Treasurer Ted Wheeler Pushes to Improve Oregon’s Pensions

在过去的三年里，俄勒冈州王国托德·惠德已经成为保存界定福利退休制度的努力的努力。考虑到他负责监督该国640亿美元的养老基金的管理，这几乎不令人惊讶。但是惠勒的野心延伸得比保护公共部门工人的好处更远。他正在努力寻找为私营部门劳动力的大部分提供退休保障的创新方式，目前没有养老金福利。

In May Wheeler backed a measure to establish a task force to review pension possibilities for private sector workers. The issue is not on the radar screen of most state treasurers, but Oregon has a large number of small businesses and start-ups, many of which offer no pension plans to employees. The bill was approved by the legislature and signed into law by Governor John Kitzhaber in August. A key to winning support for the bill was the insertion of an amendment stipulating that any private sector pension solution not “create any financial obligation, liability, or guarantee on the part of private sector employers.” The seven members of the task force are due to be announced shortly; Wheeler will either serve as a member of the task force or appoint a designee.

该机构应该在2014年9月向立法机关向立法机关向立法机关呈现出来，并将在2017年1月开始工作。“我们被要求提出一些广泛的指导方针，”救助员如何私营部门解决方案可能工作。“我们还没有在答案阶段。”

Wheeler，51，也一直在努力岸上坐在国家现有的公共养老金系统。他养老金改革了他2012年选举活动的基石问题，提议加上生活成本增加，消除税收规则，有效地奖励退役的退休人员。He also suggested lowering the system’s assumed 8 percent rate of return, even though this would increase the state’s $13.2 billion unfunded pension liability, and he pledged — as a member of the $82 billion Oregon Investment Council, which oversees the pension fund and other state assets — to reduce costs and improve risk management.

Keeping true to his word, in January惠勒提出了一项投资现代化法案that would transform the pension fund by giving the OIC more autonomy and resources to manage the fund, which the treasurer regards as key to bringing down costs. The proposed model is similar to that used by Canada’s main publicpension funds,尤其是129加元数十亿n ($121 billion) Ontario Teachers’ Pension Plan. Currently the state pays about 78 cents in management fees for every $100 in assets and manages only 19 percent of those assets in-house. The state of Washington, which manages about 30 percent of its $91.4 billion in assets in-house, pays some 68 cents per $100 in fees, whereas Wisconsin, which manages approximately 58 percent of its $94.4 billion itself, pays 38 cents.

The bill did not make it to the floor of the legislature this year. It will, however, be resubmitted in 2014, and OIC chair Keith Larson has said he has received assurances it would be voted upon then. A managing director with Intel Capital, the venture capital arm of the semiconductor maker, Larson believes the reforms are essential to the future of the pension system, and he lauds Wheeler for supporting them, even though the changes would curb the treasurer’s power. “This is one of those rare opportunities where you have someone in political office who is willing to do the right thing, even if it is somewhat to his detriment,” says Larson. “That is a huge positive.”

Wheeler议程的其他部分取得了进展。在10月份州长召集的特别会议中，立法机关通过了一项法案，消除了州外退休人员的税收利益;将退休人员的生活成本降低到75个基点，对于某些退休人员的退休人数低至1.25％;和盖子的盖子为1.5％，下降2％。公众雇员退休制度委员会，一个有责任管理退休基金负债的五个人机构，也采取了措施降低其假设率返​​回7.75％。该变化的净效应将养老金系统的未资金责任从132亿美元降至111亿美元。

Wheeler’s work on pension reform, both public and private, earned him a slot — at20号- 在亚博赞助欧冠首次排名40 most important people in the defined benefit pension reform debate。俄勒冈州原生的本科学位来自斯坦福大学经济学，来自哥伦比亚大学的MBA，以及来自哈佛大学的公共政策。他最近谈过亚博赞助欧冠高级作家Imogen Rose-Smith关于他的养老金目标：

亚博赞助欧冠机构投资者：Why were those two bills — to establish a retirement savings task force and the investment modernization bill — so important?

Wheeler:它们因不同原因很重要。改革俄勒冈州的投资管理职能是重要的，因为自20世纪70年代以来我们的结构相同。然后我们有10亿美元，全部在固定收入;今天，我们几乎在全球范围内投入超过820亿美元，而且市场越来越复杂。投资现代化法案旨在让我们更好地管理当前环境的投资。退休保安计划是我们有一个即将到来的人口问题的确认。大约一半私营部门雇用的俄勒冈人没有任何形式的退休。这一州的一代XERS在现代历史中有一些最低的退休率。在接下来的十年中，退休人员的数量预计会气球。今天是个人的看作是一个个人的事情正在迅速成为我们所有人的问题。

您已表示投资现代化法案可能导致国家的显着成本节省。怎么会这样？

我们目前组织的方式要求我们外包许多职能，例如背面和风险管理服务。通过劝阻一些相当基本的分析工作，我们目前向华尔街支付了很多钱，我们可以节省约2200万美元的费用。有些人建议每年最终节省1亿美元。如果您在20年超过20年储蓄，那么储蓄率巨大：27亿美元，确切。

所以成本节省了您对账单支持背后的主要动机吗？

The main reason we are doing this is, we have to be able to better manage our portfolio. Not only do we need to be able to assess risk by insourcing; we also need to be able to give the Oregon Investment Council the latitude to be able to hire the people they need to hire and give them the license to put in the systems they need to manage an $82 billion investment portfolio. The treasury is viewed as being just another public agency, but we are close to being a private sector enterprise in that we compete head to head with Wall Street, and we need the resources to be able to compete.

Is this a form of privatization?

不，我们正在寻求做的是将OIC作为自己的机构建立，使OIC在国库人员上的领导地位，建议他们并赋予OIC赋予潜在的投资人员。仍然存在巨大的公众监督。

What are some of the pension governance arrangements you see out there that provide a model for how the OIC could operate?

加拿大人pension fundshave been way ahead of the U.S.pension fundsin terms of governance models. The state of Wisconsin has a model very similar to what we are trying to create in Oregon.

The proposals in the Investment Modernization Act have similarities to what officials overseeing the $45 billion New York City pension system have tried to do. Their effort failed. What makes you feel Oregon will be more likely to succeed?

因为其他人失败了，但在做我们需要做的事情方面都不会对我分心。我不在乎别人是否已经尝试过并且失败了。我的工作是做我认为对俄勒冈州的权利。

如果颁布了这些改革，谁会失去权力？

在这个新模式下失去权威的唯一人会是我。作为财务主管，我想确保我们尽可能有效地管理我们的投资组合。我们将得到的是一种模型，将为我们提供更好的性能和更好的风险管理。作为一个民选官员，我多准备权衡力量一点点换来的东西是在俄勒冈州的长期最佳利益。

在内部将移动有多大的积极投资管理功能？

绝大多数投资组合将继续由金钱中心银行和投资公司管理;这将永远是这种情况。作为一个机构，我们倾向于投资高级资金，这些资金将永远是基于世界各地的金钱中心。我们的目标不是否认我们到位的高价值资产管理。我们无法复制。

建立退休储蓄工作队的意图是什么？

当我们看看俄勒冈州的人口统计，我们担心。我们正在致力于商业界的广泛利益攸关方 - 金融服务业，公众以及我办公室的人们 - 看看我们是否可以找到私营部门的一些新的退休选择。

如果在概念上的声音非常相似，安全选择退休储蓄信托法案，加利福尼亚立法机构去年通过。是吗？

至少有一个显着的差异，即不会有一个任务解决方案。工作组将研究选项，但我们需要找到不携带额外责任并提供低成本，便携和自愿参与俄勒冈人的解决方案。我们有一些基本的想法，但它是与利益相关者合作的两年过程。

谁最需要新的退休期权？

When we look at who in Oregon works in the private sector but does not have access to a retirement plan, it is largely single women heads of households, minorities and people who work for small businesses. If we can start to identify who is not being included in the current retirement security universe, it starts to give us some idea of what strategies we might be able to employ to help solve the problem.