CalPERS Commentary: “The Mountain Peak Returns”

January 30th, 2023|

NHA’s January 2023 NHAlert relates to a resurging financial challenge – pensions. Despite very strong CalPERS investment returns in FY 20-21, the negative investment returns in FY 21-22 may mean that the dreaded “mountain peak” of payments is set to return. NHA feels [...]

Pension Bonds – Heavy Issuance Continues… But Are Headwinds Ahead?

December 1st, 2021|

Since the beginning of 2020, over $7 billion of bonds have been issued to restructure CalPERS UAL by approximately 78 different local agencies. About 60 of the issuers have utilized a traditional POB bond structure, with others using a lease or alternative revenue bond structure. 56 of the transactions utilized a public offering sale, with the remainder using a private placement.

Pension Costs The Everchanging Landscape

November 10th, 2019|

Our latest NHAlert on the Everchanging Landscape of Pension Costs discusses our approach (and key questions to ask) to evaluating pension bonds and the re-investment/market timing risks associated with them.

CalPERS Discount Rate Reduction and the Impacts on Local Public Agencies

February 1st, 2017|

In December 2016, CalPERS (PERS) announced it will lower its discount rate (expected earnings rate) from 7.50% to 7.00%, phasing the change in over a three year period. This NHAlert highlights details on this recent change, including how the reduction will be implemented, the estimated impacts to public agencies, and NHA’s recommended next steps for addressing these impacts.

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