11 03, 2021

Teamsters celebrate passage of COVID-19 stimulus bill delivering pension relief

2021-03-11T11:47:27-08:00March 11th, 2021|Categories: Multiemployer Plans|Tags: , |

The Teamsters are euphoric about the $1.9 trillion American Rescue Plan (ARP) clearing its final legislative hurdle in the House today, ensuring more than 1 million U.S. workers and retirees in struggling multiemployer pension plans will receive the nest eggs they were promised while other Americans hit hard by the global pandemic get the help they need. President Biden is expected to sign the bill into law shortly. And when he does, it will mark the culmination of a [...]

25 02, 2021

COVID-19 Relief Bill Could Rescue Union Retirees’ Pensions

2021-02-25T14:42:15-08:00February 25th, 2021|Categories: Economy, Pension Funding|Tags: , , |

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 [...]

22 02, 2021

Prospects Brighten for Much Needed Pension Rescue Bill as It Heads to House Floor Vote

2021-02-22T13:45:51-08:00February 22nd, 2021|Categories: Pension Funding|Tags: , , |

The House Ways and Means Committee significantly boosted the prospect for passage of much needed pension relief that would protect the hard-earned and promised benefits of active and retired truck drivers, nurses and health care workers, plumbers and construction trade workers – people who we now recognize and honor as America’s essential workers in this time of crisis. On February 12, the Committee “marked up” and voted in favor of the Butch Lewis Emergency Pension Plan Relief Act of [...]

18 02, 2021

Democrats’ Coronavirus Relief Plan Could Save The Pensions Of 1 Million People

2021-02-18T10:30:11-08:00February 18th, 2021|Categories: Pension Funding|Tags: , |

Retirement experts have been warning for years that more than 1 million workers and retirees could lose their pensions if Congress doesn’t act. Now help from Washington might finally arrive, thanks to an unlikely legislative opening provided by the pandemic. Congressional Democrats are moving a $1.9 trillion coronavirus relief plan through a process known as budget reconciliation, hoping to send it to President Joe Biden’s desk this month. A proposal to shore up troubled pension plans and the federal [...]

11 12, 2020

Effects of COVID-19 Could Spark More Retirement Plan Litigation in 2021

2020-12-11T16:00:03-08:00December 11th, 2020|Categories: Retirement|Tags: |

Plan sponsors should keep a close watch on retirement plan litigation, as the effects of COVID-19 might spark new lawsuits. The market volatility experienced in March and April, coupled with the cybersecurity risks of remote work, could position some employers to face litigation in the new year, industry experts say. Smaller businesses, which normally lack the resources to invest in multifaceted cybersecurity measures and are therefore susceptible to cyber breaches, may be at risk, says Jordan Mamorsky, an ERISA [...]

16 11, 2020

As public pension costs soar, some Southern California agencies turn to controversial borrowing to fill deep holes

2020-11-16T09:55:34-08:00November 16th, 2020|Categories: Pension Funding|Tags: , , , |

The little agency responsible for killing mosquitoes and rats in the Coachella Valley will see its bill for worker pensions nearly triple over just four years. Payments will also nearly triple for Cal-OPTIMA, Orange County’s health care system for low-income people, seniors and those with disabilities, as well as for the Los Angeles Memorial Coliseum Commission, the folks who bring events to the historic stadium in Exposition Park. They’ll more than double for the Orange County Transportation Authority, which [...]

6 11, 2020

51% likely to review or reduce pension contributions due to Covid-19 pandemic

2020-11-06T11:39:36-08:00November 6th, 2020|Categories: Pension Funding|Tags: , |

Approximately half (51%) of UK savers are likely to review or reduce pension contributions in favour of short-term saving or debt reduction or elimination as a result of the Covid-19 (Coronavirus) pandemic, according to research by BlackRock. Its Defined contribution (DC) pulse survey, which surveyed 1,000 UK savers, also found that 76% agree that they need to be more careful about their financial future, although a further 44% see retirement saving as important. However, more than half (51%) said [...]

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, [...]

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 [...]

11 08, 2020

COVID-19 pushes social issues to ESG forefront

2020-08-11T09:37:28-07:00August 11th, 2020|Categories: ESG|Tags: , |

One of the many upheavals caused by the COVID-19 crisis has been some reordering of environmental, social and governance priorities for institutional investors. While climate change and other environmental issues "were almost synonymous with ESG, the pandemic forced us to shift, and forced owners of capital to think about the other letters in ESG," said Nathan S. Shetty, Chicago-based head of multiasset portfolio management for Nuveen LLC, the money management arm of TIAA-CREF. The global health crisis plus renewed [...]

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