Welcome back to our weekly roundup, where we highlight the latest and most impactful news in pensions, investments, and the broader economic landscape. This week brought significant events, including new policy updates affecting retirement funds, shifts in market conditions, discussions around local pension plans, and even a dash of professional development. Staying informed is crucial for anyone involved in the pension world, whether you're a trustee, manager, or advocate for retirement security.

Let’s jump into the key stories shaping the landscape this week.

Trustee and Administrator Training Updates: The Texas Pension Review Board recently updated its training rules for trustees and administrators, focusing on aligning the training calendar cycle. This update aims to ensure trustees and administrators are better prepared for their roles. For a detailed look at these updates, check out TEXPERS' full post here: Trustee and Administrator Training Updates: What You Need to Know.

Historic Vote on WEP-GPO Repeal: What’s Next?: The U.S. House recently voted to repeal the Social Security penalties known as the Windfall Elimination Provision, or WEP, and the Government Pension Offset, which impact public sector workers with both non-Social Security pensions and Social Security benefits. The repeal bill (H.R. 82) passed with a strong bipartisan vote but still needs Senate approval. Meanwhile, a WEP-only reform bill (H.R. 5342) did not pass. Now, attention turns to the Senate's next steps. For more updates, join the National Conference on Public Employee Retirement Systems' Dec. 5 webinar, or attend the NCPERS Legislative Conference in January for more on pension advocacy. Read more: After Historic Vote to Repeal WEP-GPO, What’s Next?.

Upcoming Webinar: Real Assets as a Ballast in Uncertain Markets: Join an insightful upcoming webinar on Nov. 20, 2024, titled "Real Assets: A Ballast in Uncertain Markets." This event will explore the role of real assets in providing stability amid market volatility, featuring expert speakers discussing current trends and strategic insights. Register here: Real Assets Webinar.

Upcoming PRB Meeting: The Texas Pension Review Board is meeting at 10 a.m. on Wednesday, Dec. 4, 2024, in the Capitol Extension, Committee Room, E1.028, N. Congress Avenue, Austin, TX, 78701. This meeting will address key topics relevant to pension systems across the state. The meeting agenda can be found here: PRB Board Meeting Agenda.

Webinar: State and Federal Legislative Outlook for Public Pensions: Join the National Conference on Public Employee Retirement Systems on Dec. 5, 2024, for a webinar about key state and federal issues affecting public pensions in 2025. With new investment rules, inflation, and other challenges ahead, this session will help pension professionals get ready for what's coming. Experts Anthony Roda, partner at Williams and Jensen, and Angela Rowe, policy specialist at the National Conference of State Legislatures, will break down the latest legislative proposals and discuss what to expect after the 2024 election. This event is free, will be recorded, and provides a sneak peek at NCPERS' 2025 Legislative Conference. Register here: State and Federal Legislative Outlook for Public Pensions Webinar.

Laredo City Council Discusses Pension Plan: The Laredo City Council is considering an increase in the vesting period for council members' pension plans. Currently, the mayor and council members are eligible to receive benefits from the Texas Municipal Retirement System after one term, raising concerns about the legality and fairness of the existing ordinance. Visit the news coverage here: Laredo City Council Discusses Pension Plan.

Legislative Advocacy Workshop: Mark your calendars for the Legislative Advocacy Workshop hosted by TEXPERS on Feb. 4 and 5, 2025. This workshop is designed to equip trustees, administrators, and pension professionals with the skills needed to navigate the legislative landscape effectively and advocate for their funds. Participants will learn best practices for legislative advocacy and gain tools to ensure their voices are heard at the state level. For more details, visit: Legislative Advocacy Workshop.

Midland City Council Addresses Firemen's Pension Fund: The Midland City Council recently convened to discuss the city's growth, future infrastructure needs, and the status of the Firemen's Pension Fund. The council approved a preliminary agreement to address the Midland Firemen’s Relief and Retirement Fund shortfall, which includes the city contributing a one-time lump sum into the system if firefighters vote to reduce their benefits by 5%. More details can be found here: Midland City Council Discusses Firemen's Pension Fund.

Did You Know? This year marks the 50th anniversary of the Employment Retirement Income Security Act (ERISA), signed into law by President Gerald Ford on Labor Day in 1974. While the first private pension plan in the United States dates back to 1875, it wasn't until 1974 that legislation established minimum standards for private industry pensions. ERISA sets essential standards to protect retirement benefits when they are offered by employers, even though providing such benefits is not mandatory. Public pension plans, however, weren't covered by ERISA. Instead, pension board members adhere to general trust law principles focused on prudence, loyalty, and duty. Though similar to ERISA, there are key nuances that public pension leaders should be aware of. For more information and recent data on retirement benefits, check out this Spotlight on Statistics: Celebrating 50 Years of Protected Retirement Plans.

Houston Suburbs Among Fastest Growing in the U.S.: A recent report from SmartAsset lists Atascocita and Conroe, both suburbs of Houston, among the fastest-growing cities in the country. This growth is driven by an influx of new residents and booming local economies, which could have significant implications for local infrastructure, housing, and public services. All together, four Texas cities are on the Top 10 list of Fastest Growing Cities in the U.S. For more information, visit: Houston Suburbs Growth Report.

State Budgets and Your Pension: Surplus or Deficit?: A state's budget can have a huge impact on public pension plans, whether they face surpluses or deficits. This article from the National Public Pension Coalition explores how different budget scenarios affect pension security and what stakeholders should watch for in the upcoming fiscal cycles. Learn more about how your pension could be influenced by state fiscal health here: State Budget and Pension Impact.

Professional Development: How to Get a Response to Emails: Crafting effective emails is a key skill for pension professionals, especially when advocating for your fund or communicating with stakeholders. This article from Fast Company shares useful strategies to help increase the likelihood of receiving responses to your emails. Learn how to get more engagement with your communication and make sure your message gets heard. For practical tips, read more here: How to Get a Response to Emails.

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