Rally adds to pension funds across the nation
Big returns help shore up public systems
Thanks to robust stock market returns and more fiscal discipline, public pension systems across the country are in the best financial positions they’ve seen in more than a decade, according to new report from The Pew Charitable Trusts.
Pew estimates that state retirement systems are now more than 80% funded for the first time since 2008. The funds have closed the funding gap between what they’ve promised workers in retirement and what they’ve set aside to pay for those benefits, the study found.
The average state pension fund earned 3% for the fiscal year that ended June 30, 2020 but had huge gains in fiscal year 202
“Since then, the market has experienced a once-in-a-generation rally. On average, plans earned investment returns of over 25% for fiscal 2021, which translates into gains above expectations of more than half a trillion dollars,” the report found.
On top of that, state retirement systems have become more disciplined about managing pension finances and states have enacted benefit reforms that lowered costs.
Side, and additional sites in the city.
“We are well-known within our Latino/hispanic communities, but the mainstream community doesn’t know who we are,” said Sarah Brown, 26, of Victorian Village, who is the organization’s program officer. “We said, ‘How can we talk to them? How can we reach them? How can we get their support? What better way than through beer.’”
Land-grant head brewer Dan Schaffer said he wanted to use “ubiquitous but unique” cultural flavors in the beer, and landed on Madeira plantains and masa, or dough made from corn.
All proceeds from sales will benefit the Ohio Hispanic Coalition, which will continue to do more work with Landgrant, which is passionate about partnering with nonprofits.
“We are trying to identify different opportunities to help create exposure,” said Land-grant Director of Communications Meredith Miles. “We were talking about Hispanic Heritage Month as a great opportunity. A lot of people don’t know about it. And then on top of that, everything that the Ohio Hispanic Coalition does is so impactful.”
The Ohio Hispanic Coalition was founded in 1990 by current President and CEO Julia Arbini-carbonell and other leaders. Today, the agency serves the Latino population in Columbus by providing services in four categories: health, youth and education, safety and interpretation and translation.
The latter was especially important during the pandemic, as Spanishspeaking communities struggled to gain critical information from both city and state governments. Each week, the Ohio Hispanic Coalition would translate Governor Mike Dewine’s press conferences on Facebook.
“We have a huge crack in the system,” said Josué Vicente, 46, of Westerville, who is the organization’s executive director. “They weren’t able to communicate effectively and in a timely manner to non-english speakers. It is essential for our systems to have a preparedness plan to reach out those communities. During COVID-19, that failed.”
One of the organization’s goals is to reconnect with public officials to discuss the needs of the community, Vicente said.
Securing enough funding and finding staff is another concern, especially amid the pandemic, he added.
“Corporations have the same challenge, but they have the capacity to provide the extra (pay),” he said. “It’s going to make it more tough for the nonprofit world. Everything is increasing – prices of gas and food. The system is asking us for more, but offering less.”
Last year, the Ohio Hispanic Coalition served 154 young students through after-school and summer enrichment programs. But 700 students were on the wait list due to limited funding and capacity.
Moving forward, the agency plans to add an after-school program for 14-17year-olds to help with college readiness. And it will partner with nonprofit Unidosus and Jpmorgan Chase to launch a program to prepare 18- to 24-year-olds for careers in banking.
To help Latinos gain better access to health care, the Ohio Hispanic Coalition has over 20 community health workers
who help translate for patients at federally qualified clinics. The organization also provides resources to victims of domestic violence and sexual assault through its Soy Latina program.
In addition to serving the community, the agency helps foster Latino pride, which is what staff members say Hispanic/latino Heritage Month is about.
“We choose to look at our culture and our roots, specifically in Latin America, and the roots that we’ve laid down here in the United States,” Brown said. “It’s so important to know the history of that.”
Latinos also share a culture of hard work, which is reflected in the name of the Land-grant beer, Las Pilas. It comes from the phrase, “Ponte las pilas,” which translates to “put on the batteries.”
“It’s like, put some elbow grease into it,” Peguero said. “Or put your work boots on.”
That’s why it was important to show the plantain powering the light bulb on the label, Peguero added.
“Like a battery, the plantain has been the driving force for a lot of Latino communities.” ethompson@dispatch.com @miss_ethompson