other asset owners need to think like Rahm Emanuel and steer their investments to perform well in crises. They cannot let adversity go to waste.

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