Private Equity's Health-Care Role Draws Spotlight

Total Page:16

File Type:pdf, Size:1020Kb

Private Equity's Health-Care Role Draws Spotlight April 19, 2021 PIonline.com $16 an issue / $350 a year THE INTERNATIONAL NEWSPAPER OF MONEY MANAGEMENT Alternatives Dave Cutler Dave Private equity’s health-care role draws spotlight Congress hears about studies on detrimental effects for patients By ARLEEN JACOBIUS Health care is too large a part of SPECIAL REPORT CRYPOTOCURRENCY AND DIGITAL ASSETS the economy for private equity in- vestors to ignore, but a burning spot- light on how managers run some hospitals and nursing homes is Investors inching closer to joining the fray prompting a few asset owners that generally prefer to quietly engage Market infrastructure MORE ON CRYPTOCURRECY Fidelity Digital Assets, which was with general partners to speak up. launched in late 2018 by Fidelity Demand for health care is rising: DIFFERENT RESULT: Sabrina T. Howell improvements drive n 2 Virginia funds warm up to Investments as the first major In the U.S., health-care spending said private equity’s positives in other cryptocurrency growth blockchain investments. Page 14 firm in institutional asset servic- grew 4.6% to $3.8 trillion in 2019, industries don’t translate to health care. n Central bank digital currency ing to offer cryptocurrency custody amounting to 17.7% of gross domes- idea gaining traction. Page 15 By BRIAN CROCE and trade execution operations. tic product, according to the Centers Private equity health-care funds n NFTs loom as next digital asset Mr. Jessop said his company for Medicare & Medicaid Services. outperformed the internal rate of If digital assets were a dance class frontier. Page 16 noticed an uptick in interest In an attempt to ride the wave of return of all private equity for funds floor, institutional investors have around the start of the COVID-19 this growth, private equity invest- raised between 2006 and 2017, been mainly sipping punch on the “We continue to see more de- lockdowns in March 2020. The ment in health care has grown, to PitchBook data shows. The median gym bleachers for the last decade. mand, we continue to see diversi- previous fall, Fidelity Digital As- $120.1 billion in 874 deals in 2019 IRR for health-care fund vintages But now, more institutional in- fication of demand across institu- sets was granted a charter from and $95.6 billion in 938 transactions 2006 through 2008 was 10.3% com- vestors are putting on their danc- tional client segments, which is the New York State Department of in 2020, from $58.2 billion in 2007, pared with a 9% IRR for all funds of ing shoes and getting off the bleach- also a healthy indicator of where Financial Services to operate as a according to PitchBook Data Inc. the same vintages. Health-care ers, or at least thinking about tying the industry is going,” said Tom Jes- limited liability trust company. At the end of the first quarter, funds raised from 2015 to 2017 their laces, sources said. sop, New York-based president of CONTINUED ON PAGE 14 private equity firms had invested earned a 16.8% median IRR, out- $20.2 billion in 182 deals. SEE HEALTH CARE ON PAGE 22 Tyler Mallory ESG Regulation Move to link exec pay to Labor Department ESG integration growing clarifies its priorities By HAZEL BRADFORD on investment advice Now in the second year of the COVID-19 pandemic, inves- By BRIAN CROCE tors are raising expectations about companies’ responses to highlighted ESG issues such as diversity and, increasingly, New guidance from the Department of Labor further clari- connecting that to executive compensation. fies that bolstering oversight of rollover recommendations and “Compensation is the ultimate governance mechanism that mitigating financial institutions’ conflicts of interest are top we have to make sure (that) companies are doing things right,” priorities. said Peter Reali, New York-based managing director and head The two pieces of guidance issued April 13 relate to the La- of engagement, responsible investing for Nuveen, with $1.2 bor Department’s investment-advice exemption that took ef- trillion in assets under management. fect in February. The exemption permits investment-advice “ESG issues are making their way into compensation con- fiduciaries to receive compensation for more types of guid- versations because shareholder proponents want it integrated ance, including advice to roll over assets to an individual re- into executive compensation design, to create accountability tirement account from a retirement plan. for executing on ESG commitments” and companies’ respons- While the first piece of guidance details questions a retire- es to COVID-19, Mr. Reali said. SHIFTING ADVICE TARGET: Jennifer Eller thinks the potential for ment investor might ask potential investment advice provid- Robin Ferracone is CEO of | SEE EXEC PAY ON PAGE 21 additional guidance could cause confusion regarding compliance. ers, the second piece is directed | SEE ADVICE ON PAGE 26 SOUND BITE Focus on human rights a challenge in China ICGN’S GEORGE S. DALLAS: ‘It is PRI’s focus on human rights regulatory schizophrenia — they want comes just as that topic has left to give investors power, but not real global retailers facing a back- power.’ Page 2 lash in China’s fast-growing consumer market. Page 2 2 | April 19, 2021 Pensions & Investments IN THIS ISSUE Markets VOLUME 49, NUMBER 8 Defined contribution Debate over changes to listing rules roils U.K. Improving financial wellness programs for smaller defined contribution plans is a top Review looks to maintain to U.K. “premium” listings — com- panies that have the potential to be priority this year. Page 25 governance standards included in the FTSE 100 and FTSE ESG 250 — moving away from the one and still attract capital share, one vote model of what Michael Walter/Troika Although lower-level roles within money sources said was a “gold standard” management firms are the most diverse in By SOPHIE BAKER among global markets. terms of race and gender, board members “At a high level, there’s this real and those with equity ownership stakes are Money managers and market tension,” said Ashley Hamilton the least diverse. Page 4 players are split on whether rec- Claxton, London-based head of re- ommendations to amend U.K. list- sponsible investment at Royal Lon- Exchange-traded funds ing rules are a good idea from a don Asset Management. “We’re big The category-defying, trend-chasing genre of governance point of view and the advocates of good governance … thematic ETFs has taken off this year, with right way to attract more capital to (but) there’s this tension about be- inflows matching 2020 already. Page 13 London. ing able to attract capital to list in The U.K. Listings Review, pub- London” — particularly technology Hedge funds lished last month and chaired by businesses that tend to go to the U.S. Lord Jonathan Hill, was launched or Hong Kong where there might be Bridgewater Associates launched a by the U.K. chancellor of the exche- lower listing standards, she said. sustainable investing group overseen quer in November to ensure the Under dual-class structures, a by Karen Karniol-Tambour and Carsten U.K. could stand up to “stiff compe- company will typically have two Stendevad. Page 6 tition as a financial centre” from the classes of shares — one with the U.S., Asia and elsewhere in Europe, right to one vote per share, while the Money management a document of the review said. Mr. other has a high or “super” vote, usu- Ameriprise Financial and Amundi made Hill is a former European Commis- ally carrying 10 or 20 votes per share. moves earlier this month to bolster their sioner, financial stability, financial In the U.K., premium-listed com- European capabilities. Page 6 services and Capital Markets Union. panies are prevented by the Finan- BALANCING ACT: Ashley Hamilton Claxton said there is tension between One of the suggestions is to in- cial Conduct Authority’s principles Private equity wanting good governance and attracting listings to London exchanges. troduce dual-class share structures SEE LISTING ON PAGE 26 Investors like health care because it’s resilient, but there are risks, such as ESG headline risk, to consider. Page 23 Regulation SEC examiners are seeing unsubstantiated Focus on human rights a challenge in China and “potentially misleading” statements and questionable processes from ESG Retailers highlighting issue products and services, according to a risk of forced labor face backlash alert. Page 4 from Chinese consumers Departments At deadline ....................24 ETFs ..............................13 By DOUGLAS APPELL By the numbers ..............17 Frontlines ........................8 Changes ahead ..............27 Hirings...........................18 Human rights could be poised to chal- Classified ......................20 Letters to the editor ........11 lenge climate change’s lock on the hearts Corrections ......................4 Other views ....................10 DC roundup ...................12 RFPs .............................20 and minds of ESG investors even as that Editorial ........................10 topic has left some global retailers under pressure this year in the world’s fast- Money manager survey est-growing consumer market. Over the past month, name-brand global overdue retailers such as Hennes & Mauritz AB, Pensions & Investments is still accepting Stockholm (H&M), and Nike Inc., Beaverton, late responses to the annual money Ore., have faced a backlash in China’s huge manager survey. Firms managing U.S. consumer market after eschewing cotton institutional, tax-exempt assets are grown in that country’s Xinjiang province eligible. Results will run May 31. over concerns about forced labor involving members of China’s Uyghur minority. To request a survey or obtain further Against that backdrop, Principles for Re- information, please contact Anthony sponsible Investment, the London-based Scuderi at [email protected] or organization that’s helped make environ- 212-210-0140, or visit www.pionline.
Recommended publications
  • Connections Fall 2018 Reaching Your Retirement
    CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM • FALL 2018 REACHING YOUR RETIREMENT SEMIANNUAL PUBLICATION FOR ACTIVE AND INACTIVE CalSTRS MEMBERS Teacher Talk: Spotlight on California’s Educators Science Teacher Shares How to Land Grants, Writes Book From the Galapagos Islands to Alaska and from Finland to the Arctic, Michael Wing has traveled all over the world bringing science lessons back to his students, thanks to grants that allow him to do fieldwork during his travels. He’s even written a book in the pursuit INSIDE: of his passion for science and teaching that helps guide others to do the same. 3 Board Election Planned for Fall 2019 Wing has spent his entire 21-year teaching career at Sir Francis Drake High School. He 4 One-Time Death Benefit learned how to get grants more than 10 years Amounts Increase ago when he was accepted into a program in 5 Apply Now: Money for Your Michael Wing the Galapagos Islands. Science (Ninth and 10th grade) Special Classroom Project He discovered there’s only a small group of 8 Include Health Care Costs Sir Francis Drake High School teachers applying for all the grants they can in Your Retirement Planning Tamalpais Union High School District find and they run into each other regularly in 9 Introducing Our New Hybrid these teacher travel programs. “I became one Benefits Specialists of them. I began applying for stuff. The chore of applying for a grant doesn’t seem onerous at all. That first taste of success meant I could apply for anything and not 10 Working After Retirement: worry about whether I would get it.
    [Show full text]
  • AGENDA BOARD of RETIREMENT April 27, 2021 Boardroom 1:30 P.M
    AGENDA BOARD OF RETIREMENT April 27, 2021 Boardroom 1:30 p.m. 832 12th Street Suite 600 Modesto, CA 95353 The Board of Retirement welcomes you to its meetings, which are regularly held on the fourth Tuesday of each month. Your interest is encouraged and appreciated. CONSENT/ACTION ITEMS: Consent matters include routine administrative actions and are identified under the Consent Items heading. All other items are considered to be action items “Action” means that the Board may dispose of any item by any action, including but not limited to the following acts: approve, disapprove, authorize, modify, defer, table, take no action, or receive and file. BOARD AGENDAS & MINUTES: Board agendas, minutes and copies of items to be considered by the Board of Retirement are customarily posted on the Internet by Friday afternoon preceding a meeting at the following website: www.stancera.org. AUDIO/VIDEO: All Board of Retirement regular meetings are audio and visually recorded. Audio/Video recordings of the meetings are available after the meetings at http://www.stancera.org/agenda. NOTICE REGARDING NON-ENGLISH SPEAKERS: Board of Retirement meetings are conducted in English and translation to other languages is not provided. Please make arrangements for an interpreter if necessary. Pursuant to California Governor Gavin Newsom’s Executive Order N-29-20, The Board of Retirement (“StanCERA”) is authorized to hold public meetings via teleconference and to make public meetings accessible telephonically or otherwise electronically to all members of the public who wish to participate and to provide public comment to the local legislative body during the current health emergency.
    [Show full text]
  • FOR IMMEDIATE RELEASE CONTACT: Mitchel Benson February 3, 2004 (916) 653-4052
    NEWS RELEASE CALIFORNIA STATE TREASURER PHIL ANGELIDES FOR IMMEDIATE RELEASE CONTACT: Mitchel Benson February 3, 2004 (916) 653-4052 STATE TREASURER PHIL ANGELIDES LAUNCHES ‘GREEN WAVE’ ENVIRONMENTAL INVESTMENT INITIATIVE TO BOLSTER FINANCIAL RETURNS, CREATE JOBS AND CLEAN UP THE ENVIRONMENT Landmark Environmental Initiative Will Boost Growing Economic Sector and Reduce Risks to Pensioners and Taxpayers PALO ALTO, CA – State Treasurer Phil Angelides, joined today by environmental, labor and business leaders, launched a landmark environmental Green Wave initiative to bolster financial returns, create jobs and clean up the environment. The four-pronged initiative calls on the State’s two large public pension funds – the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) – to marry the jet stream of finance and capital markets with public purpose by committing $1.5 billion to investments in cutting-edge technologies and environmentally responsible companies. The goal of the initiative is to improve long-term financial returns for pensioners and taxpayers through investments in the burgeoning environmental technology sector, while also reducing the risks to the pension funds posed by corporate environmental liabilities. “Now is the time for California to catch the ‘Green Wave’ of smart, environmental investments and responsible corporate environmental leadership,” Angelides – who sits on the boards of both CalPERS and CalSTRS – said at a news conference here at Nanosolar
    [Show full text]
  • Benchmark 2021-B23 Mortgage Trust
    Presale: Benchmark 2021-B23 Mortgage Trust January 26, 2021 PRIMARY CREDIT ANALYST Preliminary Ratings Tamara A Hoffman New York Class(i) Preliminary rating Preliminary amount ($) Credit Enhancement (%) + 1 (212) 438 3365 A-1 AAA (sf) 21,244,000 30.000 tamara.hoffman @spglobal.com A-2 AAA (sf) 155,183,000 30.000 SECONDARY CONTACT A-4A1(ii) AAA (sf) TBD 30.000 Della Cheung A-4A2(iv) AAA (sf) 200,000,000 30.000 New York A-5(ii) AAA (sf) TBD 30.000 + 1 (212) 438 3691 della.cheung A-AB AAA (sf) 19,922,000 30.000 @spglobal.com X-A (iii) AAA (sf) 1,181,663,000 N/A A-S AAA (sf) 163,615,000 18.750 B AA-(sf) 59,992,000 14.625 C A- (sf) 45,449,000 11.500 X-B(iii)(iv) A- (sf) 105,441,000 N/A X-D(iii)(iv) NR 72,718,000 N/A X-F(iii)(iv) NR 32,723,000 N/A X-G(iii)(iv) NR 14,543,000 N/A X-H(iii)(iv) NR 47,267,145 N/A D(iv) NR 50,902,000 8.000 E(iv) NR 21,816,000 6.500 F(iv) NR 32,723,000 4.250 G(iv) NR 14,543,000 3.250 H(iv) NR 47,267,145 0.000 VRR interest(v) NR 76,545,008 N/A 360A(vi) NR 12,350,000 26.295 360B(vi) NR 16,387,000 15.496 360C(vi) NR 16,388,000 4.696 360D(vi) NR 7,125,000 0.000 www.standardandpoors.com January 26, 2021 1 © S&P Global Ratings.
    [Show full text]
  • Diversity in the Management of Investments 2016 Annual Progress Report
    DIVERSITY IN THE MANAGEMENT OF INVESTMENTS 2016 ANNUAL PROGRESS REPORT TABLE OF Diversity in the Management of Investments CONTENTS 2016 Annual Progress Report CalSTRS Mission, Vision, and Core Values 2 Investments’ Core Values 3 Introduction 4 Consistency of Philosophy and Action 6 Investments’ Strategic Goals 7 A. CalSTRS Investment Staff 8 Exhibit 1: CalSTRS Investments: A California State Civil Service Workforce 10 Exhibit 2: CalSTRS Investments: A Gender Diverse California State Civil Service Workforce 11 Exhibit 3: CalSTRS Investments: An Ethnically Diverse California State Civil Workforce 12 B. The Four Pillars 15 C. The Foundation 21 2016 Asset Class Updates 27 Appendix 1: Investment Performance Benchmarks 43 Appendix 2: Emerging Manager Definitions 45 DIVERSITY IN THE MANAGEMENT OF INVESTMENTS I 2016 ANNUAL PROGRESS REPORT – CALSTRS INVESTMENTS I 1 MISSION Securing the financial future and sustaining the trust of California’s educators. VISION Your Reward – A Secure Retirement Our Reward – Getting You There CORE VALUES The CalSTRS core values are a set of attitudes, beliefs, and behaviors that define CalSTRS and its employees. Customer Service – We never compromise on quality as we strive to meet or exceed the expectations of our customers. Accountability – We operate with transparency and accept responsibility for our actions. Leadership – We model best practices in our industry and innovate to achieve higher standards. Strength – We ensure the strength of our system by embracing a diversity of ideas and people. Trust – We conduct ourselves with integrity, acting ethically in every endeavor. Respect – We respect the needs of our members, co- workers, and others, treating everyone with fairness, honesty, and courtesy.
    [Show full text]
  • COMPREHENSIVE ANNUAL FINANCIAL REPORT 2020 TABLE of CONTENTS 3 Calstrs Comprehensive Annual Financial Report
    Comprehensive Annual FINANCIAL REPORT CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM A COMPONENT UNIT OF THE STATE OF CALIFORNIA FOR THE FISCAL YEAR ENDED JUNE 30, 2020 CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM A component unit of the State of California Comprehensive Annual Financial Report for the fiscal year ended June 30, 2020 Prepared by CalSTRS staff CalSTRS Comprehensive Annual Financial Report Introductory section Required supplementary information (unaudited) Letter of transmittal . 9 Schedule of changes in net pension liability Awards and recognition . 16 of employers and nonemployer contributing entity . 83 Teachers’ Retirement Board . 18 Schedule of net pension liability of employers and nonemployer contributing entity . 84 Executive staff . 19 Schedule of pension contributions from employers Year in review . 20 and nonemployer contributing entity . 85 Schedule of money-weighted rate of return Financial section for State Teachers’ Retirement Plan and Medicare Premium Payment Program . 86 Independent auditor’s report . 26 Schedule of changes in net OPEB liability Management’s discussion of employers . 87 and analysis (unaudited) . 29 Schedule of net OPEB liability of employers . 88 Basic financial statements Other supplementary information Statement of fiduciary net position . 46 Schedule of administrative expenses . 89 Statement of changes in fiduciary net position . 47 Schedule of investment expenses . 90 Notes to the basic financial statements Schedule of consultant and professional services expenses . 94 1 . Significant provisions of CalSTRS plans and programs . 48 Investment section 2 . Summary of significant accounting policies . 54 3 . Net pension liability of employers and Investment consultant’s report . 100 nonemployer contributing entity . 58 Investment objectives . 105 4 . Net other postemployment benefit (OPEB) liability of employers .
    [Show full text]
  • California State Teachers' Retirement System Management’S Discussion and Analysis (Unaudited) June 30, 2012
    California State Teachers’ Retirement System (A Component Unit of the State of California) Report of Independent Auditors, Basic Financial Statements, Required Supplementary Information, and Other Supplemental Information For the Fiscal Year Ended June 30, 2012 California State Teachers’ Retirement System (A Component Unit of the State of California) For the Fiscal Year Ended June 30, 2012 Table of Contents Report of Independent Auditors ............................................................................................................. 1-2 Management’s Discussion and Analysis .............................................................................................. 3-17 Basic Financial Statements: Statement of Fiduciary Net Assets ............................................................................................................. 18 Statement of Changes in Fiduciary Net Assets ........................................................................................... 19 Notes to the Basic Financial Statements ................................................................................................ 20-51 Required Supplementary Information (Unaudited): Schedule of Funding Progress… ........................................................................................................... 53-54 Schedule of Contributions from Employers and Other Contributing Entities ....................................... 55-57 Other Supplemental Information: Schedule of Administrative Expenses ........................................................................................................
    [Show full text]
  • Member Handbook
    Member Handbook 2002–2003 The CalSTRS Member Handbook was prepared by the staff of the California State Teachers’ Retirement System to assist CalSTRS Defined Benefit Program members in understanding their member benefits. The summarized data pertain to the Teachers’ Retirement Law and procedures effective January 1, 2003. The Member Handbook is intended as a ready source of information about CalSTRS and not as a legal document or a substitute for the law. If differences appear between the law and the handbook, the law must prevail. The State Teachers’ Retirement Law consists of Part State of California 13, also known as the E. Richard Barnes Act, Part Gray Davis, Governor 13.5 and Part 14 of Division 1 of the California Education Code. The law establishes the State Teachers’ Retirement Board Teachers’ Retirement Plan, which consists of the Gary Lynes, Chairperson CalSTRS Defined Benefit Supplement Program, Paul Krasnow Karen Russell, Vice Chairperson Defined Benefit Program and the CalSTRS Cash Jay Schenirer Balance Benefit Program. Part 13 includes the Carolyn Widener provisions of the CalSTRS Defined Benefit Program B. Timothy Gage, Director, Department of Finance and DBS Program and regulates all activities of the Steve Westly, State Controller California State Teachers’ Retirement System. Part Phil Angelides, State Treasurer 13.5 includes provisions concerning health care Jack O’Connell, Superintendent of Public Instruction benefits for CalSTRS members. Part 14 establishes an alternative plan for part-time educators, known as the Jack Ehnes, Chief Executive Officer Cash Balance Benefit Program. Christopher J. Ailman, Chief Investment Officer Permission is hereby granted to reproduce, copy, or duplicate the information in this booklet, provided credit is given to CalSTRS.
    [Show full text]
  • California State Teachers' Retirement System Investment Reports As of June 30, 2020 Introduction
    California State Teachers' Retirement System Investment Reports As of June 30, 2020 Introduction The California State Teachers' Retirement System (CalSTRS) is required to report to the Legislature on specific areas regarding the system's actions as they relate to particular investments and holdings. This report is submitted in compliance with the direction of the following statutes: • Chapter 441, Statutes of 2011 (AB 1151-Feurer) - Iran • Chapter 671, Statutes of 2007 (AB 221-Anderson) - Iran • Chapter 442, Statutes of 2006 (AB 2941-Koretz) - Sudan • Chapter 341, Statutes of 1999 (SB 105-Burton) - Northern Ireland Background CalSTRS With over 100 years of experience and over $246 billion of assets under management, CalSTRS is the oldest and largest educator-only pension system in the world. CalSTRS members include California public school educators, pre-kindergarten through community college. CalSTRS members are employed by approximately 1,700 school districts, community college districts, county offices of education, regional occupational programs and charter schools. CalSTRS is administered by the 12-member Teachers’ Retirement Board (board). The board sets the policies and is responsible for ensuring that benefits are paid by the system in accordance with the law. One of the board’s core values is to ensure the retirement system's strength by proactively addressing the risks of investing. This value permeates the investment portfolio, where the board has adopted the Investment Policy for Mitigating Environmental, Social, and Governance (ESG) Risks. The policy requires managers to consider multiple risk factors when investing for CalSTRS. A copy of the policy is included in Attachment A. In early 2020, CalSTRS performed an extensive analysis of its reporting requirements and staff workload.
    [Show full text]
  • The Changing Tide: the Evolution of the Asset Owner Investment Model
    The investment industry THE CHANGING is in a period of change, and nowhere is this better TIDE: THE demonstrated than in the experience of asset owners. Rising costs, changing EVOLUTION global regulations and uncertainty of investment OF THE ASSET performance means that, across the globe, asset OWNER owners find themselves questioning all aspects INVESTMENT of their organisational structures and their MODEL investment processes. THE CHANGING TIDE: THE EVOLUTION OF THE ASSET OWNER INVESTMENT MODEL THE CHANGING TIDE: THE EVOLUTION OF THE ASSET OWNER INVESTMENT MODEL EXECUTIVE SUMMARY The investment industry is in flux. The rise in costs, new 1 technology, global regulatory change and a drive toward fund consolidation have led many asset owners to look more closely at their organisational structures and to rethink their investment processes. Across the globe, investors are bringing their asset management in-house in order to reduce fees, enhance control, gain efficiencies and drive overall investment performance. For asset owners that manage their assets internally, 2 or want to do so in the future, there are several considerations to take into account. These range from setting up and implementing governance structures, to finding and recruiting the right talent, to managing technology needs, and getting to grips with new operational models. Asset owners are tackling these challenges in different 3 ways. Each asset owner is in a unique situation, but the trend toward in-house management is truly a global one. Concerns about future-proofing operating models 4 can be a barrier to in-house management. As the investment insourcing trend develops, asset owners are increasingly outsourcing non-core functions to focus on the activities that add the most value.
    [Show full text]
  • In the Supreme Court of the United States
    No. ______, Original In the Supreme Court of the United States STATE OF TEXAS, PLAINTIFF v. STATE OF CALIFORNIA MOTION FOR LEAVE TO FILE A BILL OF COMPLAINT, BILL OF COMPLAINT, BRIEF IN SUPPORT KEN PAXTON KYLE D. HAWKINS Attorney General of Texas Solicitor General Counsel of Record JEFFREY C. MATEER First Assistant Attorney MATTHEW H. FREDERICK General Deputy Solicitor General JASON R. LAFOND Assistant Solicitor General TREVOR W. EZELL Assistant Attorney General OFFICE OF THE ATTORNEY GENERAL P.O. Box 12548 (MC 059) Austin, Texas 78711-2548 [email protected] (512) 936-1700 TABLE OF CONTENTS 1. Motion for Leave to File a Bill of Complaint 2. Bill of Complaint 3. Brief in Support of Motion for Leave to File a Bill of Complaint 4. Appendix Selected Provisions of Texas Human Resources Code ........................................................ A.1 A.B. 1887 .................................................................... A.6 California Assembly Committee on the Judiciary, Analysis of A.B. 1887 (Mar. 12, 2016) ................... A.10 California Assembly Committee on the Judiciary, Analysis of A.B. 1887 (Apr. 1, 2016) ..................... A.25 Transcript Excerpts from March 15, 2016, Hearing on A.B. 1887 Before the California Assembly Committee on the Judiciary ............... A.41 (i) No. ______, Original In the Supreme Court of the United States STATE OF TEXAS, PLAINTIFF v. STATE OF CALIFORNIA MOTION FOR LEAVE TO FILE A BILL OF COMPLAINT The State of Texas moves the Court for leave to file the accompanying Bill of Complaint. In support of its motion, the State asserts that its claims arise under the United States Constitution; its claims are serious and dignified; and there is no alternative forum to provide adequate relief.
    [Show full text]
  • Calstrs OPPEBI FY 2019-20
    California State Teachers’ Retirement System (A component unit of the State of California) State Teachers’ Retirement Plan and Medicare Premium Payment Program Other pension and postemployment benefits information For the fiscal year ended June 30, 2020 Table of contents Other pension information – State Teachers’ Retirement Plan Independent auditor’s report............................................................................................................................................................................................. 1 Schedule of proportionate share of contributions for employers and nonemployer contributing entity (Schedule A) ........................................................... 3 Schedule of aggregate pension amounts for employers and nonemployer contributing entity (Schedule B) ....................................................................... 49 Notes to other pension information ................................................................................................................................................................................... 50 Other postemployment benefits information – Medicare Premium Payment Program Independent auditor’s report............................................................................................................................................................................................. 57 Schedule of proportionate share of contributions for employers of the State Teachers’ Retirement Plan (Schedule C) ......................................................
    [Show full text]