It's Cost Cutting Time at Pension Funds

Is this a sign of things to come in LP-Land? The State of Indiana has proposed legislation that will merge the administrative functions and advisory boards of Indiana State Teachers Retirement Fund and Indiana Public Employees Retirement Fund. To be clear, they're not merging the funds (so don't be deceived by this Associated Press article). It's a smart move considering the funds have both posted sizable losses this year. It will save $8.9 million in one-time administrative costs and $1.2 million in annual savings. The funds themselves will stay separate, but with one executive director and a single investment board. Right now Terren B. Magid is the executive director of PERF and Steve Russo is the executive director of TRS.

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