Do Unfunded Pensions Matter?
featuring Ross Bowen, Merrill Lynch Wealth Management & Kurt van Kuller, CFA, Sit Investment Associates
January 16, 2019 | Minneapolis, MN | 11:30 am
Join us on January 16 for an intriguing municipal bonds discussion. Minnesota's General Obligation municipal bonds were upgraded by S&P AAA this year. This happened despite a $20 billion statewide pension deficit. Meanwhile Illinois and Chicago have been downgraded to near junk levels. What impact do legacy pension deficits have on creditworthiness and and cost of cost of borrowing for Minnesota and other US states and municipalities? There are several different measurements of the debt level. What underpins these methods and what are the implications of each, for both funding levels and asset allocation? Agenda
11:30 am - check-in & networking
12:00 pm - lunch, speaker presentation & Q&A
01:00 pm - event concludes
About the speakers
Ross Bowen is an actuary whose career has focused on lifetime income products and insurance company investment strategy. He has contributed research to a local think tank regarding Minnesota pension issues, and has testified before the Legislative Commission on Pensions and Retirement at the state capitol.
Kurt van Kuller joined Sit Investment Associates as a municipal portfolio manager in May 2018. He is one of the foremost experts on “story bonds”. Previously head of municipal credit research at Merrill Lynch, where he spent 16 years as a sell side publishing analyst, Kurt is one of the most recognized and frequent recipients of institutional poll awards such as Institutional Investor and Smiths Research. Kurt most recently was Managing Director and head of municipal credit at MUFG Union Bank for 8 years. He also has been a portfolio manager at a municipal hedge fund, and an institutional salesman, and municipal research director at two leading regional broker dealers. He began his career at Standard & Poor’s in 1980. He has an MBA from the State University of New York at Albany. He has been widely published and quoted on municipal topics, has published ground breaking studies on several municipal bond sectors, and is a frequent speaker at industry events.