State treasurers gathering in Nashville, Tenn., this week called for greater fee transparency and standardized disclosure from private equity firms, and more financial literacy for retirement plan participants.
More than 40 state treasurers attending the National Association of State Treasurers Annual Conference approved a resolution that public pension fund officials develop more transparent and consistent methods of reporting fees for private equity firms handling public pension fund assets, NAST officials said.
“It's been a real concern for states. We're trying to be proactive,” said James McIntire, incoming NAST president and Washington state treasurer, in an interview.
As more states switch or consider switching to hybrid defined benefit/defined contribution models, “we've really begun to focus on the capacity of state treasurers and leaders to advance financial literacy,” said David H. Lillard Jr., NAST president and Tennessee treasurer, in an interview.