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So far CORPaTH has created 319 blog entries.
4 04, 2024

Chicago’s pension funding crisis is a century in the making. 5 grad students could change that.

2024-04-11T08:56:15-07:00April 4th, 2024|Categories: Pension Funding|Tags: |

By Rob Kozlowski Source: Pensions & Investments A team of five University of Chicago graduate students won a Harris School of Public Policy competition with a proposal of nine initiatives designed to save the city of Chicago between $200 million and $400 million a year to shore up its woefully underfunded pension funds. The team of graduate students — Syed Ahmad, Anthony Beaupre, Liam Gluck, James Karsten and Greg Rudd — was awarded the $10,000 first prize in the [...]

2 04, 2024

Retirement crisis looms as Americans struggle to save

2024-04-03T16:30:17-07:00April 2nd, 2024|Categories: Retirement|Tags: |

By Nicole Goodkind Source: CNN Eric Payne, a 37-year-old single father to two boys, works hard to stretch his paycheck each week. It’s a task he refers to as “clicking.” He makes a good salary – in the $80,000 range – but by the time all of the essential expenses have clicked into place, there’s not much left to spare. “The clicking is for day-to-day operations,” explained Payne, who works as the director of quality assurance for a seafood [...]

2 04, 2024

Here’s how much Americans say they need to retire — and it’s 53% higher than four years ago

2024-04-11T08:54:30-07:00April 2nd, 2024|Categories: Retirement|Tags: |

By Aimee Picchi Source:CBS News Americans have lofty goals for their retirement, with the typical worker believing they need $1.46 million to retire comfortably — a jump of 53% from their savings target in 2020, according to a new survey from Northwestern Mutual. But most people are far from reaching that objective, with the study finding that the average amount held in a retirement account today is just $88,400. That means that the typical worker has a $1.37 million gap [...]

28 03, 2024

How a New Rule Could Change the Way Advisers Handle Your Retirement Money

2024-03-28T14:34:37-07:00March 28th, 2024|Categories: Retirement|Tags: |

Source: The New York Times It seems like an issue everyone can agree on: Financial professionals should be required to handle our retirement money with the utmost care, putting investors’ interests first. But that type of care comes in degrees, and deciding exactly how far advisers should go has been the center of heated debate for nearly 15 years, pitting financial industry stakeholders, who argue their existing regulatory framework is enough, against the U.S. Labor Department, the retirement plan [...]

15 03, 2024

Working in Old Age Can’t Be the Only Answer to the Retirement Crisis

2024-03-18T11:41:54-07:00March 15th, 2024|Categories: Retirement|Tags: , |

By Peter Coy Source: The New York Times Teresa Ghilarducci, a labor economist, begins her new book with a story about an 82-year-old cashier at Walmart who was able to retire — finally — after a customer started a GoFundMe campaign for him that blew up on social media. “Is this what America’s retirement system has come to?” she asks. “Are we heading for a TikTok pension system?” Ghilarducci argues that working longer is not the solution to America’s [...]

7 03, 2024

Closing The Gender Pension Gap: Challenges And Solutions For Women In Public Service

2024-03-12T08:42:54-07:00March 7th, 2024|Categories: Retirement|Tags: , |

By Maria French Source: National Public Pension Coalition Women’s History Month presents an opportunity to honor and recognize the invaluable contributions of women throughout our nation’s history. However, it also serves as a time to reflect on areas where advancements in gender equality are still needed. Today, we delve into a critical aspect of women’s financial well-being: ensuring a secure retirement through pensions. Enduring Challenges Women in the workplace face distinct challenges in securing their retirement. Research from the [...]

1 03, 2024

Many workers believe pensions are key to achieving the American Dream. But getting those plans back isn’t easy

2024-03-12T08:45:34-07:00March 1st, 2024|Categories: Economy|Tags: |

By Lorie Konish Source: CNBC Many Americans long for the days when companies guaranteed workers income in retirement. That includes Sara Schambers, a fourth-generation Ford auto worker and member of the United Auto Workers union, who saw her grandparents retire with financial security. But after obtaining a permanent position in 2012, the same benefits have not been available to her. “Without a pension and post-retirement health care, you have people leaving this company after 30 years’ service with nothing [...]

29 02, 2024

A good time for pensions: Why the time is ripe for a secure future

2024-02-29T16:20:43-08:00February 29th, 2024|Categories: Defined Benefit Plans|Tags: , |

Source: National Public Pension Coalition In the years following the Great Recession of 2007-2009, billionaire-backed opponents of defined-benefit pensions presented a reasonably straightforward case. The financial crisis sent equities tumbling, funding ratios of pension plans cratered, and it was easy for opponents of public employees to spread doom and gloom about pension plans. To make matters worse, pension opponents often deliberately sowed envy among non-pension recipients. At the NPPC, we believe everyone deserves a stable retirement. It’s a false [...]

29 02, 2024

DB vs. DC: Wednesday Senate Hearing Dives Deep Into ‘Retirement Crisis’

2024-02-29T11:05:55-08:00February 29th, 2024|Categories: Retirement|Tags: , , , |

By Brian Anderson Source: 401(k) Specialist That’s how Sen. Bernie Sanders (I-VT), Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, kicked off a hearing in Washington Wednesday titled, “Taking a Serious Look at the Retirement Crisis in America: What Can We Do to Expand Defined Benefit Pension Plans for Workers?” Most speakers during the 90-minute hearing expressed a desire for a shift back to defined benefit pension plans while other speakers, including HELP Committee ranking member [...]

28 02, 2024

Lawmakers, experts agree U.S. retirement system needs fixing, differ on how

2024-02-28T16:53:27-08:00February 28th, 2024|Categories: Retirement|Tags: |

By Courtney Degen Source: Pensions & Investments Policymakers and experts seem to agree that the U.S. retirement system needs reform, but opinions varied widely when discussing what changes are needed at a Senate hearing Feb. 28. "As a result of a relentless 40-year war on the working class waged by corporate America, traditional pension plans have become an endangered species, on their way to extinction," said Sen. Bernie Sanders, I-Vt., who chairs the Senate Committee on Health, Education, Labor [...]

28 02, 2024

Julie Su’s Nomination for Secretary of Labor Passes Senate Committee

2024-02-29T11:11:34-08:00February 28th, 2024|Categories: Economy|Tags: , , |

By Paul Mulholland Source: Plan Sponsor The Senate Committee on Health, Education, Labor and Pensions advanced Julie Su’s nomination to be Secretary of Labor to the full Senate late Tuesday by an 11 to 10, party-line vote. Su has served as acting secretary since March 2023, having been confirmed as deputy secretary in July 2021. The hearing was initially scheduled as a public hearing for Wednesday. Senator Bernie Sanders, I-Vermont and the chair of the HELP Committee, did not [...]

27 02, 2024

Americans want pension plans, worry about retirement security – NIRS

2024-02-27T15:07:05-08:00February 27th, 2024|Categories: Retirement|Tags: , |

By Rob Kozlowski Source: Pensions & Investments National anxiety about retirement security continues to grow, and the vast majority of Americas believe all workers should have a pension plan, according to a new report from the National Institute for Retirement Security. According to the report, 79% of respondents to a national public opinion poll of working-age Americans believe that the nation faces a retirement crisis, up from 67% that expressed that sentiment in 2020, the last time NIRS conducted [...]

27 02, 2024

Labor economist Teresa Ghilarducci highlights retirement system pitfalls

2024-02-27T12:18:53-08:00February 27th, 2024|Categories: Retirement|Tags: , |

By Brian Kroce Source: Pensions & Investments Too many Americans are working longer — to the detriment of their health and well-being — without achieving retirement security because the retirement system in place has left them behind, according to labor economist Teresa Ghilarducci. "The system that we have experimented with for the past 40 years, which I call it a 'do-it-yourself, voluntary, individual-directed, commercially based system with top-heavy tax breaks,' has mostly failed," Ghilarducci said at the National Institute [...]

27 02, 2024

High Retirement Anxiety Continues Among Americans: Survey

2024-02-28T09:32:01-08:00February 27th, 2024|Categories: Retirement|Tags: , , |

By Ted Godbout Source: National Association of Plan Advisors Just as Congress gets ready to debate whether there is a “retirement crisis,” new survey results from an organization supportive of restoring defined benefit plans finds that Americans are increasingly worried about retirement. According to the survey results from the National Institute on Retirement Security (NIRS), when asked whether the nation faces a retirement crisis, roughly 8 in 10 respondents (79%) agreed that there is a crisis, up from 67% [...]

21 02, 2024

UPS to drive $1.2 billion into U.S. pension plans in 2024

2024-02-21T10:10:24-08:00February 21st, 2024|Categories: Defined Benefit Plans|Tags: , , |

By Rob Koslowski Source: Pensions & Investments United Parcel Service Inc., Atlanta, plans to contribute $1.2 billion to its U.S. pension plans in 2024. The shipping company disclosed its plans in its Feb. 20 10-K filing with the SEC. UPS previously contributed $1.2 billion to the U.S. pension plans in 2023 and $2 billion to the plans in 2022. Read the full article

14 02, 2024

Faced with recruiting crisis, Alaska mulls reopening of 2 pension plans

2024-02-14T10:02:21-08:00February 14th, 2024|Categories: Pension Funding|Tags: , |

By Rob Kozlowski Source: Pensions & Investments Nearly two decades after the Alaska Legislature closed the state's two defined benefit plans for public employees and teachers, the state is closer than ever to reopening those plans as it faces a recruitment and retention crisis for general employees, teachers and public safety officials. While the bill has passed the Alaska Senate, expectations are muted regarding its chances in the conservative-controlled House of Representatives due to concerns about costs, although an [...]

7 02, 2024

Ford to drive $1 billion into pension plans in 2024

2024-02-07T14:54:51-08:00February 7th, 2024|Categories: Pension Funding|Tags: , |

By Rob Kozlowski Source: Pensions & Investments Ford Motor Co., Dearborn, Mich., expects to contribute about $1 billion to its global pension plans in 2024. The auto company disclosed its plans in its 10-K filing with the SEC on Feb. 7. Ford contributed $756 million to its non-U.S. plans and $238 million to its U.S. plans in 2023, according to the filing. The new filing did not break down how the company plans to make contributions by region in [...]

2 02, 2024

Pensions funds mull greater role in participants’ lives

2024-02-02T14:01:55-08:00February 2nd, 2024|Categories: Retirement|Tags: , |

By Sophie Baker Source: Pensions & Investments A handful of pension funds are thinking more carefully about the value they add for their participants and the role they play in their lives — beyond writing checks — through so-called social infrastructure. The emerging trend goes further than buying up assets that are beneficial to the pension fund's local community, such as investing in affordable housing and hospitals — a well-trodden path by many, sources said. Rather, it's about thinking [...]

31 01, 2024

Alaska Senate passes new pension program for state employees, but final approval is in question

2024-02-02T14:05:16-08:00January 31st, 2024|Categories: Defined Benefit Plans|Tags: , , |

By James Brooks Source: Alaska Beacon The Alaska Senate on Wednesday approved legislation to revive a pension program for state employees, an act that could bring new benefits to as many as 37,000 Alaskans and is intended to ease a chronic employee shortage at state agencies. Alaska has been without a public-employee pension program for new workers since 2006, when the Alaska Legislature abolished it in favor of a 401(k)-like program in which benefits are not guaranteed. Subsequent data [...]

19 01, 2024

401(k) experiment has failed, fueled U.S. retirement crisis, labor economist says

2024-01-23T13:53:46-08:00January 19th, 2024|Categories: 401(k)|Tags: , , |

By Rob Kozlowski Source: Pensions & Investments The 401(k) plan experiment has failed, and the retirement crisis in the United States is only getting worse, said Teresa Ghilarducci, labor economist and author of the forthcoming book "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy." Ghilarducci, who is also professor of economics at The New School for Social Research and the director of the Schwartz Center for Economic Policy Analysis and The New School's Retirement Equity Lab, [...]

19 01, 2024

Illinois’ top court upholds consolidation of police, firefighters’ pension funds

2024-01-23T13:51:53-08:00January 19th, 2024|Categories: Pension Reform|Tags: , , |

By Rob Kozlowski Source: Pensions & Investments The Illinois Supreme Court has affirmed the constitutionality of two new consolidated investment funds combining the assets of the state's municipal police and firefighters' pension funds. The court released its opinion on Jan. 19, and the decision appears likely to end a multiyear battle that followed Illinois Gov. J.B. Pritzker's signing of legislation in 2019 that consolidated the state's municipal police and fire pension plans based outside the city of Chicago into [...]

17 01, 2024

CalPERS CEO Marcie Frost hopeful CIO will be chosen in first quarter

2024-01-17T15:01:17-08:00January 17th, 2024|Categories: Corporate Governance|Tags: , , |

By Arleen Jacobius Source: Pensions & Investments CalPERS CEO Marcie Frost said she is optimistic that the $483.3 billion pension fund will select a new chief investment officer in the first quarter. The Chief Investment Officer Selection Subcommittee's first round of interviews with potential candidates were scheduled to begin Jan. 17. Frost made the comment at the California Public Employees' Retirement System's Jan. 17 stakeholders meeting. “I know I indicated that the first quarter is the best outcome (to [...]

4 01, 2024

ILPA, CalSTRS among those backing SEC’s private funds rule

2024-01-05T15:14:54-08:00January 4th, 2024|Categories: SEC|Tags: , , , |

By Brian Croce Source: Pensions & Investments The Institutional Limited Partners Association, Council of Institutional Investors and 11 public pension funds, including CalSTRS, have filed an amicus brief in federal court supporting the SEC in a lawsuit brought by industry groups seeking to overturn a new SEC rule requiring increased disclosure from private fund advisers and prohibiting certain fee arrangements. "The private fund adviser rules, at their core, are about protecting those benefiting by institutions' investments in private funds [...]

15 12, 2023

Generation X Expresses Doubt In a Dream Retirement

2023-12-15T10:54:45-08:00December 15th, 2023|Categories: Retirement|Tags: , , |

By Amanda Umpierrez Source: 401(k) Specialist Generation X workers are increasingly doubting their ability to achieve a dream retirement in the future. Latest findings from Schroders’ 2023 U.S. Retirement Survey found that non-retired Americans between the ages of 43 and 58 face shortcomings with their future retirement income. On average, respondents said they would be comfortable with $1,112,183 in retirement savings, yet they expect to have just $661,013 saved—the largest gap of the three age groups surveyed. Millennials (ages [...]

4 12, 2023

53% of world’s largest pension funds say recession is top concern

2023-12-15T10:52:27-08:00December 4th, 2023|Categories: Uncategorized|

Source: Benefits Canada More than half (53 per cent) of the world’s largest pension funds say the prospect of a global recession is their No. 1 short-term concern and the same percentage expect a recession to take place in the next 12 months, according to a new survey by the Official Monetary and Financial Institutions Forum. The survey, which polled 22 global public pension funds with combined assets under management of US$4.3 trillion, found the top factors impacting investment approaches over [...]

29 11, 2023

Most nearing retirement will need to make ‘significant’ lifestyle cuts

2023-11-30T16:50:25-08:00November 29th, 2023|Categories: Retirement|Tags: , |

By Craig Lord Source: Global News Canada A wave of Canadians gearing up for retirement will be forced to make “significant” cuts to live comfortably for the rest of their lives, an analysis from Deloitte Canada shows. The report released Wednesday looked at the finances of 4,000 Canadians between 55 and 64 years old to gauge their “retirement readiness.” Hwan Kim, a partner at Deloitte Canada, notes this group is particularly large right now with three million Canadians in [...]

27 11, 2023

IBM unveils details of retirement benefit account

2023-11-28T08:38:48-08:00November 27th, 2023|Categories: Retirement|Tags: , , |

By Robert Steyer Source: Pensions & Investments International Business Machines has provided details to employees of the company's scrapping its 401(k) corporate match and replacing it with a cash balance component called a retirement benefit account, which is part of the IBM Personal Pension Plan, a defined benefit plan. The RBA information is contained in the 2024 IBM U.S. Benefits Guide. The company confirmed earlier this month that the RBA would replace the 5% match for the 401(k) plan [...]

24 11, 2023

The Pension: That Rare Retirement Benefit Gets a Fresh Look

2023-11-27T09:04:35-08:00November 24th, 2023|Categories: Retirement|Tags: |

By Martha C. White Source: The New York Times In an economy characterized by a volatile stock market and elevated inflation, a sure thing looks better than ever. For some Americans in the labor force right now, that looks like a pension. Striking members of the United Automobile Workers union made waves this year when the union’s leaders demanded the reopening of defined-benefit pension plans for workers hired after late 2007. Although U.A.W. leadership failed to persuade automakers to [...]

21 11, 2023

IBM to end 401(k) match, offer a ‘hybrid pension’: Will other employers follow suit?

2023-12-15T10:56:33-08:00November 21st, 2023|Categories: Pension Funding|Tags: , , , |

By Kristen Beckman Source: Benefits Pro IBM, once a leader in the shift away from defined benefit plans to defined contribution plans in the United States beginning in 1984, is now heading in a new direction with its retirement savings benefit for employees. Many industry observers wonder if other employers will follow IBM’s lead again. IBM notified employees earlier this month that it will suspend its 401(k) match and 1% automatic contribution as of Jan. 1 and will instead [...]

20 11, 2023

Is renewed interest in DB plans real, or just a pipe dream?

2023-11-30T16:52:28-08:00November 20th, 2023|Categories: Defined Benefit Plans|Tags: |

By Brian Croce Source: Pensions & Investments The news around corporate defined benefit plans over the past couple decades has been bleak, with companies expeditiously freezing or terminating plans. But with some help out of Washington, experts say there's an opportunity for employers to reopen plans still on their books or provide their workers with guaranteed income in retirement. "For a sponsor that has a frozen plan that has participants concerned about guaranteed income, you don't necessarily need some [...]

3 10, 2023

Millennials Surpass Older Workers with Retirement Savings

2023-10-06T15:46:57-07:00October 3rd, 2023|Categories: Retirement|Tags: , |

By Amanda Umpierrez Source: 401K Specialist Despite facing financial retirement planning hurdles, Millennials are coming out on top with their retirement savings. That’s the latest finding from Vanguard’s newest Retirement Readiness report, released today, which finds Millennials workers are set to replace 58% of their prior earnings during retirement, and eight percentage points over what was estimated for Baby Boomers. Using its new forecasting tool, the Vanguard Retirement Readiness Model (VRMM), Vanguard divides its cohorts into three generations: early [...]

27 09, 2023

Traditional pension plans are pretty rare. But here’s who still has them and how they work

2023-09-27T11:03:51-07:00September 27th, 2023|Categories: 401(k)|Tags: , |

By Jeanne Sahadi Source: CNN The phrase “pension benefits” may come up a lot in the next several days as negotiations between the United Auto Workers union and the Big Three automakers go down to the wire to avert a strike. But for most private-sector US workers, pensions disappeared long ago. In a traditional pension, employers contribute, invest and manage retirement funds for their workers, who then receive guaranteed monthly checks for life after they retire. But over the [...]

25 09, 2023

Corporate pensions are at their healthiest in more than a decade

2023-09-26T10:23:25-07:00September 25th, 2023|Categories: Pension Funding|Tags: , |

By Greg Iacurci Source: CNBC Pension plans for the largest U.S. companies are at their healthiest in more than a decade — and that’s largely good news for the workers who participate in such plans, said retirement experts. Public companies in the S&P 500 stock index had an average pension “funded ratio” of 102% as of Sept. 21, according to data tracked by financial services firm Aon. That’s the highest level since at least the end of 2011, when [...]

21 09, 2023

U.S. Judge Denies States’ Bid to Block Biden Rule on E.S.G.

2023-09-25T12:33:34-07:00September 21st, 2023|Categories: ESG|Tags: |

By Benjamin Mullin Source: The New York Times A Biden administration rule that allows employee retirement plans to consider environmental, social and governance issues in investment decisions survived a legal challenge by 26 states on Thursday. Judge Matthew J. Kacsmaryk of U.S. District Court in Amarillo, Texas, said in a 14-page opinion that he would not block the rule, part of the so-called E.S.G. investment trend that places emphasis on companies’ records on labor issues, social justice and environmental [...]

18 09, 2023

Public DB pensions key to supporting women, BIPOC workers in retirement

2023-09-20T16:51:28-07:00September 18th, 2023|Categories: Retirement|Tags: , , |

Source: Benefits Canada Public defined benefit pension plans can play a critical role in delivering adequate retirement income for U.S. retirees, while providing a key buffer against economic hardship for women, the Black, Indigenous and people of colour communities and workers without a college degree, according to a new report by the National Institute on Retirement Security and the UC Berkeley Labor Center. The report, which analyzed pension data collected by the U.S. Census Bureau between 2019 and 2021, [...]

14 09, 2023

Public Pensions Support Race, Class, and Gender Equity in California

2023-09-14T09:00:50-07:00September 14th, 2023|Categories: Economy|Tags: , , , , |

By Nari Rhee Source: UC Berkley Labor Center This report analyzes the impact of public sector employment and defined-benefit pensions—which provide secure monthly retirement income based on salary and years of service—on poverty and wealth outcomes by race, gender, and educational attainment in California. Based on data from the U.S. Census Bureau, this report complements the author’s national-level study, Closing the Gap: The Role of Public Pensions in Reducing Retirement Inequality, available at https://www.nirsonline.org/reports/closingthegap/. We find that public pensions [...]

25 08, 2023

Spain: Amendments to the laws on pension plans and collective dismissals

2023-08-25T13:41:42-07:00August 25th, 2023|Categories: Defined Benefit Plans|Tags: , |

By Pilar Garcia-Aguilera Source: WTWCO.com Spain boosts access to pension plans to support temporary workers and partial retirees, among others, and adds notice protections for workers facing dismissal due to a workplace closure. Among other things, Law 668/2023 establishes implementing rules on sectoral tax-qualified simplified employment pension plans (planes de pensiones de empleo simplificados – PPESs); entitles temporary workers to participate in tax-qualified pension plans; allows partial retirees to continue to contribute to their plans until full retirement; and [...]

3 08, 2023

PBGC greenlights more than $1 billion to aid 3 multiemployer plans

2023-08-10T15:06:26-07:00August 3rd, 2023|Categories: PBGC|Tags: , , , |

By Brian Croce Source: Pensions & Investments The Pension Benefit Guaranty Corp. approved special financial assistance applications totaling more than $1 billion to aid three struggling multiemployer pension plans. UFCW Local One Pension Plan will receive approximately $764 million; the IUE-CWA Pension Plan will receive approximately $260 million; and the Newspaper Guild International Pension Plan will receive approximately $62 million, the PBGC announced Wednesday and Thursday. Created by the American Rescue Plan Act that Democrats passed in March 2021, [...]

3 08, 2023

U.S. corporate pension plans extend funding surpluses

2023-08-10T15:04:37-07:00August 3rd, 2023|Categories: Pension Funding|Tags: |

By Rob Kozlowski Source: Pensions & Investments U.S. corporate pension plan funding surpluses continued to rise in July, with estimates from three new reports reaching aggregate funding ratios of up to 105% and more. Wilshire Advisors estimated the aggregate funding ratio of U.S. corporate plans jumped 2 percentage points during the month to 105.4% as of July 31. Read the full article

18 07, 2023

Pension Plans Need the Freedom to Consider Environmental, Social and Governance Risks and Responsible Workforce Management Principles

2023-08-01T13:40:40-07:00July 18th, 2023|Categories: ESG|Tags: |

Source: AFL-CIO Workers’ retirement security is at risk as some Republican lawmakers play politics with working people’s pension plans. By restricting consideration of environmental, social and governance (ESG) risks in investment and proxy voting decisions, these partisan politicians seek control of trillions of dollars in workers’ pension investments. Pension plans represent the deferred wages of working people and must be invested with prudence and loyalty to provide retirement benefits. The proper stewardship of retirement savings requires the freedom to [...]

7 07, 2023

Gen Xers Profess Low Retirement Confidence, Concerns About Guaranteed Income

2023-07-18T11:54:49-07:00July 7th, 2023|Categories: Retirement|Tags: , |

By Remi Samuels Source: Plan Sponsor Generation X employees, more than those of any other generation, are worried about their retirement savings lasting throughout their lifetime and worry they cannot rely on Social Security according to research from the Insured Retirement Institute.   Gen Xers, between the ages of 41 and 56, are significantly less likely to expect retirement income from a public or private pension than Baby Boomers or current retirees, IRI found, and many believe they will [...]

6 07, 2023

U.S. corporate pension funding increases cushion in June

2023-07-06T11:16:42-07:00July 6th, 2023|Categories: Pension Funding|Tags: |

By Rob Kozlowski Source: Pensions & Investments U.S. corporate pension plan funding ratios jumped further above 100% in June, driven by strong equity markets, according to three new reports. Wilshire Advisors estimated the aggregate funding ratio of U.S. corporate plans vaulted 2.3 percentage points to 103.5% as of June 30. The increase was driven primarily by increases in asset values, while liability values remained relatively unchanged. Read the full article

6 07, 2023

How portable benefits can support inclusivity among gig workers

2023-07-06T11:13:56-07:00July 6th, 2023|Categories: Economy|Tags: , , |

By Wendy Cukier Source: Benefits Canada The concept of employee benefits was established on a foundation built decades ago, when employees worked full time and long term with one employer. Those days are long gone. Temporary, part-time and gig work have become the norm, accounting for 60 per cent of job growth in advanced economies since the 1990s. Gig work is popular in sectors such as the arts, entertainment and recreation and it’s also more prevalent among immigrants than [...]

6 07, 2023

Baby boomers more pessimistic about future generations’ retirement outlook

2023-07-06T11:08:41-07:00July 6th, 2023|Categories: Retirement|Tags: , , , |

By Margarida Correia Source: Pensions & Investments Baby boomers are not optimistic about the retirement prospects of future generations, according to a survey released Thursday by non-profit Transamerica Center for Retirement Studies. More than half, 55%, believe that future retirees will be worse off than those currently in retirement, the survey found. The pessimism eased among younger workers. Only 28% of Generation Z and 33% of millennials saw future retirees as being worse off. A little more than half [...]

5 07, 2023

U.K. industry group proposes ESG ratings, data providers’ code of conduct

2023-07-06T11:06:09-07:00July 5th, 2023|Categories: ESG|Tags: , |

By Hazel Bradford Source: Pensions & Investments A draft code of conduct for providers of ESG ratings and data was released Wednesday by a U.K. industry working group seeking feedback. Appointed by the Financial Conduct Authority in November to help with ESG oversight, the ESG Data and Ratings Working Group run by the International Capital Market Association and the International Regulatory Strategy Group released the proposed voluntary Code of Conduct for ESG Ratings and Data Product Providers for public [...]

30 06, 2023

Statement by Bea Bruske: Senators vote to put workers and pensioners before big banks and wealthy CEOs

2023-06-30T16:27:27-07:00June 30th, 2023|Categories: Defined Benefit Plans|Tags: , , |

Source: Canadian Labour Congress Bruske: Passage of pension protection Bill C-228 is a win for workers and plan members Canada’s unions are celebrating the Senate’s decision to pass Bill C-228 (Pension Protection Act), legislation that will ensure defined-benefit pensions receive super-priority status in bankruptcy and insolvency cases. “Pension protection has been a priority for Canada’s unions for decades. Multiple private members’ bills seeking to protect pensioners in insolvency proceedings have been defeated but with Bill C-228, our government is [...]

16 06, 2023

California should stop investing its retirement funds in fossil fuels. They’re risky and immoral

2023-06-16T14:19:26-07:00June 16th, 2023|Categories: Uncategorized|

By The Editorial Board Source: The Los Angeles Times California has some of the nation’s leading climate policies, with hard deadlines to slash greenhouse gas emissions, switch to zero-emission cars and trucks and get 100% of its electricity from carbon-free sources. But so far, its leaders have lagged behind other states, like Maine and New York, in using another important tool — the financial power of its massive public pension funds — to hasten the nation’s independence from fossil [...]

13 06, 2023

How different types of pension plans impact employee recruitment, retention

2023-06-16T10:36:03-07:00June 13th, 2023|Categories: 401(k)|Tags: , |

Source: Benefits Canada When Alaska switched its public education employees from two defined benefit pension plans to a 401(k)-style defined contribution plan, more staff left their positions, according to a new report by the National Institute on Retirement Security. The report benchmarks retirement benefit offerings among state-level plans in Alaska and nationwide, analyzing the evolution of public pension plans since the 2008/09 financial crisis. In 2005, the Alaska legislature voted to close its two statewide DB plans for teachers and [...]

7 06, 2023

NIRS to hold webinar on Alaska’s experience moving public employees from pensions to defined contribution plans

2023-06-07T13:00:40-07:00June 7th, 2023|Categories: Retirement|Tags: , , |

Source: National Institute on Retirement Security Please join us for a webinar on Monday, June 12, 2023, at 2:00 PM ET, Alaska's Experience Moving Public Employees from Pensions to Defined Contribution Plans. Click here to register. In 2005, Alaska closed its two statewide defined benefit pension plans for teachers and public employees. Since July 1, 2006, all new Alaska hires participate in a defined contribution plan rather than a pension plan. The retirement plan change has had the unintended [...]

1 06, 2023

Building Trades promote “Opportunity Pipeline” for underserved

2023-06-12T16:29:42-07:00June 1st, 2023|Categories: Economy|Tags: , |

By Alec Larson Source: The Philadelphia Inquirer Philadelphia’s Building Trades business manager Ryan Boyer hosted North America’s Building Trades Unions (NABTU) president Sean McGarvey as part of his national push to promote the Building Trades’ training infrastructure with a focus on building pathways forward for underserved communities. Local labor leaders and city officials, including Democratic mayoral nominee Cherelle Parker and Philadelphia Mayor Jim Kenney, gathered at the Laborers’ Training Center on Thursday as McGarvey made the next stop on [...]

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