Pension News – CORPaTH

29 11, 2023

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

CORPaTH2023-11-30T16:50:25-08:00November 29th, 2023|Categories: Retirement|Tags: canada, retirement|

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

CORPaTH2023-11-28T08:38:48-08:00November 27th, 2023|Categories: Retirement|Tags: db plan, IBM, personal pension plan|

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

CORPaTH2023-11-27T09:04:35-08:00November 24th, 2023|Categories: Retirement|Tags: retirement|

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 [...]

20 11, 2023

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

CORPaTH2023-11-30T16:52:28-08:00November 20th, 2023|Categories: Defined Benefit Plans|Tags: PBGC|

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

CORPaTH2023-10-06T15:46:57-07:00October 3rd, 2023|Categories: Retirement|Tags: Millennials, retirement income|

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

CORPaTH2023-09-27T11:03:51-07:00September 27th, 2023|Categories: 401(k)|Tags: 401(k), pension benefits|

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

CORPaTH2023-09-26T10:23:25-07:00September 25th, 2023|Categories: Pension Funding|Tags: corporate pensions, s&p 500|

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.

CORPaTH2023-09-25T12:33:34-07:00September 21st, 2023|Categories: ESG|Tags: esg|

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

CORPaTH2023-09-20T16:51:28-07:00September 18th, 2023|Categories: Retirement|Tags: Public defined benefit pension plans, retirement, retirement income|

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

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 [...]

25 08, 2023

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

CORPaTH2023-08-25T13:41:42-07:00August 25th, 2023|Categories: Defined Benefit Plans|Tags: spain, temp workers|

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

CORPaTH2023-08-10T15:06:26-07:00August 3rd, 2023|Categories: PBGC|Tags: American Rescue Plan Act, IUE-CWA Pension Plan, Newspaper Guild International Pension Plan, UFCW Local One Pension Plan|

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

CORPaTH2023-08-10T15:04:37-07:00August 3rd, 2023|Categories: Pension Funding|Tags: pension funding surplus|

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

CORPaTH2023-08-01T13:40:40-07:00July 18th, 2023|Categories: ESG|Tags: esg|

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

CORPaTH2023-07-18T11:54:49-07:00July 7th, 2023|Categories: Retirement|Tags: gen-x, Insured Retirement Institute|

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

CORPaTH2023-07-06T11:16:42-07:00July 6th, 2023|Categories: Pension Funding|Tags: U.S. corporate pension plan funding ratios|

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

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 [...]

6 07, 2023

Baby boomers more pessimistic about future generations’ retirement outlook

CORPaTH2023-07-06T11:08:41-07:00July 6th, 2023|Categories: Retirement|Tags: Baby Boomers, gen z, gen-x, Millennials|

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

CORPaTH2023-07-06T11:06:09-07:00July 5th, 2023|Categories: ESG|Tags: esg, uk|

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

CORPaTH2023-06-30T16:27:27-07:00June 30th, 2023|Categories: Defined Benefit Plans|Tags: Bill C-228, canada, pension protection act|

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

CORPaTH2023-06-16T14:19:26-07:00June 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

CORPaTH2023-06-16T10:36:03-07:00June 13th, 2023|Categories: 401(k)|Tags: 401(k), alaska|

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

CORPaTH2023-06-07T13:00:40-07:00June 7th, 2023|Categories: Retirement|Tags: alaska, DB Plans, DC Plans|

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

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 [...]

24 05, 2023

DC Plan Sponsors Should Pay Attention to Increased Litigation, Low Retirement Confidence

CORPaTH2023-05-24T15:21:15-07:00May 24th, 2023|Categories: 401(k)|Tags: DC Plans, litigation|

By Remy Samuels Source: Plan Sponsor Increased litigation; regulatory and legislative changes; and a lack of retirement confidence among participants were common themes observed by defined contribution plan sponsor panelists on a recent Mercer webinar reflecting on key trends in the first quarter of 2023. Roughly 43 lawsuits, noted with activity, have been filed this quarter against retirement plans, including 14 settlements that totaled about $55.3 million, said Rhonda Berg, a senior principal and defined contribution consultant at Mercer [...]

2 05, 2023

Controversial super-priority pension bill receives royal assent

CORPaTH2023-05-03T14:20:11-07:00May 2nd, 2023|Categories: Retirement|Tags: C-228, canada|

By Gideon Scanlon Source: Benefits Canada A controversial law giving super-priority to defined benefit pension plan members during plan windups and insolvencies is coming into effect after receiving royal assent from Governor General Mary Simon. While Bill C-228 received royal assent at the end of April, most of its measures won’t come into force for another four years. However, the requirement that all federally regulated pension plans produce annual reports on plan solvency is now in effect. Marilyn Gladu, [...]

28 04, 2023

Alaska Teacher Recruitment and Retention Study: Options and Analysis Supporting Retirement Plan Design

CORPaTH2023-05-03T13:42:44-07:00April 28th, 2023|Categories: Retirement|Tags: alaska, public education employees|

Source: National Institute on Retirement Security A report delivered to the Alaska Department of Education reviews the impacts of various retirement benefit offerings on the recruitment and retention of Alaska’s public education employees. Alaska Teacher Recruitment and Retention Study: Options and Analysis Supporting Retirement Plan Design, finds that switching Alaska’s public employees from defined benefit pension plans to 401(k)-style defined contribution accounts resulted in more public educators leaving their positions. The research comes as teacher shortages plague Alaska and [...]

27 04, 2023

Closing Pensions For Public Workers Has Proven A Mistake

CORPaTH2023-05-24T15:18:07-07:00April 27th, 2023|Categories: Defined Benefit Plans|Tags: north dakota, public pensions|

By Dan Doonan Source: Forbes A measure to close North Dakota's public pension plan is headed to Governor Doug Burgum's desk for signature. Before enacting the measure, the state’s chief executive would be wise to look at the experience of other states that have made such a drastic move. State leaders have learned the hard way that ending pension benefits comes with little to be gained and a big price to pay. More specifically, states that shifted new employees [...]

24 04, 2023

JP Morgan Analysis Says Corporate Defined Benefit Pension Plans Deserve A Fresh Look

CORPaTH2023-05-24T15:19:37-07:00April 24th, 2023|Categories: Defined Benefit Plans|Tags: DB Plans, jp morgan|

By Dan Doonan Source: Forbes Since the Great Resignation in 2021 when employees across industries quit their jobs in large numbers, private sector employers have begun revisiting their benefit offerings to align with current employee preferences. As cited in a recent JP Morgan Asset Management report, “Pension Defrost: Is it Time to reopen DB pension plans- or at least stop closing and freezing them?,” 40 percent of private sector employees who separated from their employer during the Great Resignation [...]

24 04, 2023

U.K. Pensions Regulator calls for more safeguards for LDI

CORPaTH2023-05-03T13:59:18-07:00April 24th, 2023|Categories: Pension Funding|Tags: LDI, uk|

By Paulina Pielichata Source: Pensions & Investments Pension fund trustees should put in place appropriate buffers to manage any leveraged liability-driven investment arrangements, the U.K. Pensions Regulator said Monday. In a new guidance, which was published following the September LDI crisis, the regulator said investors must also include an operational buffer specific to the LDI arrangement to manage day-to-day changes, in addition to the 250 basis points minimum. Setting the right buffer level is essential so the fund can [...]

19 04, 2023

U.S. public pension funding rises in March

CORPaTH2023-04-19T15:52:22-07:00April 19th, 2023|Categories: Pension Funding|Tags: funding ratio, public pensions|

By Rob Kozlowski Source: Pensions & Investments The overall estimated funding ratio of the 100 largest U.S. public pension plans improved to 74.5% as of March 31 from 73.6% a month earlier, according to the Milliman 100 Public Pension Funding index. During the month of March, Milliman estimated that public pension plans had an aggregate investment return of 1.8%, with an estimated range of 0.7% to 2.8%. While February was a down month, strong returns in January contributed to [...]

19 04, 2023

Defined Benefit Pensioners Win Battle for Pension Protection

CORPaTH2023-05-03T13:44:28-07:00April 19th, 2023|Categories: Retirement|Tags: Bill C-228, canada|

Source: Yahoo! Finance Yesterday marks a historic victory for the protection of Canadian pensioners. Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act and the Pension Benefits Standards Act, 1985passed third reading in the Senate, and awaits Royal Assent. "This landmark legislation will protect millions of Canadians who rely on defined benefit pensions for their financial security in retirement," said Michael Powell, President, Canadian Federation of Pensioners, whose organization led the charge [...]

18 04, 2023

U.S. workers want government to require employers to offer retirement plans

CORPaTH2023-05-03T13:48:59-07:00April 18th, 2023|Categories: Retirement|Tags: retirement plans, united states|

By Margarida Correia Source: Pensions & Investments American workers favor government mandates requiring employers to offer retirement plans and make matching contributions, according to a new survey released Tuesday by Natixis Investment Managers. More than 4 in 5 workers (81%) said that employers should be required to offer workplace retirement savings plans, with millennials voicing the greatest support for such a mandate (88%) followed by Generation X (79%) and baby boomers (70%). More than 3 in 5 workers (78%) [...]

17 04, 2023

State-run retirement savings programs may fuel launch of private plans, Pew study says

CORPaTH2023-04-17T16:20:08-07:00April 17th, 2023|Categories: Retirement|Tags: private-sector plans, State-run retirement savings programs|

By Margarida Correia Source: Pensions & Investments State-run retirement savings programs may be boosting the creation of new private-sector plans, according to a study from the Pew Charitable Trusts released Friday. Businesses in California, Illinois and Oregon — the first three states to launch state-facilitated programs to help private-sector workers without workplace plans save for retirement — continued to launch new plans in 2021 at rates similar to or exceeding those in states without such programs, the study found. [...]

14 04, 2023

What’s next for France’s pension reform?

CORPaTH2023-04-14T08:30:46-07:00April 14th, 2023|Categories: Pension Reform|Tags: france, France's Constitutional Council|

Source: Reuters France's Constitutional Council is due to deliver its verdict on Friday on a deeply unpopular bill which will delay retirement by two years to 64, and on plans for a referendum to challenge it. Here is why this matters and what could happen: VERDICT ON THE PENSION BILL * The Council can strike down the bill altogether if it considers it breaches the Constitution. Opposition parties have asked it to do so, for choosing to tack the [...]

14 04, 2023

French unions rally supporters to the streets ahead of pension ruling

CORPaTH2023-04-14T08:29:00-07:00April 14th, 2023|Categories: Pension Reform|Tags: france, french unions|

By Bart Biesemans, Layli Foroudi and Ingrid Melander Source: Reuters Union activists barged into the Paris headquarters of luxury goods company LVMH on Thursday, saying the French government should shelve plans to make people work longer for their pension and tax the rich more instead. In a 12th day of nationwide protests since mid-January, striking workers also disrupted garbage collections in Paris and blocked river traffic on part of the Rhine in eastern France. "You're looking for money to [...]

13 04, 2023

Corporate DB plans still hard to beat, JPMAM’s chief of institutional strategy says

CORPaTH2023-04-13T14:10:39-07:00April 13th, 2023|Categories: Defined Benefit Plans|

By Rob Kozlowski Source: Pensions & Investments You're a U.S. corporation, your frozen defined benefit plan is fully funded, and now it's time to get rid of it, right? One expert says perhaps not. U.S. corporate defined benefit plans are healthier than they've been in decades, and companies should think about keeping them so they can take advantage of surplus assets, said Jared Gross, head of institutional portfolio strategy at J.P. Morgan Asset Management, in an interview on Monday. [...]

13 04, 2023

PBGC approves supplemental assistance for Teamsters pension plan

CORPaTH2023-04-13T14:07:39-07:00April 13th, 2023|Categories: PBGC|Tags: NYS Teamsters Conference Plan, PBGC, teamsters|

By Courtney Degen Source: Pensions & Investments The Pension Benefit Guaranty Corp. on Thursday approved the supplemented special financial assistance application of a New York pension plan for workers and retirees in the transportation industry. New York State Teamsters Conference Pension & Retirement Plan, or NYS Teamsters Conference Plan, will receive $438 million as a supplement to the $963 million in special financial assistance that was approved for the plan in November 2022. President Joe Biden signed the Special [...]

13 04, 2023

Pension plan finances healthier in Q1

CORPaTH2023-04-13T14:05:05-07:00April 13th, 2023|Categories: Defined Benefit Plans|Tags: median solvency ratio|

By James Langton Source: Investment Executive Defined benefit pensions enjoyed improving solvency metrics in the first quarter, despite elevated market volatility and tightening financial conditions, according to new data from consulting firm Mercer. The median solvency ratio for the DB plans in Mercer’s universe rose to 116% in the quarter, up from 113% at the end of 2022. Other measures of pension funding health also indicated improvement in the first quarter, with 83% of plans estimated to be in [...]

11 04, 2023

DB funding remains strong, but transfers remain high risk

CORPaTH2023-05-03T13:50:52-07:00April 11th, 2023|Categories: Defined Benefit Plans|Tags: funding ratio|

By Pádraig Floyd Source: Pensions Expert The March 2023 PPF 7800 index estimates the aggregate surplus of the 5,131 schemes it covers to have decreased over the month to £359.3bn as of March 31, from a surplus of £381.4bn at the end of February, a fall of almost 6 per cent. The funding ratio decreased to 133.2 per cent from 137 per cent over the same period. Total assets were £1.44tn and total liabilities were £1.08tn. There were 4,355 (82 per cent) schemes [...]

10 04, 2023

Retirement expert calls on court to toss DOL ESG rule lawsuit

CORPaTH2023-04-10T16:25:53-07:00April 10th, 2023|Categories: ESG|Tags: dept of labor, esg|

By Brian Croce Source: Pensions & Investments The Department of Labor's new rule permitting retirement plan fiduciaries to consider climate change and other ESG factors when selecting investments and exercising shareholder rights is based on sound legal footing and a lawsuit seeking to overturn it should be dismissed, retirement expert J. Mark Iwry said in a court filing. The new rule — Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights — took effect Jan. 30 and [...]

29 03, 2023

Pension super-priority bill becoming law following Senate vote

CORPaTH2023-03-29T10:49:24-07:00March 29th, 2023|Categories: Defined Benefit Plans|Tags: C-228, canada, pension security|

By Gideon Scanlon Source: Benefits Canada A bill that provides super-priority to defined benefit pension plan members during plan windups or employer bankruptcies has been passed by the Senate and will become law. “Now that C-228 has passed, it is up to the government to schedule it for royal assent and then to incorporate it into the [Bankruptcy and Insolvency Act] and [the Companies’ Creditors Arrangement Act],” said Mike Powell, president of the Canadian Federation of Pensioners, an organization [...]

16 03, 2023

A Decade of Reforms Has Strengthened State Pension Plans

CORPaTH2023-03-16T10:01:01-07:00March 16th, 2023|Categories: Pension Reform|Tags: fiscal discipline, great recession|

Source: Pew Trusts Thanks to more than a decade of fiscal discipline, many state public retirement systems are on the cusp of long-term solvency and sustainability. Since the Great Recession, state policymakers have increased employer and employee pension contributions and changed benefit provisions. In some cases, they have also implemented reforms that have strengthened risk management practices, which can help keep costs relatively stable without increasing unfunded liabilities for future generations of taxpayers. However, volatile investment markets and high [...]

10 03, 2023

DB Pensions Are Financially Advantageous for Employers: JP Morgan Exec

CORPaTH2023-03-10T16:50:13-08:00March 10th, 2023|Categories: Defined Benefit Plans|Tags: db pensions, JP Morgan Asset Management|

By Justin Mitchell Source: FundFire The following text is a transcript of a portion of a speaker's presentation made at an industry conference or during an interview. This transcript solely represents the view of the individual who spoke, and not the view of FundFire or any other group. JUSTIN MITCHELL, SENIOR REPORTER, FUNDFIRE: Today we are speaking to Jared Gross, the Head of Institutional Portfolio Strategy for JP Morgan Asset Management. You wrote a recent paper where you made [...]

10 03, 2023

Alaska Bill Seeks to Revive Defined Benefit Pension

CORPaTH2023-03-13T11:54:15-07:00March 10th, 2023|Categories: Defined Benefit Plans|Tags: alaska, alaska senate bill 88|

Source: Chief Investment Officer State senators in Alaska have introduced a bipartisan bill that would create a new defined benefit pension system for state employees as a way help address a nearly 20% vacancy rate for state jobs. Alaska’s previous defined benefit retirement system was abolished by state legislators in 2006 and replaced with a defined contribution plan. Senate Bill 88 would restore a defined benefit plan for new workers and allow current employees to choose between the new [...]

6 03, 2023

U.S. corporate pension funding increases in February

CORPaTH2023-03-06T14:25:56-08:00March 6th, 2023|Categories: Pension Funding|Tags: funding ratios, U.S. corporate pension plans|

By Rob Kozlowski Source: Pensions & Investments U.S. corporate pension plans' funding ratios increased in February as falling liability values offset a drop in assets, according to three new monthly reports. Legal & General Investment Management America estimated the average funding ratio of the typical U.S. corporate pension plan was 99.9% as of Feb. 28, up from 99.8% a month earlier. In its latest monthly Pension Solutions Monitor, LGIMA said the estimated average funding ratio rose slightly in February [...]

6 03, 2023

Suddenly, Republicans Want to Rein in the Financial Sector. Wanna Guess Why?

CORPaTH2023-03-06T14:24:12-08:00March 6th, 2023|Categories: ESG|Tags: esg, wall street|

Source: ValueEdge Advisors Biden didn’t reverse the Trump rule and rehabilitate ESG investing because Greta Thunberg asked him to. He did it because Wall Street banks asked him to. They asked because ESG is well established at this point and the financial sector can’t afford to avoid it. And while it is I suppose conceivable that the financial community has gotten so “woke” that it no longer cares about money, that strikes me as pretty unlikely. Read the full [...]

1 03, 2023

DOL’s priorities include SECURE 2.0, ESG rule, EBSA head says

CORPaTH2023-03-01T17:02:53-08:00March 1st, 2023|Categories: ESG|Tags: ebsa, esg, secure 2.0, US Labor Dept|

By Courtney Degen Source: Pensions & Investments The Labor Department's 2023 priorities include implementing SECURE 2.0 and its new ESG rule, while aiming to improve communication with plan participants and beneficiaries, Lisa M. Gomez, assistant secretary of labor for the Employee Benefits Security Administration, said Tuesday. The department finalized a rule in November that allows retirement plan fiduciaries to consider climate change and other environmental, social and governance factors when selecting investments and exercising shareholder rights, also overturning two [...]

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 [...]

16 02, 2023

Ontario’s pension plans remained resilient despite challenges

CORPaTH2023-02-16T10:18:11-08:00February 16th, 2023|Categories: Defined Benefit Plans|Tags: canada, Ontario|

By Steve Randall Source: Wealth Professional Ontarians can feel confident that their pension plans weathered the economic storms of 2022 with resilience according to a provincial regulator. The Financial Services Regulatory Authority of Ontario's (FSRA) says that most pension plans in Ontario managed to navigate the economic challenges and market volatility to remain strong. Today (Feb. 16) the regulator is holding its first ever Pension Awareness Day to get people thinking more about retirement savings and engage with employers and unions [...]