This is actually the Florida pension problem DeSantis needs to fix but he has not addressed it whatsoever.
https://reason.org/solvency-analysis/florida-frs/
https://reason.org/solvency-analysis/florida-frs/
DeSantis for the win
- Thread starter Tsing Tao
- Start date
At least the teacher's pension fund in the backwards state of Kentucky was smart enough to sell their direct Russian investments the day before the invasion. They may have taken a $3 million loss on the stock value, but had a $200,000 gain when dividends were accounted for. Imagine if DeSantis and his team had this type of foresight on when to sell their Russian investments.
Kentucky Teachers’ Pension Loses $3 Million After Selling Russian Investments
https://www.ai-cio.com/news/kentuck...-3-million-after-selling-russian-investments/
Update: The loss reported in this story has been offset by the dividend income paid over the investment time frame. This resulted in a net gain of 200,000 for the pension fund according to their updated press release. The dividend income was not reported in the original press release that this story was based upon.
The Kentucky Teachers’ Retirement System admitted to losing $3 million due to selling its direct investment in the Russian bank Sberbank. The fund initially had invested $15.6 million in the bank in March 2017. When the fund sold its shares on February 23, they were worth $12.4 million.
Nevertheless, Kentucky evaded even further losses by selling the day before Russia’s invasion of Ukraine. Had the pension waited an additional week, shares in the bank would have lost an additional 90% of their value.
(More at above url)
Sorry, you don't get to make that claim without data. Show how "Florida has a larger exposure than many other states". I expect I'll get a "go look" or silence as response.
Again, show other states taking preparation to W/O or down their Russian investments, and show how Florida's Investment Managers are following a different mark-to-market strategy. If you can't, you're just blowing hot air (as usual).
Show me a press secretary of any state or even the US government (Psaki) who understands financial markets and I'll show you a unicorn.
Please. Just stop. You've gone on for weeks now about anyone who is still involved or wants to be involved with Russia is a Kremlin lover.
Yet you still don't address Florida's real pension problem... Let's try again...
..
This is actually the Florida pension problem DeSantis needs to fix but he has not addressed it whatsoever.
https://reason.org/solvency-analysis/florida-frs/
This is actually the Florida pension problem DeSantis needs to fix but he has not addressed it whatsoever.
https://reason.org/solvency-analysis/florida-frs/
You're going to post all the other states (available at Reason.com) to show us how awesome they are, right?
Like NC
There's like 30 examples of states that are underfunded and "weakening". But DeSantis!
You're going to post all the other states (available at Reason.com) to show us how awesome they are, right?
Like NC
There's like 30 examples of states that are underfunded and "weakening". But DeSantis!
Let's provide a sense of reality. Get back to us when Florida's Pension Fund is one of the best funded & rated in the nation.
North Carolina’s state pension one of best funded in nation
https://nsjonline.com/article/2021/01/north-carolinas-state-pension-one-of-best-funded-in-nation/
This is actually the Florida pension problem DeSantis needs to fix but he has not addressed it whatsoever.
https://reason.org/solvency-analysis/florida-frs/
While we are at it... let's make it clear that DeSantis is one of the three Trustees of the Florida pension plan. He is directly responsible.
https://www.sbafla.com/fsb/Trustees,CouncilsCommittees/Trustees.aspx
I'm a trustee for our 401K and pension plans. I don't make the investment choices for people in the plan.
You really need to learn how things work. If you think DeSantis is out there picking stocks, you're a bigger fool than even I had thought.
I showed you the chart that came from the exact same site you posted Florida's from.
Although the funded ratio metric puts North Carolina’s TSERS among the top 10 best-funded pensions in the country in terms of funded ratio, its continued decline calls for a closer examination of the factors driving the system’s current financial health.
Oops. I'm sure this is DeSantis' fault.
I never thought that DeSantis was picking stocks. However as a Trustee he should be addressing a situation where a pension plan is significantly underfunded and providing direction the problem needs to be fixed. That is part of his fiduciary oversight duty... or do you not understand the basic expectations of a trustee.
Have we seen a single statement from DeSantis about fixing the underfunding of Florida's pension plan?