News

News

GFOA is always on the lookout for news items that will be useful for finance professionals, research that might help you do your job better, and legal and regulatory updates you need to know about. Check the GFOA news page for the updates and any relevant GFOA announcements, and see the GFOA Newsletter archive for back issues of our weekly electronic newsletter.

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State Pensions Reach 75% Funded Level

March 18, 2014

State pensions reached an average funded level of 75% for the fiscal year ended June 30, 2013, up three points from the previous year, according to Wilshire Consulting, which cites the funds’ exposure to equities – the S&P 500 index rose 30% in 2013. This is the highest funding level since 2008, when it was at 81%, according to Bloomberg, which noted that “the 10-year peak was 95% in 2007, while the low was 64% in 2009.” Pension assets grew to $2.12 trillion in 2013.

December 1 Deadline Approaches for Issuers to Participate in SEC’s MCDC Initiative

On August 1, 2014, the SEC’s Enforcement Division announced an extension of the deadline for state and local government issuers to participate in the commission’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative from September 10, 2014 to December 1, 2014.  The deadline for underwriters to participate was not extended beyond September 10, 2014 (view the SEC press re


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