Pension News – CORPaTH

19 01, 2023

Don’t let ESG become ‘the next 3-letter bad word’ – CalPERS CEO

CORPaTH2023-01-19T15:58:01-08:00January 19th, 2023|Categories: ESG|Tags: CalPERS, esg, marcie frost|

By Arleen Jacobius Source: Pensions & Investments ESG is about managing risks and spotting investment opportunities, and should not be allowed to become "the next three-letter bad word," CalPERS CEO Marcie Frost said at the pension fund's stakeholder forum on Wednesday. "When you break down ESG … it's around managing risks related to climate, managing risks related to poor human capital practices. It is about managing risks related to poor governance," Ms. Frost said. Read the full article

18 01, 2023

As France Moves to Delay Retirement, Older Workers Are in a Quandary

CORPaTH2023-01-18T15:54:40-08:00January 18th, 2023|Categories: Retirement|Tags: france, older workers, retirement|

By Liz Alderman Source: The New York Times During her 38-year career as a sales and marketing manager, Christine Jagueneau rarely thought about retirement. But when her job at a French industrial company was eliminated just before her 59th birthday last February, the idea of tapping her pension took on unexpected urgency. Despite nearly a dozen job interviews, she said, employers have suggested that she’s too old to be hired. She has just enough savings to coast to France’s [...]

18 01, 2023

Pensions Recruit and Retain Public Employees

CORPaTH2023-01-18T14:18:41-08:00January 18th, 2023|Categories: Defined Benefit Plans|Tags: public employees, public pension|

Source: National Public Pension Coalition Did you know that state and local governments are facing staffing shortages of historic proportions that are significantly impacting communities across the country? One tool proven to help combat shortages and draw in potential employees is defined-benefit pensions! In fact, over 75% of Americans agree that providing a pension plan to public employees is an essential tool in the recruitment and retention of teachers and public safety officers, according to the National Institute on [...]

18 01, 2023

Pensions beat flexible working for top spot in employee benefits ranking

CORPaTH2023-01-18T14:16:32-08:00January 18th, 2023|Categories: Defined Benefit Plans|Tags: Chartered Institute of Personnel and Development, pensions|

By Sophie Smith Source: Pensions Age Pensions have topped the list of employee benefits HR teams say people value the most, having regained the position two years after flexible working took the top spot in Punter Southall Aspire’s annual survey, although concerns around the advice gap remain. The research, which was carried out with the Chartered Institute of Personnel and Development (CIPD), found that 900 out of 1,700 HR professionals ranked pensions as the most valued employee benefit amongst [...]

16 01, 2023

Emmanuel Macron unveils his pension reforms

CORPaTH2023-01-16T16:28:26-08:00January 16th, 2023|Categories: Pension Reform|Tags: Emmanuel Macron, france|

Source: The Economist The French government has decided to go ahead with a controversial pension reform that looks set to divide the country and spark social unrest. On January 10th Elisabeth Borne, the prime minister, unveiled the details of changes to the country’s mandatory pension rules. The fate of these measures will test Emmanuel Macron’s ability to continue to reform France during his second presidential term. The centrepiece is a raising of the legal minimum retirement age from 62 [...]

16 01, 2023

Pensionomics 2023: Measuring the Economic Impact of Defined Benefit Pension Expenditures

CORPaTH2023-01-16T09:41:21-08:00January 16th, 2023|Categories: Defined Benefit Plans|Tags: Pensionomics 2023|

By Dan Doonan, Ilana Boivie and Tyler Bond Source: National Institute on Retirement Security Economic gains attributable to private and public sector defined benefit pensions in the U.S. during the COVID-19 pandemic were substantial, according to Pensionomics 2023: Measuring the Economic Impact of Defined Benefit Pension Expenditures. This report calculates the national economic impacts of U.S pension plans, as well as the impact of state and local plans on a state-by-state basis. This report finds that retiree spending of public and [...]

19 12, 2022

CalPERS, CalSTRS need fresh skills to take on new risks, Betty Yee says

CORPaTH2022-12-19T10:12:16-08:00December 19th, 2022|Categories: Multiemployer Plans|Tags: betty yee, california, CalPERS, CALSTRS|

By Arleen Jacobius Source: Pensions & Investments Asset owners need a different set of tools to navigate their portfolios through the uncharted waters they find themselves in today, said Betty T. Yee, outgoing California state controller and member of the boards of CalPERS and CalSTRS. To get there, boards need more education related to these issues and risks including geopolitical and climate change, and to hire staff with different skill sets to augment the deep investment expertise plans already [...]

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 [...]

8 12, 2022

Biden announces $36 billion in federal aid for struggling Central States Teamsters plan

CORPaTH2022-12-08T09:53:00-08:00December 8th, 2022|Categories: Multiemployer Plans|Tags: PBGC, president biden, Southeast & Southwest Areas Pension Fund, Teamsters Central States|

By Brian Croce Source: Pensions & Investments President Joe Biden on Thursday announced that the Pension Benefit Guaranty Corp. has approved $36 billion in federal assistance to shore up a massive union multiemployer pension plan facing steep cuts. Teamsters Central States, Southeast & Southwest Areas Pension Fund, Chicago, will receive the funds under the Special Financial Assistance Program. The program, created by the American Rescue Plan Act that Democrats passed in March 2021, was designed to shore up struggling [...]

8 12, 2022

New DOL Proposal Would Allow Fiduciaries to Self-Correct Certain Errors

CORPaTH2022-12-08T08:12:31-08:00December 8th, 2022|Categories: Retirement|Tags: dept of labor, fiduciaries, Voluntary Fiduciary Correction Program|

By Paul Mulholland Source: PlanSponsor The Department of Labor has proposed a rule, released on November 21, that aims to simplify and expand its Voluntary Fiduciary Correction Program. If adopted, the rule new would allow fiduciaries to self-correct for participant contributions that are not invested or participant loan repayments that are not repaid and then notify the DOL after the fact. Under current rules, fiduciaries have to apply to the DOL for permission to correct the issue. Other erroneous [...]

8 12, 2022

The Mid-Term Results and What They Mean for ESG and SECURE 2.0

CORPaTH2022-12-08T08:10:47-08:00December 8th, 2022|Categories: ESG|Tags: esg, secure 2.0|

By Paul Mulholland Source: PlanSponsor This year’s midterm elections resulted in Democrats keeping their narrow lead in the Senate but losing control of the House to Republicans. Republicans are expected to have a nine-seat majority in the House, and Democrats will either have a one-seat majority or the tiebreaking vote in an evenly split Senate, pending the result of the Georgia runoff election on December 6. With the House changing hands, some key committee gavels will switch from Democrat [...]

8 12, 2022

Final ESG Reg Published in the Federal Register

CORPaTH2022-12-08T08:08:12-08:00December 8th, 2022|Categories: ESG|Tags: esg rule|

Source: National Association of Plan Advisors We now have an official effective date for the new ESG regulation. While the Department of Labor unveiled its final rule on the consideration of environmental, social and governance (ESG) factors just prior to the Thanksgiving holiday, the regulation has now been officially published in the Federal Register, establishing the timeline for it to be effective. Consequently, the rule—Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights—will now be effective Jan. [...]

30 11, 2022

Trump Loses His Clutch on Your 401(k) in Department of Labor Ruling

CORPaTH2022-11-30T16:24:08-08:00November 30th, 2022|Categories: 401(k), ESG|Tags: 401(k), esg|

By Eric Reed Source: Yahoo! Finance The new rule is written broadly, which means that it may let employers explore several different categories of investing. But it specifically aims to create more opportunities for ESG, or "Environmental, Social and Governance," investing. Otherwise known as impact investing, these are portfolios that invest around specific social and political goals. For example, a portfolio may explicitly choose not to invest in fossil fuels and dirty industries, or it may proactively invest in [...]

17 11, 2022

CalPERS CEO pushes back against politicization of ESG investing

CORPaTH2022-11-17T14:33:59-08:00November 17th, 2022|Categories: ESG|Tags: CalPERS, esg, investing, marcie frost|

By Arleen Jacobius Source: Pensions & Investments CalPERS CEO Marcie Frost decried the politicization of environmental, governance and social investing at Wednesday's board meeting and highlighted the benefits of the $443.2 billion pension plan's ESG approach. "In some cases, the (midterm election) campaign rhetoric not only dismissed the danger of climate change, it went so far as to mischaracterize a strategy we believe in strongly: examining the risk factors of the environment, of social inequality, and of good governance," [...]

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 [...]

14 11, 2022

CORPaTH urges Attorneys General to halt Albertsons $4B shareholder dividend

CORPaTH2022-11-14T16:34:58-08:00November 14th, 2022|Categories: Uncategorized|

Following reports earlier this month that Albertsons shareholders were scheduled to receive a $4 billion dividend, CORPaTH Executive Director Ron Auer sent the following letter urging state attorneys general around the country to halt the payment pending confirmation the company will fulfill its pension obligations. Read the letter below

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

Germany’s pension system will collapse without reform, influential lobby group says

CORPaTH2022-11-07T11:21:58-08:00November 7th, 2022|Categories: Defined Benefit Plans|Tags: germany, pension system|

By Hannah Ward-Glenton Source: CNBC Germany’s pension system won’t be financially viable in five years’ time without reform, according to Rainer Dulger, the president of the Confederation of German Employers’ Associations. The influential lobby group represents around 20 million employees in the German workforce. Dulger told Germany’s Bild am Sonntag newspaper Sunday that the German economy is weakening and the social system is on “the verge of collapse.” “The costs will explode,” he said, according to a translation by CNBC. [...]

7 11, 2022

UK to reveal stealth tax raid on pensions later this month

CORPaTH2022-11-07T11:20:07-08:00November 7th, 2022|Categories: Defined Benefit Plans|Tags: tax raid, uk|

Source: Reuters British Prime Minister Rishi Sunak and finance minister Jeremy Hunt plan to reveal a stealth tax raid on pensions later this month, The Telegraph reported on Friday. The pension lifetime allowance is set to be frozen for two more years, with a rise in line with prices delayed from 2025 to 2027, the newspaper said, without citing sources. The allowance level has risen with prices in the past, but Sunak, as the finance minister last year, froze [...]

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 [...]

4 11, 2022

UFCW Union Pension Trustees Demand Albertsons Delay $4B Dividend Pending Fulfillment of Pension Obligations

CORPaTH2022-11-04T11:10:09-07:00November 4th, 2022|Categories: Defined Benefit Plans|Tags: albertsons, arpa, dividend payment, kroger|

Source: Business Wire Pension Trustees representing United Food and Commercial Workers (UFCW) Locals 5, 8, 480 and 648 in Northern California and Hawaii demand Albertsons delay an anticipated $4 billion dividend to shareholders. “The UFCW played a significant role in securing billions of dollars in anticipated pension funding through the American Rescue Plan Act as a means to bolster qualifying pension plans. This government support of retirement security must not be converted into a windfall for shareholders at the [...]

2 11, 2022

Statewide races spotlight pension investments and debate about ESG

CORPaTH2022-11-02T15:46:49-07:00November 2nd, 2022|Categories: ESG|Tags: esg, state pension plans|

By Courtney Degen Source: Pensions & Investments In several statewide races in the midterm elections, the outcome could have a significant impact on state pension plans. Environmental, social and governance investing has become a key issue for many races, as Republican officials across the country have recently labeled the movement as "woke" and too political. Democrats, on the other hand, are encouraging investment policies that consider climate change, gender equality and corporate governance. Read the full article

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 [...]

26 10, 2022

Protecting and Expanding Retirement Options for America’s Workers

CORPaTH2022-10-26T15:29:21-07:00October 26th, 2022|Categories: Retirement|Tags: retirement options|

By Kathleen Kennedy Townsend Source: DOL Blog When it comes to retirement in America, there is good news and bad news. On June 2, the Trustees of the Social Security trust fund issued their annual report on the state of this key safety net. The report found that, in part due to faster growth in employment, earnings and economic growth than expected, and the passage of the American Rescue Plan, the trust fund can pay out benefits longer than [...]

20 10, 2022

Amendments to insolvency legislation would secure DB pensions, say retiree organizations

CORPaTH2022-10-20T15:20:46-07:00October 20th, 2022|Categories: Defined Benefit Plans|Tags: Bankruptcy and Insolvency Act, canada|

Source: Benefits Canada Six organizations representing Canadian retirees say proposed amendments to the federal Bankruptcy and Insolvency Act would have a positive impact on defined benefit pension plan members. In an open letter to the House of Commons standing committee on finance, the six organizations —CanAge, the Canadian Federation of Pensioners, the Canadian Network for the Prevention of Elder Abuse, CARP, the National Pensioners Federation and the Réseau FADOQ — said federal insolvency and pension laws currently favour the [...]

20 10, 2022

PBGC issues multiemployer withdrawal liability proposal

CORPaTH2022-10-20T15:16:02-07:00October 20th, 2022|Categories: PBGC|Tags: employer liability, underfunded multiemployer plans|

By Brian Croce Source: Pensions & Investments The Pension Benefit Guaranty Corp. has proposed a rule to provide interest rate assumptions for determining a withdrawing employer's liability to a multiemployer plan. An employer that withdraws from an underfunded multiemployer plan may owe withdrawal liability to the plan under the Employee Retirement Income Security Act of 1974. The amount owed represents the withdrawn employer's share of the amount by which the present value of the plan's non-forfeitable benefits exceed the [...]

20 10, 2022

How Pension Plans Evolved Out of the Great Financial Crisis

CORPaTH2022-10-20T15:14:18-07:00October 20th, 2022|Categories: Defined Benefit Plans|Tags: Public pension funds|

Source: AI-CIO.com Public pension funds were not spared from the carnage of the Great Financial Crisis, as assets and funding statuses eroded between December 2007 and June 2009. From 2009-2013, there was a significant dip in the aggregate percentage of required contributions paid. When the economy recovered, states and other plan sponsors normalized their contribution levels. A recent webinar held by the National Institute on Retirement Security, in conjunction with consulting firm Segal and Lazard Asset Management, reviewed the [...]

10 10, 2022

How employers can help shrink Canada’s gender pension gap

CORPaTH2022-10-10T16:22:49-07:00October 10th, 2022|Categories: Retirement|Tags: canada, gender pension gap, retirement income|

By Sadie Janes Source: Benefits Canada Canada’s gender pension gap is growing as Canadian women received an average of 18 per cent less retirement income than men in 2020, according to a report by Ontario’s pay equity office. It found the gap is more pronounced among women in visible minority groups (37 per cent), among sources of private retirement income (28 per cent) and is three per cent higher than the 15 per cent gap observed in 1976, the earliest [...]

10 10, 2022

2022 Spending in Retirement Survey: Understanding the Pandemic’s Impact

CORPaTH2022-10-10T16:21:10-07:00October 10th, 2022|Categories: Retirement|Tags: COVID-19, retirement impact|

By Bridget Bearden Source: EBRI The second Spending in Retirement Survey was fielded during the summer of 2022. Nearly 2,000 American retirees between the ages of 62 and 75 were surveyed to assess how spending patterns and retirement well-being have changed since 2020. Read the full article

6 10, 2022

The truckers’ triumph: The incredible story of how a scrappy group of blue-collar retirees rescued their pensions

CORPaTH2022-10-06T09:47:14-07:00October 6th, 2022|Categories: Retirement|Tags: pensions, retired workers|

By Elanor Laise Source: MarketWatch After a long, loud battle, the victory has come quietly. Over the past few months, deposits have started appearing in the accounts of former truckers, iron workers and other retirees across the country–restoring pension benefits that these people had earned after decades working some of America’s most back-breaking jobs, only to have them ripped away in their retirement years. The restored benefits started flowing earlier this year to retired union workers from New Jersey [...]

5 10, 2022

Multiemployer Pension Plan Funding Status Has Improved

CORPaTH2022-10-05T14:20:44-07:00October 5th, 2022|Categories: Multiemployer Plans|Tags: multiemployer plans|

Source: Segal In 2021, multiemployer pension plans faced continued financial market volatility as well as economic uncertainty surrounding the ongoing COVID-19 pandemic. Despite these challenges, most calendar-year multiemployer pension plans saw strong investment returns in 2021, resulting in improvements in their funding levels over the prior year. The percentage of plans in the green zone is near the level last seen just before the 2008 financial crisis. According to the latest 2022 Segal survey of plan funding and zone status: [...]

5 10, 2022

State pension age could rise to 68 ‘by 2035’ – leaving millions waiting longer for payment

CORPaTH2022-10-05T14:14:39-07:00October 5th, 2022|Categories: Retirement|Tags: pension eligibility, uk|

By Temie Laleye Source: Express UK Prime Minister Liz Truss is considering increasing the age for claiming the state pension to 68 by mid-2030. This is more than a decade sooner than the current policy. Under the current plans, it will not rise to 68 until 2046 — which means it will affect anyone born after 1977. Read the full article

27 09, 2022

New survey shows great support for a ‘defined benefit’ retirement plan, not for a ‘defined contribution’ plan

CORPaTH2022-09-27T10:54:00-07:00September 27th, 2022|Categories: Defined Benefit Plans|Tags: north dakota|

By Dave Thompson Source: Prairie Public Newsroom The union representing public employees in North Dakota says a new survey from the state’s Human Resources Management Services shows strong support for a defined benefit retirement plan. That’s the plan state employees have now. An interim Legislative Committee is looking at closing that plan to new state employees, and going to a “defined contribution” plan for new hires in 2024. The survey shows 42 percent of respondents strongly agree with the [...]

23 09, 2022

A Sneaky Form of Climate Obstruction Hurts Pension Funds

CORPaTH2022-09-23T16:18:30-07:00September 23rd, 2022|Categories: Defined Benefit Plans|Tags: climate obstruction|

By Tobias Read Source: The New York Times In several Republican-led states, the officials who oversee pension funds for millions of state workers are being told, or may soon be told, to ignore the financial risks associated with a warming world. There’s something distinctly anti-free market about policymakers limiting investment professionals’ choices — and it’s putting the retirement savings of millions at risk. The Texas comptroller, Glenn Hegar, recently announced that 10 financial firms and 348 funds could be [...]

23 09, 2022

The U.S. retirement system gets a ‘C+’ grade, experts say — even though it’s worth $39 trillion. Here’s why

CORPaTH2022-09-23T16:16:41-07:00September 23rd, 2022|Categories: Retirement|Tags: retirement|

By Greg Iacurci Source: CNBC The U.S. retirement system may seem flush — yet it ranks poorly in relation to those in other developed nations. Collectively, Americans had more than $39 trillion in wealth earmarked for old age at the end of 2021, according to the Investment Company Institute. However, the U.S. places well outside the top 10 on various global retirement rankings from industry players, such as the Mercer CFA Institute Global Pension Index and Natixis Investment Managers [...]

7 09, 2022

World’s largest pension funds reach new $23.6 trillion record

CORPaTH2022-09-07T15:05:19-07:00September 7th, 2022|Categories: Pension Funding|Tags: Assets under management, WTW|

Source: WTW Assets under management (AuM) at the world’s top 300 pension funds increased by 8.9% to reach a new record, totaling $23.6 trillion in 2021, according to the annual research conducted by WTW’s Thinking Ahead Institute. The research highlights high-level trends in the pension fund industry and provides information on the changing characteristics of these funds. While total AuM has reached record highs, growth has slowed from 11.5% in 2020 to 8.9% in 2021. This was to be expected [...]

6 09, 2022

Public Funds Are Among Strongest Backers of ESG Resolutions

CORPaTH2022-09-06T16:46:04-07:00September 6th, 2022|Categories: ESG|Tags: esg, Public pension funds|

Source: AI-CIO.com Public pension funds strongly support environmental, social and governance shareholder resolutions, Morningstar data show. According to a Morningstar research report released this month, public pension funds’ average rate of support for ESG resolutions was 90% in 2021, compared with 85% of ESG-focused funds and 63% of general shareholders. “Basically, public pension funds’ voting behavior looks very similar to mutual funds and [exchange-traded funds] that focus on ESG issues,” says Janet Yang Rohr, director for multi-asset and alternatives [...]

22 08, 2022

Retirement plan portability a key issue, DOL roundtable speakers say

CORPaTH2022-08-22T14:33:01-07:00August 22nd, 2022|Categories: Retirement|Tags: dept of labor, workplace retirement plans|

By Margarida Correia Source: Pensions & Investments The need to make workplace retirement plans portable and more accessible emerged as one of the top themes in a spirited roundtable discussion the Department of Labor hosted Monday in New York with legislators, labor leaders, investment fund managers, educators and other industry stakeholders. "Every single American worker should be able to retire with security," Labor Secretary Marty Walsh said. "No one should have to worry about outliving their money and living [...]

22 08, 2022

Retirement Industry People Moves

CORPaTH2022-08-22T09:03:21-07:00August 22nd, 2022|Categories: Retirement|Tags: schroders|

By DJ Shaw Source: Plan Sponsor Schroders Announces Strategic Changes to U.S. Distribution Team Global asset manager Schroders has announced new hires and leadership changes to the American distribution team. Tiffani Potesta will be taking on the role of head of U.S. distribution, overseeing strategy and implementation for distribution across regions. Potesta will continue serving in her current role as chief strategy officer, in which she oversees marketing, product and sustainability. Mike Swinney has joined Schroders as consultant relations director, [...]

22 08, 2022

Market Cynicism Has Increased Retirement Anxiety

CORPaTH2022-08-22T09:00:20-07:00August 22nd, 2022|Categories: Retirement|Tags: retirement anxiety|

By Noah Zuss Source: Plan Sponsor Amid heighted pessimism about financial markets and global political tensions, Americans are increasingly worried about the effects to their retirement savings, according to research from the Allianz Life Insurance Company of North America. The “2022 Q1 Quarterly Market Perceptions Study” found that 47% of respondents said the economy will improve in 2022, down from 54% in 2021’s first quarter and 66% in 2022’s fourth quarter, while 79% are concerned that current world tensions will cause [...]

16 08, 2022

America’s $7 Trillion Retirement Crisis Is Only Getting Worse

CORPaTH2022-08-16T10:47:46-07:00August 16th, 2022|Categories: Retirement|Tags: retirement crisis|

By Suzanne Woolley Source: Bloomberg Americans have been warned for years of an impending retirement crisis. Yet the situation is getting worse. Even when everything was going right — inflation was nonexistent, interest rates were low and stocks were in an extended bull market — there was a multi-trillion dollar savings shortfall. Then came a pandemic, war in Europe, decades-high inflation, the fastest rate-hiking cycle since the early 1980s and fears of a recession. The resulting market turmoil erased some $3.4 trillion from 401(k)s and IRAs [...]

16 08, 2022

How Unions Pave the Path to Elder Security

CORPaTH2022-08-16T08:58:53-07:00August 16th, 2022|Categories: Retirement|Tags: retirement, Retirement Security, unions|

Source: American Society on Aging Despite America’s vast wealth, more than 15 million older Americans—one-third of people ages 65 and older—are “economically insecure,” meaning they are poor or near-poor, according to the National Council on Aging. Half of all Black and Latinx people ages 65 and older are in this precarious situation, and older women are especially likely to be poor. These financially fragile older Americans “struggle with rising housing and health care bills, inadequate nutrition, lack of access [...]

16 08, 2022

Workers Worry About Retirement Income as Prices Spike

CORPaTH2022-08-16T08:55:58-07:00August 16th, 2022|Categories: Retirement|Tags: anxiety, retirement income|

By Noah Zuss Source: Plan Sponsor Market volatility and rising prices are driving two-thirds of workers surveyed to feel more anxiety about their retirement income, the Nationwide Retirement Institute Social Security Consumer Survey shows. The concerns have led to a 10 percentage-point spike in anxiety among those surveyed from 2021, the survey found. Highlighting workers’ worries about retirement income, individuals are also anxious about Social Security, Nationwide found. Across generations, 70% of workers worry that Social Security will run [...]

16 08, 2022

PBGC Final Rule on Multiemployer SFA: Solvency Through 2051

CORPaTH2022-08-16T08:54:02-07:00August 16th, 2022|Categories: Uncategorized|

Source: The Segal Group On July 6, 2022, the PBGC released a final rule on the multiemployer Special Financial Assistance (SFA) program, which was created by the American Rescue Plan Act (ARPA). The final rule makes significant changes to key provisions in the 2021 interim final rule (IFR) to enable eligible plans, after receiving SFA, to pay all benefits and expenses due through 2051. Trustees of plans who are considering or revisiting the decision of whether to apply for [...]

16 08, 2022

Defined Benefit Plans May Have New Life

CORPaTH2022-08-16T08:48:31-07:00August 16th, 2022|Categories: Defined Benefit Plans|Tags: arpa, hybrid pension plan|

By Noah Zuss Source: Plan Sponsor Defined benefit plans, the dinosaurs of the retirement world, may once again roam the private-sector benefits landscape, according to retirement industry veterans with pension actuarial expertise. For plan sponsors with a frozen defined benefit plan, it could be a good time to consider unfreezing, says Zorast Wadia, principal and consulting actuary, Milliman. Regulatory relief from Congress in the American Rescue Plan Act, economic and labor market conditions, hybrid pension plan designs and the [...]

16 08, 2022

U.K. pension regulator calling on plan sponsors to support pension scam prevention strategy

CORPaTH2022-08-16T08:46:33-07:00August 16th, 2022|Categories: Pension Funding|Tags: pension scam prevention, The Pension Regulator, uk|

Source: Benefits Canada The Pension Regulator, the U.K. government body that oversees defined benefit pension plans, is calling on plan sponsors to help advance a three-pronged strategy to fight pension fraud. “Over many years, we have worked to prevent savers’ losses and put fraudsters in prison: running large-scale public awareness campaigns, leading a multi-agency response to the threat through [the pension scams action group]. . . . But the truth is, we must all do more to combat pension [...]

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 [...]