Economy – CORPaTH

14 09, 2023

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

CORPaTH2023-09-14T09:00:50-07:00September 14th, 2023|Categories: Economy|Tags: california, Class, Gender Equity, public pension, Race|

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 [...]

6 07, 2023

How portable benefits can support inclusivity among gig workers

CORPaTH2023-07-06T11:13:56-07:00July 6th, 2023|Categories: Economy|Tags: canada, gig work, portable benefits|

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 [...]

1 06, 2023

Building Trades promote “Opportunity Pipeline” for underserved

CORPaTH2023-06-12T16:29:42-07:00June 1st, 2023|Categories: Economy|Tags: North America's Building Trades Unions, philadelphia|

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 [...]

23 02, 2023

Unions welcome new protections for workers’ pensions

CORPaTH2023-02-23T16:43:36-08:00February 23rd, 2023|Categories: Economy|Tags: Bill C-228, canada, unions|

Source: Canadian Labour Congress Canada’s unions are happy to see Bill C-228 passed in the House of Commons today. This bill aimed to ensure that in the event of an employer becoming insolvent, the employer will have to prioritize paying pensions before addressing other financial liabilities. ‘‘Bill C-228 is about fairness for workers. We’re encouraged by the cross-party support for this legislation,’’ said Bea Bruske, President of the Canadian Labour Congress. “For decades we have seen companies pay out [...]

3 02, 2023

World’s biggest pension fund posts loss in longest losing streak in two decades

CORPaTH2023-02-03T11:36:06-08:00February 3rd, 2023|Categories: Economy|Tags: Government Pension Investment Fund, Japan|

By Jenni Reid Source: CNBC Japan’s Government Pension Investment Fund — the world’s largest — reported a fourth consecutive quarterly loss on Friday, taking it to its longest losing streak in 20 years. The world’s largest pension fund saw a 0.97% loss on its investments in the last three months of 2022, equating to 1.85 trillion yen ($14.3 billion). The string of quarterly losses marks the pension fund’s longest stint in the red since it reported four quarters of falls [...]

19 12, 2022

Washington puts indefinite hold on Albertsons’ $4-billion dividend as FTC begins asking questions

CORPaTH2022-12-19T10:10:34-08:00December 19th, 2022|Categories: Economy|Tags: albertsons, dividend payment, Washington|

By Don Day Source: Boise Dev Albertsons Companies, in connection with its merger with Kroger, hoped to hand out a $4 billion dividend payment to shareholders last month. But it won’t be happening soon. The Washington State Superior Court decided to extend a temporary restraining order against the payment indefinitely. That extends an earlier order from a lower court that started in November and saw several delays. Last week, Albertsons won in a lower court, but the judge said [...]

17 11, 2022

Largest U.S. Pension Buys Up Apple, Intel, and 2 More Big Stocks

CORPaTH2022-11-17T14:31:26-08:00November 17th, 2022|Categories: Economy|Tags: apple, intel|

By Ed Lin Source: Barrons The coming recession may be the most widely predicted recession in U.S. history. In the past, forecasters often did not realize we were in a recession until several months after it started. But professional forecasters surveyed in October projected an increase in the unemployment rate of 0.6 percentage point in 2023, to 4.3% from 3.7% this year. That suggests a recession is likely according to a rule promoted by economist Claudia Sahm, who found [...]

7 11, 2022

Employers favouring wage hikes over benefits enhancements amid high inflation

CORPaTH2022-11-07T11:24:18-08:00November 7th, 2022|Categories: Economy|Tags: canada, retirement, wage hikes|

Source: Benefits Canada While Canadian employers recognize the value of retirement benefits, the current high inflation environment is driving them to favour wage hikes instead, according to a new survey by the Healthcare of Ontario Pension Plan and Angus Reid Group. The survey, which polled nearly 800 business owners and senior leaders, found employers’ leading concerns are greater competition for hiring (82 per cent), employee burnout (79 per cent), labour shortages (79 per cent) and high turnover (77 per [...]

7 11, 2022

The Private Equity Guys Trying to Shoplift a Supermarket Chain Before They Sell It

CORPaTH2022-11-07T11:17:47-08:00November 7th, 2022|Categories: Economy|Tags: albertsons, dividend payment, kroger, merger|

By Moe Tkacik Source: Slate Earlier this week, four state attorneys general filed two separate lawsuits seeking to stop a clique of private equity firms from swiping $4 billion from the massive supermarket chain they own. It was a frankly shocking turn of events, given that, as anyone who has ever worked for one can attest, looting companies is quite literally what private equity firms do. Crazier still is what happened Thursday night: A judge granted the Washington AG’s [...]

4 11, 2022

Global CORPaTH Pension Alliance Seeks Delay of Albertsons’ Plan to Give $4 Billion in Dividends Pending Fulfillment of Pension Obligations

CORPaTH2022-11-04T11:32:47-07:00November 4th, 2022|Categories: Economy|Tags: albertsons, dividend payment, kroger|

Source: Yahoo! Finance CORPaTH, a global alliance of pension administrators, trustees and advisers, joins local Unions of the United Food and Commercial Workers in demanding Albertsons delay an anticipated $4 billion dividend to shareholders until the company’s current pension obligations are assessed and fulfilled. Noting the UFCW has a significant role in applying for billions of dollars in support for its members’ pension plans from the American Rescue Plan Act’s Special Financial Assistance Program, CORPaTH Executive Director Ron Auer [...]

4 11, 2022

That big Albertsons-Kroger merger will enrich millionaire insiders at your expense

CORPaTH2022-11-04T11:12:15-07:00November 4th, 2022|Categories: Economy|Tags: albertsons, kroger|

By Michael Hiltzik Source: Los Angeles Times It should be obvious by now that the driving force of many corporate mergers, if not most or even all mergers, is the goal of enriching insiders. The pending merger of supermarket giants Albertsons and Kroger, however, injects that impulse with steroids. At the heart of the $20-billion deal announced Oct. 14 is a $4-billion dividend that was scheduled to be paid Monday to Albertsons stockholders until it was temporarily blocked by [...]

27 10, 2022

(Just Some) of the Fruits of Our Labor

CORPaTH2022-10-27T16:05:47-07:00October 27th, 2022|Categories: Economy|Tags: Bipartisan Infrastructure Bill, Inflation Reduction Act, sustainable industrial policy|

By Tom Croft Source: Heartland Capital Strategies The Heartland Network has been advocating— thru words and deeds — for a sustainable industrial policy since our inception over a quarter century ago. Heartland has been advising and pushing the Biden Administration and Congress for nearly two years now to bridge the gap between where we are and a truly sustainable productive economy strategy. We're getting close! Heartland was born in 1995 to rebuild America by sustainably investing workers’ capital in [...]

8 08, 2022

Plan Sponsors Are Exploring Renewed Pensions

CORPaTH2022-08-08T15:21:50-07:00August 8th, 2022|Categories: Economy|Tags: pensions, work force|

By Noah Zuss Source: Plan Sponsor In an employer’s battle to attract and retain the best employees, enhanced workplace benefits and robust retirement plans are ammunition. According to Jonathan Price, senior vice president and national retirement practice leader at Segal, employers that recognize the myriad financial challenges workers face—from everyday financial wellness habits to short-term budgeting and long-term retirement planning—are enhancing retirement and workplace benefits to recruit and retain workers, and help current employees feel more financially secure. “What [...]

15 07, 2022

Global Trade Unions Release Baseline Expectations for Asset Managers on Fundamental Labour Rights

CORPaTH2022-07-15T16:38:14-07:00July 15th, 2022|Categories: Economy|Tags: asset managers, esg|

Source: Committee on Workers' Capital The Global Unions’ Committee on Workers’ Capital (CWC) has released its Baseline Expectations for Asset Managers on Fundamental Labour Rights (“CWC Baseline Expectations”). Developed by trade unions and pension fund board members as part of the Asset Manager Accountability Initiative, the CWC Baseline Expectations will help asset owners hold the asset managers they contract accountable on fundamental labour rights. Global asset managers invest capital on behalf of workers’ retirement savings funds. Pension fund trustees [...]

29 06, 2022

Gender gaps in retirement readiness and financial know-how persist, despite strides made by women in last 50 years

CORPaTH2022-06-29T16:14:43-07:00June 29th, 2022|Categories: Economy|Tags: gender pay gaps|

By Sarah O'Brien Source: CNBC Despite the economic and professional gains made by women over the last 50 years, gender gaps persist — and not just in rate of pay. Retirement readiness and financial know-how are key areas with notable gaps, according to two studies recently released by the TIAA Institute. For example, among workers in TIAA’s system, men contributed a median $8,271 to their workplace retirement plan in 2020, compared with $5,994 for women. While that 27% gap [...]

22 04, 2022

China’s State Council outlines third pillar private pension framework

CORPaTH2022-04-22T16:13:53-07:00April 22nd, 2022|Categories: Economy|Tags: china, China's State Council, voluntary private pension system|

By Douglas Appell Source: Pensions & Investments China's State Council on Thursday unveiled the outlines of a long-awaited framework for a voluntary private pension system as the third pillar of the country's retirement safety net. Under the plan, participants will be able to contribute a maximum of 12,000 yuan ($1,885) a year to personal pension accounts, with preferential tax policies to encourage participation. The scale of the coming tax breaks wasn't specified. An announcement on the China Securities Regulatory [...]

21 04, 2022

Health and retirement benefits jump as key reasons employees join or stay with employer

CORPaTH2022-04-21T14:41:41-07:00April 21st, 2022|Categories: Economy|Tags: health benefits, labor market, retirement benefits|

Source: Yahoo! With the tight labor market showing little sign of abating, the importance of health and retirement benefits to attract and keep workers has soared to its highest level in a decade. Additionally, the number of employees willing to pay for more generous benefits has rebounded following a dip during the pandemic. These are among the key findings in a survey of more than 9,600 U.S. employees by WTW (Willis Towers Watson), a leading global advisory, broking and [...]

22 11, 2021

Public-Sector Pensions Help Drive Canadian Economy

CORPaTH2021-11-22T15:45:21-08:00November 22nd, 2021|Categories: Economy|Tags: canada, Canadian public pension funds|

Source: AI-CIO.com Canadian public pension funds are proving to be an important driver of the country’s economy, contributing more than 877,100 jobs and over C$82 billion (US$65.5 billion), or 3.6%, of its gross domestic product (GDP) annually, according to a recent report from the Canadian Centre for Economic Analysis (CANCEA). The report found that through the economic activity supported by spending their pension incomes, retired public pension members alone support more than 794,000 jobs and C$74 billion of Canada’s [...]

29 10, 2021

Alcoa purchases annuity to transfer $55 million in pension plan assets

CORPaTH2021-10-29T16:53:07-07:00October 29th, 2021|Categories: Economy|Tags: Alcoa Corp., annuity|

By Rob Kozlowski Source: Pensions & Investments Alcoa Corp., Pittsburgh, agreed to purchase a group annuity contract to transfer $55 million in pension plan assets to an insurance company. The agreement, signed this month, transfers the benefit-paying responsibility for about 800 retirees and former employees in one of the company's pension plans in Suriname, the aluminum company disclosed in its 10-Q filing with the SEC. The transfer also moves $55 million in pension plan liabilities to the undisclosed insurer, [...]

18 10, 2021

Middle Class U.S. Households Have Few Financial Assets

CORPaTH2021-10-18T15:17:15-07:00October 18th, 2021|Categories: Economy|Tags: financial assets, middle class|

Source: National Institute on Retirement Security A new analysis finds that across generations, middle class households in the U.S. own few financial assets and the median amounts held fall far short of the assets needed to fund a secure retirement. In 2019, middle class Millennials owned only 14 percent of their generation’s financial assets. The numbers are even worse for middle class Gen Xers and Baby Boomers, which owned eight percent and six percent, respectively, of their generation’s financial [...]

27 07, 2021

How to close the wealth gap from the bottom up

CORPaTH2021-07-27T13:40:40-07:00July 27th, 2021|Categories: Economy|Tags: wealth gap|

Source: The Washington Post More taxation of capital gains and estates could help shrink the United States’ wealth gap from the top down. The gap must also be closed from the bottom up, by bolstering access to the three key ingredients of middle-class wealth: owner-occupied homes, which represented the majority of household wealth for most people in 2019; financial assets, such as stocks, whose value, measured by the Dow Jones industrial average, has increased sevenfold since 1989; and human [...]

16 03, 2021

Uber grants UK drivers worker status after losing major labor battle

CORPaTH2021-03-16T15:27:38-07:00March 16th, 2021|Categories: Economy|Tags: uber, uk|

On the heels of losing a major labor battle in the United Kingdom, Uber will reclassify all U.K.-based drivers as workers. Under the new designation, more than 70,000 drivers will receive some benefits, including minimum wage, holiday time and pension contributions, but they will not get full employee benefits. Uber announced the change in a Securities and Exchange Commission filing, adding that its U.K. ride-hailing business accounted for 6.4% of all mobility gross bookings in the fourth quarter of [...]

11 03, 2021

Multiemployer Pension Relief Expected by March 14

CORPaTH2021-03-11T11:45:02-08:00March 11th, 2021|Categories: Economy, Multiemployer Plans|Tags: butch lewis act, EPPRA|

The US Senate on March 6 passed the Butch Lewis Emergency Pension Plan Relief Act of 2021 (EPPRA) as part of the American Rescue Plan of 2021 (H.R. 1319), the Biden administration’s $1.9 trillion COVID-19 stimulus package. The bill was passed under the reconciliation process, requiring a simple majority vote. Because the Senate made some last-minute changes to EPPRA (which was initially proposed in the House of Representatives), the bill now moves back to the House, where it will [...]

5 03, 2021

Biden’s 36-Year-Old Economist Has Her Eye on an Equal Recovery

CORPaTH2021-03-05T15:42:58-08:00March 5th, 2021|Categories: Economy|Tags: dept of labor, Janelle Jones|

In a one-bedroom apartment above a Washington neighborhood of bars, clubs and brunch spots, Janelle Jones is busy trying to fix the U.S. labor market -- one economic report and one Mario Kart race at a time. The Biden administration appointed the 36-year-old as the Department of Labor’s chief economist, a little-known position that will influence the futures of millions of people. In between wading through endless spreadsheets, enduring hours of video meetings and analyzing reams of economic data, [...]

25 02, 2021

COVID-19 Relief Bill Could Rescue Union Retirees’ Pensions

CORPaTH2021-02-25T14:42:15-08:00February 25th, 2021|Categories: Economy, Pension Funding|Tags: American Rescue Plan, COVID-19, House Budget Committee|

The COVID-19 pandemic relief legislation set for a vote this week in the House contains a provision to save struggling union pension plans that experts say has a good shot at passing, forecasting a possible end to a $65 billion funding crisis that threatens one million retirees' pensions. The American Rescue Plan, which cleared the House Budget Committee on Monday, would provide direct assistance to roughly 200 financially struggling union pension plans through the federal government's safety net for [...]

18 02, 2021

Employees want climate change pensions information

CORPaTH2021-02-18T10:27:10-08:00February 18th, 2021|Categories: Economy, Pension Funding|Tags: climate change|

Research by workplace savings fintech Cushon has revealed employees overwhelmingly worry about whether their pensions are invested in firms that contribute to climate change – but still feel uninformed about it. The study found 84% of respondents are concerned about climate change and 69% are worried their company pension could be investing in businesses that are contributing to it. But according to the research, 99.5% of employees have no idea about the scale of carbon emitted as a result [...]

4 02, 2021

Walsh pledges revamped effort on worker rights

CORPaTH2021-02-04T14:23:56-08:00February 4th, 2021|Categories: Economy|Tags: dept of labor, Marty Walsh|

Tackling issues on workers' rights and safety will be top of mind for Marty Walsh if he's confirmed to lead the Department of Labor, but he also vowed to address the mounting multiemployer pension crisis during his Senate confirmation hearing Thursday. Mr. Walsh, who has served as Boston's mayor since 2014 and is President Joe Biden's nominee for labor secretary, has an extensive labor background, including leading the Boston Metropolitan District Building Trades Council from 2011-2013. Retirement issues weren't [...]

4 02, 2021

Rep. Andy Levin pledges involvement for fossil fuel workers in green energy shift

CORPaTH2021-02-04T14:22:06-08:00February 4th, 2021|Categories: Economy|Tags: andy levin, fossil fuel industry|

Rep. Andy Levin on Tuesday stressed that a push by the Biden administration and Congressional Democrats towards clean energy must not ignore the workers whose fossil fuel industry jobs would be displaced. A union organizer and former assistant director of organizing at the national AFL-CIO, Levin (D-Mich.) said that it's important to let workers who will be affected by the transition know that the shift will be done with their needs in mind. "We're going to build this transition [...]

6 01, 2021

Essential workers face major Covid-19 risk because of outdated safety rules

CORPaTH2021-01-06T14:26:27-08:00January 6th, 2021|Categories: Economy|Tags: safety rules, TUC, uk|

The TUC Tuesday called on the government to urgently update workplace safety rules to protect essential workers and those who can’t work from home from Covid-19. Since the rules were published in March 2020, the scientific understanding of how the virus spreads has changed. And the UK is now battling a strain that is far more easily transmitted. Yet the rules have not been fully updated – and the union body says that this is putting workers at risk. [...]

17 09, 2020

Vast majority of managers still on lockdown

CORPaTH2020-09-17T08:54:46-07:00September 17th, 2020|Categories: Economy|Tags: COVID-19, money management firms|

The number of money management firms with employees working from home has barely budged over the summer, a Callan survey released Wednesday showed. Callan said 81% had not opened their offices as of Aug. 15, nearly the same as the 84% that had reported keeping their doors closed in June. The investment consultant's second "Coping with COVID-19" survey report said 44% of the 98 responding firms have not set a date for returning to the office. Of the remaining [...]

4 08, 2020

Real estate executive Peter Palandjian lines up a who’s who of Corporate Boston for voting initiative

CORPaTH2020-08-04T11:40:02-07:00August 4th, 2020|Categories: Economy|Tags: intercontinental, peter palandjian, voting|

Low voter turnouts in the US have always bothered Peter Palandjian. After the COVID-19 pandemic and waves of racial unrest overlapped this spring, he decided to do something about the issue. Palandjian, chief executive of Boston-based Intercontinental Real Estate Corp., is launching the “A Day for Democracy” project this week. It’s a nonpartisan pledge card initiative aimed at rounding up employers of all sizes who will work to increase voter participation, in part by promising to give employees some [...]

13 05, 2020

Union Pension Partitions Included in Democrat’s 4th Relief Proposal

CORPaTH2020-05-13T15:38:17-07:00May 13th, 2020|Categories: Economy|Tags: CARES Act, COVID-19, HEROES Act, PBGC|

The Democratic majority in the U.S. House of Representatives has published a draft version of a fourth economic relief package in response to the coronavirus pandemic, dubbed the Health and Economic Recovery Omnibus Emergency Solutions Act or the “Heroes Act.” The wide-ranging legislation addresses a host of issues, from providing supplemental funding to the SNAP food security program to creating a special fund to support struggling fisheries. Notably, the entire Division D section of the legislation is dedicated to [...]

6 05, 2020

Public pension funds are a net gain for state and local revenue – study

CORPaTH2020-05-06T14:47:18-07:00May 6th, 2020|Categories: Economy|Tags: public pensions|

Public pension funds were net revenue generators for state and local governments in 2018, surpassing taxpayer contributions by $179 billion, according to a biennial study released Tuesday by the National Conference on Public Employee Retirement Systems. That represents a 30.6% increase from the original study covering 2015-2016. In 2018, pension funds generated about $341.4 billion in state and local revenues through investments and retiree spending, while the taxpayer contribution to those pension plans was $162 billion. For 40 states, [...]

22 04, 2020

Senate passes coronavirus relief package aimed at small business

CORPaTH2020-04-22T15:24:35-07:00April 22nd, 2020|Categories: Economy|Tags: COVID-19, small businesses, U.S. Senate|

The Senate via unanimous consent passed a nearly $500 billion coronavirus relief package Tuesday aimed mostly at small businesses impacted by the COVID-19 pandemic. After weeks of negotiation between key Republicans and Democrats on Capitol Hill and White House officials, an agreement was reached on an additional $321 billion for the small-business-oriented Paycheck Protection Program. Under the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which was signed into law March 27, roughly $350 billion [...]

9 04, 2020

Resources for Workers Impacted by COVID-19

CORPaTH2020-04-09T15:08:10-07:00April 9th, 2020|Categories: Economy|Tags: COVID-19, unemployment|

The COVID-19 pandemic has impacted the lives of millions of working people and our families, and the labor movement has been working tirelessly to limit the impact of this crisis on our health and livelihoods. We worked to make sure the relief packages Congress recently passed put the needs of working families and our communities first. To help navigate these new and expanded federal and state benefits and assistance programs, we put together an online resource that has [...]

9 04, 2020

Virus Exposes Gig Economy ‘Exploitation’ ESG Investors Ignored

CORPaTH2020-04-09T10:16:41-07:00April 9th, 2020|Categories: Economy|Tags: COVID-19, esg, gig economy|

ESG investors need to up their game in holding companies to account on social issues such as labor rights and employment contracts, said the head of biggest network of responsible investment firms. Fiona Reynolds, chief executive officer of the Principles for Responsible Investment, said in a blog post Friday that firms which consider environmental, social and governance issues when investing have paid too little attention to “the modern forms of exploitation surrounding the gig economy.” Lack of paid sick [...]

26 03, 2020

Denmark’s Idea Could Help the World Avoid a Great Depression

CORPaTH2020-03-26T08:46:10-07:00March 26th, 2020|Categories: Economy|Tags: COVID-19, denmark|

While the White House and lawmakers haggle over the terms of an emergency economic-stabilization package, Denmark has gone big—very, very big—to defeat the unprecedented challenge of the coronavirus. This week, the Danish government told private companies hit by the effects of the pandemic that it would pay 75 percent of their employees’ salaries to avoid mass layoffs. The plan could require the government to spend as much as 13 percent of the national economy in three months. That is [...]