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Since its founding in 1973, this continues to be the mission of Pensions & Investments, the international newspaper of money management. Written for pension, portfolio and investment management executives at the hub of this market, Pensions & Investments provides its audience with timely and incisive coverage of events affecting the money management business. Written by a worldwide network of reporters and correspondents, Pensions & Investments' coverage includes business and financial news, legislative reports, global investments, product development, technology, investment performance, executive changes, corporate governance and other topics crucial to the people who drive the world of professional money.
"If things go bad and financial conditions worsen, that would have a big knock-on effect because we are living at a time of very high levels of debt in the world."
Future world economic growth depends on the outcome of the race between the coronavirus and vaccinations.
Pension fund trustees said in the application that benefit cuts starting in November would help the $25.4 million pension fund remain solvent. The pension fund is 61.4% funded and projected to be insolvent by the 2036 plan year.
Roofers Local No. 88 Pension Fund applied to the Treasury Department to reduce benefits to avoid plan insolvency.
Breaking: Leon Black, chairman and CEO of Apollo Global Management, will retire as CEO on or before July 31. He will remain chairman.
Leon Black, chairman and CEO of Apollo Global Management, will retire as CEO on or before July 31.
The transaction will accelerate Alight's efforts to expand the use of cloud-based computing for a variety of benefits management ranging from retirement to health care to payroll.
Blackstone plans to merge Alight Solutions with a special purpose acquisition company to create a new publicly traded company, Alight Inc.
Chief Executive Officer Stephen Bird said the firm wouldn't spread bonuses out "like peanut butter across the whole company because it then doesn't send a message."
Standard Life Aberdeen told its employees that some of them won't be getting bonuses this year.
House Ways and Means Committee Chairman Richard E. Neal, D-Mass., said in a statement that it was the first bill he introduced in the new 117th Congress in part "because the COVID-19 economic downturn has only worsened the multiemployer pension crisis and increased the urgency with which we must act to help folks whose financial security is at risk."
Legislation to help struggling multiemployer pension funds could become law if bundled with a COVID-19 relief measure now before Congress.
In the order, Mr. Biden directed all executive departments and agencies "to immediately review and, as appropriate and consistent with applicable law, take action to address the promulgation of federal regulations and other actions during the last four years that conflict with these important national objectives, and to immediately commence work to confront the climate crisis."
The Biden administration is weighing reversing an agency rule that hampers retirement plan fiduciaries from directing money to ESG funds.
BlackRock, which Thursday revealed a record $8.7 trillion in assets under management, said in a regulatory filing with the Hong Kong stock exchange it had sold over 818 million shares in China Telecom Corp. Calculations show the divested shares amount to about HK$1.6 billion ($206 million).
BlackRock has sold most of its holdings in China Telecom, the latest divestment from Chinese firms that are the subjects of U.S. sanctions.
A group of investors with a collective $391 billion in assets called on major social media companies to address the "urgent threat" of violence leading up to the presidential inauguration and beyond.
Investors called on major social media companies to address the "urgent threat" of violence leading up to the presidential inauguration.
"So, a conviction after he is already gone would not affect his pension at all...To strip him of his pension, Congress would need to change the Former Presidents Act."
President Trump now holds the distinction of the only president to be impeached twice, but what does that mean for his presidential pension?
The firm's asset growth in the fourth quarter, which included $126.9 billion in net inflows, was attributed to "strong performance from our entire active (investment) franchise along with near-record inflows" from the firm's iShares ETF unit.
BlackRock's assets under management hit a record $8.7 trillion in the fourth quarter, recording double-digit gains for the quarter and year.
Mr. Neal endorsed policy approaches to implement automatic individual retirement accounts and 401(k) plans; require automatic enrollment in 401(k)-type plans; ensure that small businesses can take full advantage of the start-up credit when participating in a multiple employer plan; and adjust the rules concerning part-time workers in 401(k) plans to require only two years of service before being eligible to make contributions, among other ideas.
A longtime proponent of retirement security legislation, Rep. Richard Neal said Congress must do more to help American families.
If nominated by Mr. Biden to be SEC chairman and confirmed by the Senate, Mr. Gensler would be the new government's front-line regulator for Wall Street and the arbiter of what public companies must disclose to their investors.
Gary Gensler, a former head of the U.S.'s main derivatives regulator, is President-elect Joe Biden's likely pick to lead the SEC.
The initiative was established by His Royal Highness The Prince of Wales, under his Sustainable Markets Initiative.
Three firms have founded the Natural Capital Investment Alliance, aiming to attract $10 billion into nature-related opportunities by 2022.
The biggest potential upside to financial markets — an effective, mass-produced and distributed vaccine — could also be the biggest potential downside if they fail in one way or another to thwart the spread of the virus.
Economists expect COVID-19 to remain the dominant issue into 2021, with the future of global financial markets riding on success of vaccines.
After the deadly siege on Capitol Hill last week, major banks are reassessing, reducing and in many cases suspending their campaign contributions. Some are vowing to pull back from candidates who appeared to support the attempted insurrection.
For years Wall Street sprinkled money across U.S. politics to make and keep friends in Washington. Now, it's rethinking the consequences.
It is the second pension risk transfer transaction for the company in the past two months. Unisys announced in October its intention to transfer a total of $1 billion in assets in various transactions for its global pension plans by the end of the first quarter.
Unisys Corp. entered into an agreement to purchase a group annuity contract to transfer about $280 million in U.S. pension plan assets.
"You certainly have seen companies named in prior FAQs before, but without the type of kerfuffle we've witnessed this week."
The New York Stock Exchange is proceeding with a plan to delist three Chinese telecommunications firms, its second about-face this week.
The fund pursues investment opportunities in distressed companies, such as debtor-in-possession financing, exit financings and restructurings, a news release said Thursday.
Marathon Asset Management has closed the Marathon Distressed Credit Fund at $2.5 billion.
Steven M. Herbert was named executive director, office of investments, at the Kentucky Retirement Systems.
Steven M. Herbert was named executive director, office of investments, at the Kentucky Retirement Systems, replacing Rich Robben.
"The reflation trade has already been sparked. The question really is how much further the Senate result will push that."
U.S. Treasury yields rose above 1% for the first time since the pandemic-driven turmoil in March, and the sell-off may only have just begun.
The buoyant mood was pierced, but not sunk, when the mob breached police lines outside the Capitol with Congress in session.
Stocks stabilized in the green, though remained well off session highs after protesters surged into the U.S. Capitol, forcing a lockdown.
The Truist business acquired by Ascensus covers more than 1,200 plans with about 125,000 participants and $5 billion in assets.
Ascensus and Empower Retirement announced the purchase of Truist Financial Corp.'s institutional 401(k) record-keeping businesses.
"Attempts to thwart or delay this process run counter to the essential tenets of our democracy," the leaders said Monday in a letter by the Partnership for New York.
More than 170 U.S. business leaders called on Congress to accept the results of the presidential election.
A lack of clarity on why NYSE changed course left investors to speculate over whether it was simply a result of the exchange initially misinterpreting the November executive order from President Donald Trump, or something with broader geopolitical implications.
NYSE will not delist three Chinese state-owned telecoms firms, backtracking on a plan that had threatened to escalate U.S.-China tensions.
"Many employers are more focused on the immediate financial impact of the pandemic on their employees, but it's important that they look at short- and long-term challenges as interconnected."
Employers have increased their focus on improving employees' financial wellness during the pandemic, but employees say they don't see it.
PBGC officials said in a statement that the agreement with the Food Employers Labor Relations Association and the United Food and Commercial Workers International Union involving the severely underfunded FELRA & UFCW Pension Fund was prompted by actions taken in 2013 by the union and its two primary contributing employers, Giant Food of Maryland and Safeway Inc.
The PBGC reached a settlement with a multiemployer pension fund and contributing grocery employers to delay its projected insolvency.
All major U.S. equity benchmarks slumped more than 2% earlier Monday, and the S&P 500 was still on track for its biggest slide in almost 10 weeks.
Stocks fell Monday amid concern that a surge in global coronavirus cases could crimp the nascent economic recovery.
Data from Willis Towers Watson show that the aggregate pension funded status was estimated to be 87% at the end of 2020, unchanged from the end of 2019.
The funded status of the largest corporate pension plans in the U.S. remained unchanged from last year's funding level.
"Based on regulators' assessments, leveraged lending activities had not contributed significantly to the distress of any large financial entity whose failure could threaten financial stability. Large banks' strong capital positions have allowed them to manage their leveraged lending exposures, and the exposure of insurers and other investors also appeared manageable."
Leveraged lending is not posing a major risk to U.S. financial stability but financial regulators are still cautious, a GAO report says.
As part of the transfer, Athene will provide payments to roughly 70,000 plan participants receiving less than $360 per month through one of the firm's subsidiaries, a news release said.
General Electric transferred $1.7 billion of its U.S. GE Pension Plan obligations to retirement services firm Athene Holding.
"This is workers' money," Mr. Levin said Monday in a news release. "The investment process should be transparent to them and in line with workers' values."
House Democrats introduced two bills that would require retirement plans to take ESG factors into account when making investment decisions.
A net 89% of fund managers surveyed expect stronger growth in 2021, while a record 87% expect higher long-term yields.
Seven in 10 managers expect the global economy to improve in the first half of 2021, a Bank of America survey shows.
Best Places employers loosened policies and rolled out new benefits in the wake of COVID-19 and racial inequity concerns.
Best Places employers loosened policies and rolled out new benefits in the wake of COVID-19 and racial inequity concerns.
Preserving corporate culture is a prime focus for P&I BPTW winners as the COVID-19 pandemic rages.
Preserving corporate culture is a prime focus for BPTW winners as the COVID-19 pandemic rages.
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