Governance of U.S. public pension funds has never been more difficult.
“Since the start of the 21st century, major shifts have occurred in the investment environment, in plan design, in expected contributions and in investment policy and style, just to name a few. These tectonic shifts have shaken the public pension sector to its foundations. Nor have these shifts subsided. In fact, they appear to be gaining in magnitude and momentum,” said specialist governance consultant Funston Advisory Services LLC, Bloomfield Hills, Mich., in a new governance primer.
“One of a Kind! A Practical Guide for 21st Century Public Pension Trustees” is designed to help pension fund trustees, investment staff and administrators successfully navigate the steep learning curve of the turbulent new environment.
The how-to book, available on amazon.com, begins with a discussion of public pension policy, moves through effective pension governance, provides insight into investment oversight and ends with a chapter on reporting and the importance of external verification.
Frederick “Rick” Funston, managing partner of the eponymous firm, and his staff of former public fund CEOs, CIOs and COOs; attorneys; investment consultants; auditors; and management consultants advise trustees based on years of varied experience in governing pension funds.
“This handbook brings a fresh understanding and practical knowledge from lessons learned,” said Hershel Harper, CIO, UAW Retiree Medical Benefits Trust and former CIO of the South Carolina Retirement System Investment Commission, in a review of the book. “It will give trustees a firm foundation and the confidence to better serve and make decisions on behalf of beneficiaries,” he added.