Alaska Permanent Fund, Juneau, will again seek legislative approval to raise the equity limit on its $19 billion fund to 60% from the current 50%.
The Budget and Audit Committee will introduce such a bill when the Legislature convenes Jan. 12, said Rep. Terry Martin of Anchorage, who favors increasing the fund's investment flexibility. He complained the fund is required to sell stocks to stay at the 50% limit, incurring an opportunity loss as the markets have risen. Jim Kelly, director-communications, said the fund had to sell $600 million in stocks in the fiscal year ended June 30.
The fund's allocation now is 50% stocks, 43% bonds and 7% real estate.
In the previous legislative session, a similar bill was not approved.
Merle Wilkins, former pension officer for the Austin (Texas) Employees' Retirement System, was sentenced to 41 months in prison after pleading guilty to money laundering and bank fraud in federal district court in Austin. She also will pay $210,557.73 in restitution and $200 to The Victims of Crime Fund. After her release from prison, she will have three years of supervised release. Where and when Ms. Wilkins will report to prison has yet to be determined.
Teachers' Retirement System of the City of New York, New York Police Department Pension Fund and New York City Board of Education Retirement System as well as New York State Teachers' Retirement System, all voted to join New York State Comptroller H. Carl McCall's lawsuit against officials of Columbia/HCA Healthcare Corp. The aim is to protect their investment in the company, which is under investigation by the government for mismanagement and fraud.
Last week, the Los Angeles County Employees Retirement Association, Pasadena, and the National Industry Pension Fund, Washington, also joined the suit, bringing the number of institutional plaintiffs to 12, with a collective stake of 15.3 million shares in Columbia.
California Public Employees' Retirement System, Sacramento, probably will allow its money managers to invest in Poland some time next year. The $124 billion fund's staff probably will add Poland to its Category B list, suitable for limited investment. CalPERS' active international portfolio managers can place no more than 20% of portfolio assets in total in category B countries. Poland now is in Category C, not recommended for investment.
