COVID-19 – CORPaTH

29 09, 2020

State increased public pension assets despite pandemic
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State increased public pension assets despite pandemic

Pension Funding

State increased public pension assets despite pandemic

CORPaTH2020-09-29T12:41:56-07:00September 29th, 2020|Categories: Pension Funding|Tags: COVID-19, indiana, pension funding|

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
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Vast majority of managers still on lockdown

Economy

Vast majority of managers still on lockdown

CORPaTH2020-09-17T08:54:46-07:00September 17th, 2020|Categories: Economy|Tags: COVID-19, money management firms|

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
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COVID-19 pushes social issues to ESG forefront

ESG

COVID-19 pushes social issues to ESG forefront

CORPaTH2020-08-11T09:37:28-07:00August 11th, 2020|Categories: ESG|Tags: COVID-19, esg|

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 [...]

9 07, 2020

Pension plans see rebound in second quarter
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Pension plans see rebound in second quarter

Pension Funding

Pension plans see rebound in second quarter

CORPaTH2020-07-09T14:59:45-07:00July 9th, 2020|Categories: Pension Funding|Tags: COVID-19, pension funding|

The funding status of the largest corporate pension plans in the U.S. have rebounded during the second quarter of 2020, due to improvements in the equity and bond markets, according to Willis Towers Watson data. “The first quarter was a more difficult quarter for the equities,” says Joseph Gamzon, senior director of retirement at Willis Towers Watson, a global advisory, broking and solutions company. “For most pension plan sponsors the combination of the equity markets performing well and the [...]

30 06, 2020

A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?
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A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?

Retirement

A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?

CORPaTH2020-06-30T08:46:57-07:00June 30th, 2020|Categories: Retirement|Tags: COVID-19, retirement|

Dorian Mintzer loves her work. A 74-year-old psychologist, coach and author, she has no plan to retire, and has continued to work during the pandemic, doing teletherapy from her home in the Boston area. Now, like millions of other older working Americans, Dr. Mintzer is uncertain about the future of her job — much will depend on whether health insurers continue to cover teletherapy post-pandemic. “I’m going to keep working virtually — the idea of going into an office [...]

10 06, 2020

Pandemic Puts More Stress On Struggling Pension System
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Pandemic Puts More Stress On Struggling Pension System

Pension Funding

Pandemic Puts More Stress On Struggling Pension System

CORPaTH2020-06-10T14:54:52-07:00June 10th, 2020|Categories: Pension Funding|Tags: COVID-19|

The coronavirus outbreak has presented daunting challenges for an already-struggling multiemployer pension plan system. It's also amplifying calls for Congress to step up and pass legislation to protect against millions of retirees losing their financial livelihood. More than a hundred multiemployer pension plans covering over a million workers and retirees were on the ropes even before COVID-19 became a household term, and that number could more than double depending on how the pandemic plays out, according to a letter [...]

13 05, 2020

Union Pension Partitions Included in Democrat’s 4th Relief Proposal
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Union Pension Partitions Included in Democrat’s 4th Relief Proposal

Economy

Union Pension Partitions Included in Democrat’s 4th Relief Proposal

CORPaTH2020-05-13T15:38:17-07:00May 13th, 2020|Categories: Economy|Tags: CARES Act, COVID-19, HEROES Act, PBGC|

The Democratic majority in the U.S. House of Representatives has published a draft version of a fourth economic relief package in response to the coronavirus pandemic, dubbed the Health and Economic Recovery Omnibus Emergency Solutions Act or the “Heroes Act.” The wide-ranging legislation addresses a host of issues, from providing supplemental funding to the SNAP food security program to creating a special fund to support struggling fisheries. Notably, the entire Division D section of the legislation is dedicated to [...]

6 05, 2020

Protecting pensions after coronavirus
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Protecting pensions after coronavirus

Pension Funding

Protecting pensions after coronavirus

CORPaTH2020-05-06T14:49:06-07:00May 6th, 2020|Categories: Pension Funding|Tags: COVID-19, pensions|

Unions and pension schemes are being supportive of employers struggling with the pandemic. When the recovery starts that support should be repaid. Across the whole economy, employers are under unprecedented strain as they deal with lockdown and economic contraction. Companies with defined benefit pension schemes could face particular short-term pressures, as turmoil in financial markets may increase deficits – the gap between the assets a scheme has and the pensions it must pay – at exactly the time they are [...]

27 04, 2020

NCCMP seeks congressional aid for pensions in ‘CARES 2’
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NCCMP seeks congressional aid for pensions in ‘CARES 2’

Multiemployer Plans

NCCMP seeks congressional aid for pensions in ‘CARES 2’

CORPaTH2020-04-27T10:25:51-07:00April 27th, 2020|Categories: Multiemployer Plans|Tags: congress, COVID-19, multi employer plans, nccmp|

Below is an April 24, 2020 letter written by NCCMP Executive Director Michael D. Scott. Dear Multiemployer Community, Today, the President signed H.R. 266 which provided additional authority for the Paycheck Protection Program and support for health care providers. This is commonly referred to as the COVID 3.5 stimulus package. In less than eight weeks, the COVID-19 pandemic has put more than 26.4 million Americans out of work and driven Congress and the Federal Reserve to structure more than [...]

22 04, 2020

McConnell rules out pension aid for states
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McConnell rules out pension aid for states

Defined Benefit Plans

McConnell rules out pension aid for states

CORPaTH2020-04-22T15:27:04-07:00April 22nd, 2020|Categories: Defined Benefit Plans|Tags: COVID-19, U.S. Senate|

States should be able to pursue bankruptcy rather than relying further on the federal government during the coronavirus pandemic, and any federal assistance should not be spent on addressing pension underfunding, said Senate Majority Leader Mitch McConnell, R-Ky., Wednesday during a radio interview. Radio host Hugh Hewitt asked whether Mr. McConnell would insist on reforms of state pension plans if states get more funding from the next COVID-19 assistance measure expected from Congress. "There's not going to be any [...]