28 10, 2020

Three Ways You Can Fight For Retirement Security During National Retirement Security Week (And Beyond)

2020-10-28T09:46:07-07:00October 28th, 2020|Categories: Retirement|Tags: , |

The National Association of Government Defined Contribution Administrators started National Retirement Security Week in 2006 to recognize the importance of a secure retirement, and it’s been observed during the third week of October each year since. This year, during the coronavirus-induced economic crisis, it’s more important than ever to protect the right to a secure retirement for all. Here are three ways you can fight for every American to retire with dignity during National Retirement Security Week (and beyond). [...]

28 10, 2020

Why millennials will win Trump’s war on socially responsible investing

2020-10-28T09:42:08-07:00October 28th, 2020|Categories: Socially Responsible Investment|Tags: , |

The United States Department of Labor (DOL) spent the summer declaring war on socially responsible investing. Under current Labor Secretary Eugene Scalia, DOL took two huge steps to crush so-called “ESG” — environmental, social, and governance investing. The first, smaller, mostly procedural step took place in June with a move that would sharply increase the paperwork and regulatory burdens on ESG investors. The second, more brazen step took place just before Labor Day, when DOL proposed a rule change designed [...]

14 10, 2020

Defined-benefit pension better option than lump sum

2020-10-14T11:35:58-07:00October 14th, 2020|Categories: Retirement|Tags: , |

My wife and I are retired, both aged 63. We own our home and a holiday house, which we could rent out if needed. We hold about $200,000 in shares and $100,000 in VicSuper. I am on a defined-benefit Emergency Services & State Super (ESSS) pension for life, paying $57,000 a year and, payable if I die, at about 70 per cent to my wife. I understand that, before I reach 65, the ESSS will offer a lump sum [...]

14 10, 2020

New York Times inks deal to transfer $235 million in pension liabilities

2020-10-14T11:33:16-07:00October 14th, 2020|Categories: Pension Funding|Tags: , |

New York Times Co., New York, entered into an agreement with Massachusetts Mutual Life Insurance Co. to purchase a group annuity contract to transfer about $235 million in U.S. pension plan liabilities. The contract will transfer the benefit payment responsibilities for about 1,850 retirees and beneficiaries in the New York Times Cos. Pension Plan to MassMutual, according to an 8-K filing Tuesday with the SEC. The transaction, which the company expects to finalize in early 2021, will be funded [...]

6 10, 2020

Controller Yee: ‘More work’ ahead for CalPERS board

2020-10-06T09:46:02-07:00October 6th, 2020|Categories: Corporate Governance|Tags: , , |

Even though CalPERS is taking steps toward fixing its governance problem, officials at the $411.5 billion pension plan say the road ahead is long. California Controller Betty T. Yee, who sits on the boards of both California Public Employees' Retirement System, Sacramento, and the second-largest U.S. public pension plan, the $262.5 billion California State Teachers' Retirement System, West Sacramento, is helping drive the changes. Her duties on both boards give Ms. Yee an unobstructed view of the culture and [...]

29 09, 2020

State increased public pension assets despite pandemic

2020-09-29T12:41:56-07:00September 29th, 2020|Categories: Pension Funding|Tags: , , |

Indiana’s public pension funds for state and local government employees, including teachers, has apparently weathered the financial markets’ volatility during the coronavirus pandemic, new data from the state show. The General Assembly’s Pension Management Oversight Committee heard Wednesday that the Indiana Public Retirement System increased its pension assets by 2.56% to $30.6 billion during the 2020 budget year, which ran from July 1, 2019, to June 30, 2020. According to INPRS, the state’s prepaid pension programs were 90.6% funded, [...]

29 09, 2020

Retirement security trumps job security

2020-09-29T12:22:24-07:00September 29th, 2020|Categories: Retirement|Tags: , |

Canadian workers are still focused on having a good workplace retirement plan, despite the global pandemic, according to a recent survey. Fifty-five per cent say that they are concerned about retirement security compared to 44 per cent who are worried about job security, finds the survey of 3,500 Canadians, conducted between May 27 and June 5 for the Healthcare of Ontario Pension Plan (HOOPP). “It reinforced to us how important and top-of-mind retirement savings are for Canadians,” says Steven [...]

17 09, 2020

Vast majority of managers still on lockdown

2020-09-17T08:54:46-07:00September 17th, 2020|Categories: Economy|Tags: , |

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 [...]

17 09, 2020

Multiemployer plans get tiny reprieve in latest PBGC report

2020-09-17T08:52:49-07:00September 17th, 2020|Categories: PBGC|Tags: |

The Pension Benefit Guaranty Corp.'s single-employer program will remain in the black over the next decade, while the multiemployer program could gain another year or two before insolvency, according the agency's latest projections report released Monday. The report for fiscal year 2019 provides 10-year projections ended Sept. 30, under a range of financial scenarios. As of Sept. 30, 2019, the single-employer program had $46.3 billion in assets, while the multiemployer program had a deficit of $82.3 billion. Last year's [...]

17 08, 2020

Pensions preferred over higher pay

2020-08-17T12:26:51-07:00August 17th, 2020|Categories: Defined Benefit Plans|Tags: , , |

Eighty per cent of Canadians would rather have a better pension plan, or any pension plan, instead of a higher salary, according to a new survey. “[This idea that] people would actually forego some salary increase to get a higher pension is something that I think surprises, just the level of commitment to that,” says Jim Keohane, president and CEO of the Healthcare of Ontario Pension Plan (HOOPP) in Toronto, which commissioned the survey. The 80 per cent is [...]

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