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Public Pensions: the Multiplier by Doug Effect Hofferhoffer

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Public Pensions: the Multiplier by Doug Effect Hofferhoffer Public Pensions: The Multiplier by Doug Effect HofferHoffer Pension funds can play an important role not only in ensuring the economic security of a state’s retirees, but also in promoting local economic- development goals. Historically, public pension funds’ invest- ment policies were narrowly construed, weighing only the rate of return for potential investments. Today, however, many elected officials and trustees recognize that consider- ing secondary effects like local economic growth fulfills both a social responsibility and a fiduciary one. 12 Fall 2006 That is why more trustees are The societal return from most ETI programs were estimated at about investigating opportunities for “eco- corporate stocks and bonds is diffuse $55 billion, with residential housing nomically targeted investment” (ETI). and may not provide direct social ben- and venture capital the most common As financial markets and economic efit to the state from which the invest- ETI programs.5 conditions have changed and gaps in ment originated. ETIs, however, direct traditional sources of credit have both the investment and the social Because mortgage-backed securities appeared, barriers to government goals benefit to a defined geographic area. If are safe and easily traded, public such as small business development Vermont pension funds, for example, pension funds have made housing an and affordable housing have increased. target investments to Vermont, they important part of their ETI programs. Officials around the country are learn- can get a good return, help the According to the U.S. General ing that pension fund investments, Vermont economy, and boost the tax Accounting Office (GAO), almost when done properly, can boost eco- base (thereby supporting the security one-third of those programs are nomic development without under- of the state employees they serve). focused on residential housing, with mining fiduciary responsibility. investments in mortgage-backed Because capital markets do not securities, housing finance agency What and Why? invest equally in all worthy investment bonds, investment trusts (for example, California Public Employees’ vehicles, more pension funds are look- AFL-CIO Housing Investment Retirement System defines economically ing at ways to invest in the local econ- Trust), project financing, and targeted investments as risk-adjusted omy without risking a poor return.3 direct financing. market rate investments with collater- al intent to improve “the economic Win-Win Some pension funds stimulate local well-being of the [state], its localities, Nonfederal public pension plan development through guaranteed and residents. Economic stimulation fiduciaries are bound by rules defined Small Business Administration (SBA) includes job creation, development, in state statutes, usually a variation of loans, linked certificates of deposit, and savings; business creation; increas- those found in the Employee private placement, and targeted es or improvement in the stock of Retirement Income Security Act venture capital. affordable housing; and improvement (ERISA), the 1974 federal law govern- of the infrastructure.”1 ing private pension plans. These How Are They Doing? include cautions about prudence, According to the fiduciary stan- ETIs are not a separate asset class but diversification, and exclusive purpose dards, it is not enough to have a posi- a perspective that gauges secondary effects (fiduciaries must discharge their duties tive return: a market rate of return for as well as good financial returns: for the exclusive purpose of providing comparable types of investments is benefits to participants and their ben- required. In 1995, the GAO devel- • Market rate returns. “ETIs are eficiaries and defraying reasonable oped benchmarks for each type of ETI distinguished from ‘benevolent’ administrative expenses). program. Then it surveyed U.S. public or ‘social’ investments. Social pension funds and found that most investments are made by founda- The U.S. Department of Labor’s ETI programs were outperforming tions, government agencies, non most recent interpretive bulletin, July the benchmarks. profits,and individuals whose 2002, reiterates that the same fiduci- primary purpose is to accomplish ary standards apply to ETIs as to other Today the numbers of ETI programs some social goal. In contrast, ETIs plan investments, so fund administra- are growing. California’s CalPERS and must be organized to yield a tors are free to pursue them. CalSTRS have large ones.6 Together market rate of return commensu- they have: rate with risk, liquidity, and State and local pension plans offer • committed $830 million for transactional costs.”2 potential for win-win investing. With private equity investment in trillions in assets, they can designate at businesses in underserved areas; • Collateral benefits. Although least a portion to local economic • committed more than $4.3 most investments yield a return to development. The most recent com- billion to urban, in-fill real estate society, ETIs are distinct because prehensive survey of public pension ventures, including $695 million they provide money to under- plans found at least 29 states have for affordable housing; financed sectors of the economy public pension plans with some form • purchased $90 million in and fill “capital gaps.” of ETI program.4 Assets invested in California home mortgages; Communities & Banking 13 • purchased $260 million in provide liquid, diversified investments benefit the workers and pensioners the California SBA loans; and with solid returns, they are easier funds represent. • vastly increased deposits in to implement. community lending institutions Doug Hoffer is a policy analyst and and credit unions. A second concern is that complex consultant in Burlington, Vermont. This direct ETIs often have high article is a shorter version of a report In Massachusetts as of March 31, administrative costs. Mortgages and completed for the Vermont State Treasurer. 2006, the market value of the mortgage-backed securities entail fewer Alternative Investment Portfolio, such expenses. Endnotes which includes venture capital and spe- 1 CalPERS Statement of Investment Policy for Economically Targeted Investment Program, cial equity partnerships, was $2.64 bil- Finally, overzealousness and political February 14, 2005; see http://www.calpers. lion. The portfolio comprised 6.3 per- interference sometimes cause prob- ca.gov/eip-docs/investments/policies/other/eco- cent of the state’s public pension trust lems, and fund managers need to be on nomically-targeted/eco-target-inv-prg.pdf. funds, although the asset allocation guard. Connecticut, for example, lost 2 R. Ferlauto and J. Clabourn, Economically Targeted Investments by Statewide Public Pension 7 allows up to 10 percent. millions in the 1990s by investing in Funds (Washington, D.C.: The Center for Policy the failing Colt Manufacturing Alternatives), September 1993, p.4. As of December 31, 2005, the Company to save jobs. Connecticut 3 U.S. Dept. of Labor, Advisory Council aggregate investments for all New York officials have since learned to give ade- on Pension Welfare and Benefit Plans, “Economically Targeted Investments: An ERISA City ETI programs since inception quate consideration to risk-adjusted Policy Review,” 1992. amounted to more than $1 billion. returns. In another instance, when oil 4 U.S. General Accounting Office, “Public The investments went toward renova- prices collapsed in 1987, 40 percent of Pension Plans: Evaluation of Economically Targeted tion, new construction, or financing of Alaska’s in-state mortgages became Investment Programs,” March 17, 1995. 5 Economically Targeted Investments: A more than 30,000 units of affordable delinquent or ended in foreclosure. Reference for Public Pension Funds (Sacramento, housing and many small retail spaces. Alaska learned that having 35 percent California: Institute for Fiduciary Education), They “created thousands of construc- of its fund assets in mortgages was an June 1993. tion jobs and financed child-care facil- unreasonable allocation. 6 See http://www.treasurer.ca.gov/publications/ dbl/five_years.pdf. ities and senior citizen centers. The 7 See http://www.mapension.com/Investment five-year overall return on the pension But since the early days of ETIs, Program/CoreDescrip.html#AltInv. The Pension funds’ targeted investments was 6.30 pension funds have developed more Reserves Investment Trust (PRIT) Fund is a percent and the 10-year return was sophisticated in-house expertise and pooled investment fund established to invest the assets of the Massachusetts State Teachers’ and 8 8.34 percent.” have hired established professionals to Employees’ Retirement Systems, and the assets of help manage the programs. The num- county, authority, district, and municipal retire- The Texas Growth Fund was estab- ber of existing programs (and the bil- ment systems that choose to invest in the Fund. lished in 1988 and invests in the local lions invested) is evidence that ETI 8 See http://www.comptroller.nyc.gov/. 9 See http://www.tgfmanagement.com/ economy, too, specializing in “structur- programs can succeed. investment/i2.html. The Texas Growth Fund “is ing equity and subordinated debt an equity-oriented investment fund based in investments that finance buy-and- Economically targeted investments Austin. The TGF is backed by the state’s four build strategies, internal expansions, are prudent if well conceived and man- largest public trust funds: the Permanent School Fund (PSF), the Permanent
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