Archive for the ‘Books’ Category

Politics in New Jersey

Open Borrowing got me back to checking out books from the Morris County Library for the first time since my wallet was stolen at the Montclair YMCA about twenty years ago and the card I had been using, possibly illegally, for years without renewing was lost forever. Excerpts from that first checkout which, based on my experience, remain relevant:

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Public Pensions, Secret Investments

A new book by Chris Tobe, CFA examines ‘alternative’ investments primarily in the retirement system of Kentucky with chapters on Rhode Island and North Carolina and reports that fees are much higher then they let on though a lot remains intentionally hidden.

Excerpts follow:

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Fire and Fury

Fire and Fury by Michael Wolff is still difficult to borrow from libraries around here but I stumbled upon it at Roselle and made it to page 255 before it became too TMZy. These are the excerpts that I found interesting….

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Beyond the 401(k)

A marketing book for cash balance plans that came out in 2010 geared for financial advisors with some questionable assertions* but also some helpful excerpts (some for my clients) including on pension history:

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Rescuing Retirement Flaws

Tony James, Blackstone chief operating officer and “Rescuing Retirement” co-author, was on CNBC today pushing his Guaranteed Retirement Account (GRA) proposal:
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What the panel seems to have missed…

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SOA Papers

Four papers from the Society of Actuaries (SOA) just dropped:

U.S. Single Employer Pension Plan Contribution Indices, 2009-2015

U.S. Multiemployer Pension Plan Contribution Indices, Updated Through 2015

U.S. Multiemployer Pension Plan Stress Metrics: Previous Benefit Cost and Previous Benefit Cost Ratio

U.S. Multiemployer Pension Plan Withdrawals, 2009-2015 (PDF)

Taking 5500 data off the DOL website yielded these observations from the SOA with my notes in (brackets):

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Rescuing Retirement

The proposal was pushed before the 2016 election and is now a book with a plan to expand Social Security in a way that the financial community can benefit from. The disturbing model for the plan:

Public pension plans are the most relevant comparables for the proposed Guaranteed Retirement Account (GRA) pooled national fund because both are ongoing retirement trusts with similar time horizons, risk parameters, investment strategies, cash flows, and objectives. (page 34).

More excerpts:

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