In addition to promoting inaccurate pension heath assessments, a new academic paper argues, pension accounting rules set by the Governmental Accounting Standards Board create “a degree of moral hazard for stakeholders.”
Tag: Pension funding
The legislation aims to establish a 30-year loan program and new financial assistance for financially troubled multiemployer pension plans.
In a new ERISA lawsuit seeking class action status, the plaintiffs claim their pension assets were disloyally and imprudently transferred during a complex series of corporate spinoffs and mergers.
ERISA allows plan participants to sue to remedy demonstrable harms they have suffered as a result of fiduciary breaches. Less clear is how to apply ERISA’s remedies when a breach is alleged to have occurred within a well-funded pension plan.
Members of the Senate Finance Committee voiced frustration that lawmakers have not yet come to a solution to the multiemployer union pension funding crisis.
Pension plan sponsors have taken various actions to reduce their PBGC premiums in the last year, resulting in a decline in premiums paid in 2018 of $1.2 billion.
The plan’s history offers a case study for how to turn around a troubled public pension system after years of neglect; the system at one point was no better than 20% funded.
Senators and co-chairmen Orrin Hatch and Sherrod Brown said they missed their stated deadline for voting on a package of solutions, but the Joint Select Committee on the Solvency of Multiemployer Pension Plans will continue its work during the new session of Congress.
The Butch Lewis Act offers a way to preserve union retiree pension benefits through an emergency loan program funded with proceeds from Treasury bonds; the legislation this week received a 10-year CBO cost assessment of $34 billion.
Passionate testimony from a Teamster to the Joint Select Committee on the Solvency of Multiemployer Pension Plans appeared to outshine that from three financial experts.
The chief investment officer at Winthrop Capital Management discusses the uptick in short term interest rates and new opportunities within the one-year to five-year part of the curve.
Tens of thousands of employers in the U.S. contribute to multiemployer pension funds that are in critical and declining status, collectively facing an unfunded liability well above $100 billion; Society of Actuary researchers warn of potential ripple effects should many of their plans fail at once.
Ryan Labs president Richard Familetti reflects on the increasingly prominent role of investment consultants in helping to shape LDI strategies and other pension plan behaviors.
Strong asset returns and an increase in voluntary contribution activity drove DB plan funded levels significantly higher over the last year; on the other side of the ledger, however, lower discount rates offset some of the gains.
An open letter penned by Connecticut State Treasurer Denise Nappier presents an articulate defense and endorsement of ESG investing programs—in this case suggesting divestment from gun manufacturers may be in the best long-term financial interest of the state’s pensioners and other stakeholders.
Under a new bill in the California legislature, the state’s Human Resources Department would administer and oversee a defined contribution-type program for state employees, redirecting matching contributions that otherwise would be paid into the state pension system.
Voya Investment Management has pledged to adopt six basic principles to promote and support the use of environmental, social and governance investing programs.
Melbourne Mercer Global Pension Index Urges Countries With Unsustainable Pension Systems to Take Action Now
The index’s ninth edition looks at how unsustainable pension systems in some countries need to learn from leading countries or risk creating intergenerational equity issues and disappointed retirees.
Discussion in the new appellate decision lays out some important distinctions regarding the initial district court’s decision to dismiss the lawsuit, weighing arguments of standing and mootness.
If IRS adds additional disaster areas in connection with its own filing extensions, any person responsible for meeting a PBGC deadline that is located in those additional areas will also be granted relief.