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Compensation Strategies Group, Ltd.
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Defined Benefit Specialist II or III Nova 401(k) Associates
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July Business Services
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Merkley Retirement Consultants
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Nova 401(k) Associates
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DWC ERISA Consultants LLC
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BPAS
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EPIC RPS
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The Pension Source
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BPAS
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Distributions Processor - Qualified Retirement Plans Anchor 3(16) Fiduciary Solutions, LLC
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Retirement Combo Plan Administrator Heritage Pension Advisors, Inc.
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Potential Untapped Value in California's Public Retirement System
Reed Smith LLP 
June 12, 2019
"State, county and municipal plan sponsors parlay their own creditworthiness when they issue Pension Obligation Bonds (POBs). If they can issue bonds with an interest ('coupon') rate that is lower than their respective retirement system's assumed rate of investment return, they can immediately lower their expected retirement costs by transferring POB proceeds into the retirement system and paying down their unfunded liabilities. And, if the retirement system's investments return more than the coupon rate, the plan sponsor will have lowered its actual retirement costs with arbitrage profits."
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