Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword or section
Like this
4Activity
0 of .
Results for:
No results containing your search query
P. 1
API-Commissioned Report on Public Pension Funds

API-Commissioned Report on Public Pension Funds

Ratings: (0)|Views: 1,165 |Likes:
Published by jdlouhy3911

More info:

Published by: jdlouhy3911 on Jun 27, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

03/09/2014

pdf

text

original

 
 
The Financial Contribution of Oil and Natural Gas CompanyInvestments To Major Public Pension Plans in Seventeen States,Fiscal Years 2005 – 2009
Robert J. Shapiro and Nam D. PhamJune 2011
 
1
Table of Contents
Executive Summary……………………………………………………………………………….2Introduction and Summary of Results…………………………………………………………….4Methodology……………………………………………………………………………………..10California………………………………………………………………………………………...11Florida…………………………………………………………………………………………....14Illinois…………………………………………………………………………………………....16Indiana…………………………………………………………………………………………....19Iowa……………………………………………………………………………………………....21Michigan………………………………………………………………………………………....24Minnesota………………………………………………………………………………………...26Missouri………………………………………………………………………………………….29Nebraska…………………………………………………………………………………………31New Hampshire………………………………………………………………………………….33New Mexico……………………………………………………………………………………...36New York………………………………………………………………………………………...38North Dakota …………………………………………………………………………………….41Ohio………………………………………………………………………………………………43Pennsylvania …………………………………………………………………………………….46South Carolina …………………………………………………………………………………..48West Virginia ……………………………………………………………………………………50Conclusion ………………………………………………………………………………………53References ……………………………………………………………………………………….54About the Authors………………………………………………………………………………..57Appendix ………………………………………………………………………………………...58California ………………………………………………………………………………..58Florida……………………………………………………………………………………61Illinois……………………………………………………………………………………64Indiana……………………………………………………………………………………67Iowa………………………………………………………………………………………70Michigan ………………………………………………………………………………...73Minnesota ………………………………………………………………………………..76Missouri …………………………………………………………………………………79Nebraska ………………………………………………………………………………...82New Hampshire …………………………………………………………………………85New Mexico ………………….………………………………………………………….88New York ………………………………………………………………………………..91North Dakota …………………………………………………………………………….94Ohio……………………………………………………………………………….…….. 97Pennsylvania …………………………………………………………………………...100South Carolina …………………………………………………………………………103West Virginia …………………………………………………………………………..107
 
2
The Financial Contribution of Oil and Natural Gas Company InvestmentsTo Major Public Employee Pension Plans in Seventeen States, 2005 – 2009
Executive Summary
This report examines the financial impact of investments in oil and natural gas companies on theoverall performance of the two largest public employee pension funds in each of seventeen states. Thedata show these investments strongly out-performed the other assets of those funds. From 2005 to 2009,spanning years of both vigorous expansion and deep recession, the share of the funds’ returns attributableto oil and natural gas investments was, on average, 3.4 times greater than their share of the funds’ assets.
Table ES-1. Total Assets, Oil and Natural Gas Assets, and Returns on Those Assets,Two Largest Pension Funds in Seventeen States, 2005 – 2009
 
StateTotalAssets(Billions)Oil andNatural GasAssets(Billions)Oil and NaturalGas Assets as aShare of TotalAssetsReturns from Oiland Natural GasAssets as a Share of All ReturnsRatio of Oil andNatural Gas AssetReturns to TheirShare of Total AssetsCA
$338.90 $15.20 4.40%17.10%3.9 to 1
FL
$81.70 $4.00 4.80%18.80%3.9 to 1
IL
$47.60 $2.20 4.70%17.90%3.8 to 1
IN
$18.50 $0.90 4.90%27.50%5.6 to 1
IA
$13.70 $0.40 3.10%10.60%3.4 to 1
MI
$52.80 $2.50 4.80%12.20%2.5 to 1
MN
$28.90 $1.60 5.50%17.80%3.2 to 1
MO
$32.60 $1.10 3.30%9.20%2.8 to 1
NE
$6.50 $0.30 4.90%22.00%4.5 to 1
NH
$4.30 $0.20 4.50%22.80%5.1 to 1
NM
$20.90 $1.00 4.70%19.00%4.0 to 1
NY
$217.00 $11.90 5.50%21.10%3.8 to 1
ND
$3.30 $0.10 4.30%15.80%3.7 to 1
OH
$138.30 $6.10 4.40%11.60%2.6 to 1
PA
$86.20 $2.90 3.40%8.60%2.5 to 1
SC
$17.80 $0.40 2.20%22.90%10.4 to 1
WV
$6.60 $0.20 3.70%19.40%5.2 to 1
Total/Average$1,115.60 $51.00 4.60%15.70%3.4 to 1
 
 
The covered membership of the two largest plans in the seventeen states totals 8.9 million currentand former workers, accounting for nearly half (48.1 percent) of all those covered in the UnitedStates by state and local government pension plans.
 
The two largest public pension funds account for roughly 60% of the total membership and assetsof all public employee pension programs in those states.
 
The level and extent of the funds’ investments in oil and natural gas assets vary greatly across theseventeen states, from $400 million by the two largest plans in South Carolina, representing 2.2%

Activity (4)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->