Title page
Contents
Summary 2
Introduction 5
Overview of Pension Plans 6
State and Local Government Pension Plans 8
Authority and Administration 9
State and Local Pension Plan Investment Issues 10
ESG Investment Issues 10
Geopolitical Considerations 11
Alternative Investments 12
Diverse Asset Managers 13
Federal Pension Plans 13
TSP Investments: Authority and Administration 14
Current TSP Investment Options 15
TSP Investment Issues 17
"I" (International) Fund Benchmark and Investments in Chinese Companies 17
ESG Investment Issues 19
Mutual Fund Window 20
Diverse Asset Managers 22
Exercise of Shareholder Rights 23
Private Sector Pension Plans 24
Duties of Plan Sponsors Regarding Plan Investments Under ERISA 25
Private Sector Pension Plan Investment Considerations 26
Defined Benefit Plans 26
Defined Contribution Plans 26
Private Sector Pension Plan Investment Issues 27
ESG Investment Issues 27
Exercise of Shareholder Rights 29
Investment Advice 29
Investment Fees 32
Alternative Investments in Retirement Plans 34
Collective Investment Trusts in 403(b) Plans 36
Qualified Professional Asset Managers 37
Individual Retirement Accounts (IRAs) 37
IRAs: Authority and Administration 38
Investment Restrictions and Prohibited Transactions 38
Prohibited Transactions 39
Regulatory and Congressional Responses 39
Author Information 40
Acknowledgments 40
Disclaimer 40
Figure 1. Total Holdings and Components of Financial Assets in U.S. Pension Plans and Individual Retirement Accounts (IRAs) 8