Pension News – CORPaTH

21 06, 2019

BlackRock adopts building trade group’s responsible contractor policy
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BlackRock adopts building trade group’s responsible contractor policy

Corporate Governance

BlackRock adopts building trade group’s responsible contractor policy

CORPaTH2019-06-21T15:40:22-07:00June 21st, 2019|Categories: Corporate Governance|Tags: blackRock, North America's Building Trades Unions|

Efforts to connect building trades pension fund assets and union jobs got a major boost with BlackRock's adoption of the responsible contractor policy promoted by North America's Building Trades Unions. The action announced Thursday is significant not only because of BlackRock's size, with $6.5 trillion in assets under management, but also because it is being applied to all assets and companies managed by the BlackRock Real Assets U.S. platform, with $17 billion managed in U.S. real estate and infrastructure [...]

12 06, 2019

Multiemployer pension reform bill approved by House Education and Labor Committee
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Multiemployer pension reform bill approved by House Education and Labor Committee

Multiemployer Plans

Multiemployer pension reform bill approved by House Education and Labor Committee

CORPaTH2019-06-12T06:00:34-07:00June 12th, 2019|Categories: Multiemployer Plans|Tags: congress, House Education and Labor Committee, Pension Reform|

Bipartisan multiemployer pension reform legislation that would create a federal loan program for struggling plans was approved Tuesday in a 26-18 vote by the House Education and Labor Committee. The bill introduced by House Ways and Means Committee Chairman Richard E. Neal, D-Mass., in January has 168 co-sponsors, including eight Republicans. Mr. Neal said his committee will be voting on the bill soon, with a sense of urgency for an estimated 10% of multiemployer pension plans covering 1.5 million [...]

10 06, 2019

Washington Threatens to Change Retirement Planning Forever
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Washington Threatens to Change Retirement Planning Forever

Retirement

Washington Threatens to Change Retirement Planning Forever

CORPaTH2019-06-10T09:31:52-07:00June 10th, 2019|Categories: Retirement|Tags: congress, secure act|

Lawmakers play a vital role in helping Americans save for retirement. The laws that members of Congress help put in place create incentives for certain behavior while discouraging other actions, and in the retirement context, the trend over the past several decades has moved toward greater personal responsibility. In particular, the shift from employer-provided pensions to workplace 401(k) plans and IRAs has put the responsibility to save enough for retirement in workers' hands. One benefit of the retirement accounts [...]

5 06, 2019

Pensionomics 2018: Measuring the Economic Impact of Multiemployer DB Pension Expenditures
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Pensionomics 2018: Measuring the Economic Impact of Multiemployer DB Pension Expenditures

Multiemployer Plans

Pensionomics 2018: Measuring the Economic Impact of Multiemployer DB Pension Expenditures

CORPaTH2019-06-05T10:22:54-07:00June 5th, 2019|Categories: Multiemployer Plans|Tags: multiemployer plans|

This study analyzes data on specific private sector pension plans (referred to as “multiemployer plans”) to assess the overall national economic impact of benefits paid by these plans to retirees. We estimate the employment, output, value added, and tax impacts of pension benefit expenditures from multiemployer plans at the national level, and find that the economic gains attributable to private sector multiemployer DB pension expenditures are considerable. In 2016, $41.8 billion in pension benefits were paid to 3.5 million [...]

5 06, 2019

The SECURE Act – A Primer on the Top Six SECURE Act Changes that could be coming to Retirement Plans Next Year
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The SECURE Act – A Primer on the Top Six SECURE Act Changes that could be coming to Retirement Plans Next Year

Pension Reform

The SECURE Act – A Primer on the Top Six SECURE Act Changes that could be coming to Retirement Plans Next Year

CORPaTH2019-06-05T10:19:42-07:00June 5th, 2019|Categories: Pension Reform|Tags: congress, secure act|

The SECURE Act (the “Act”) passed the House with bipartisan support and is on its way to the Senate with predictions that it could end up on the President’s desk by the end of the year. Here are some highlights of this potential legislation. 1. Longer Life means Later Mandatory Distributions. To account for increases in life expectancy, the Act would increase the age for required minimum distributions from 70 ½ to 72. The Act will also repeal the [...]

30 05, 2019

New disclosure rules adding to pressures on U.K. plan trustees
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New disclosure rules adding to pressures on U.K. plan trustees

ESG

New disclosure rules adding to pressures on U.K. plan trustees

CORPaTH2019-05-30T14:21:35-07:00May 30th, 2019|Categories: ESG|Tags: investment disclosures, uk|

Outsourcing could see an uptick in the U.K. as pension trustees grapple with even more scrutiny as a result of new and upcoming regulations. The job of a U.K. trustee has become much more complex in recent years because of an increase in governance risk and time spent on decision-making processes as well as a growing need for technical knowledge, which trustees, who are elected from the workforce, typically don't have. But that burden is set to increase again, [...]

30 05, 2019

House Bill Makes Significant Changes to Retirement Plans
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House Bill Makes Significant Changes to Retirement Plans

Pension Funding

House Bill Makes Significant Changes to Retirement Plans

CORPaTH2019-05-30T14:17:23-07:00May 30th, 2019|Categories: Pension Funding|Tags: secure act|

Last week, the House of Representatives overwhelmingly passed the “Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019” (H.R. 1994) by a vote of 417-3. The bill makes numerous changes affecting employer-provided retirement plans as well as individual retirement accounts (IRAs) and other tax-favored savings accounts. The bill contains provisions designed to expand and preserve retirement savings, simplify administrative requirements, expand the use of Section 529 plans, and enhance revenue. Some of the key provisions affecting retirement [...]

30 05, 2019

New Bill Would Conduct the Largest Investigation of Private Pensions in 40 Years
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New Bill Would Conduct the Largest Investigation of Private Pensions in 40 Years

Pension Reform

New Bill Would Conduct the Largest Investigation of Private Pensions in 40 Years

CORPaTH2019-05-30T14:16:16-07:00May 30th, 2019|Categories: Pension Reform|Tags: cory booker, retirement benefits, todd young|

Bipartisan US senators are proposing legislation in an effort to secure workers’ retirement benefits in the long run, through the formation of a new retirement commission that would guide private retirement plans to a more sustainable future. Coined the Federal Retirement Commission Act, Sens. Todd Young, an Indiana Republican, and Cory Booker, a New Jersey Democrat, would create a group responsible for reviewing private benefit programs and submitting to Congress recommendations on how to improve or replace the programs. [...]

23 05, 2019

House overwhelmingly passes SECURE Act
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House overwhelmingly passes SECURE Act

Retirement

House overwhelmingly passes SECURE Act

CORPaTH2019-05-23T10:53:38-07:00May 23rd, 2019|Categories: Retirement|Tags: House of Representatives, secure act|

A bipartisan majority in the House overwhelmingly approved Thursday a retirement reform package, 417-3. The legislation, the Setting Every Community up for Retirement Enhancement Act of 2019, referred to as the SECURE Act, includes provisions that make it easier for smaller employers to join open multiple-employer plans, eases non-discrimination rules for frozen defined benefit plans and adds a safe harbor for selecting lifetime income providers in defined contribution plans. The bill was introduced in late March by a bipartisan [...]

14 05, 2019

Feds approve pension cuts to W.Pa. Teamsters fund; 22,000 ballots to be mailed
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Feds approve pension cuts to W.Pa. Teamsters fund; 22,000 ballots to be mailed

Defined Benefit Plans

Feds approve pension cuts to W.Pa. Teamsters fund; 22,000 ballots to be mailed

CORPaTH2019-05-14T13:04:22-07:00May 14th, 2019|Categories: Defined Benefit Plans|Tags: pension cuts, teamsters|

About 22,000 ballots will be mailed to pension plan participants in Western Pennsylvania for a vote on a 30% benefit cut proposed by the plan’s board. The ballots are being authorized after the U.S. Department of Treasury approved the Western Pennsylvania Teamsters and Employers Pension Fund’s request submitted last September to cut benefits. The plan represents about 17,000 retirees and 5,000 people who are working and paying into the fund. In a letter dated May 7, the Treasury Department sent [...]