AstraZeneca to End Its US Corporate Pension Plan
Terminating the $1.3 billion plan is significant because the pharmaceutical industry is one of the few strongholds for DB plans, according to a Willis Towers Watson report.
Newsmakers
Why Sometimes Ya Just Can’t Trust Payroll Estimates
Economist Gary Shilling shows how Wall Street projections and the actual official report can be way off.
Notre Dame, USC Endowments Return 53.2%, 43.2% for 2021
Robust returns raise the asset values for Notre Dame and USC’s endowments to $20.3 billion and $8 billion, respectively.
Portent? Facebook Parent’s Stock Takes a Beating After Earnings Miss
Other Big Five members also dip, axing their reversal from the January descent.
City of San Diego Will Retroactively Replace Thousands of Employees’ DC Plans With Pensions
The payments will mark an end to a nine-year legal battle.
DC Retirement Board Responds to Federal Investigation, Whistleblower Lawsuit
The $11.4 billion pension is being sued by its general counsel, who alleges the board retaliated against her for cooperating with a subpoena.
PSERS Internal Investigation Into Miscalculated Returns Released
Critical pieces of information still remain missing.
Endowment Index Rises 14.59% in 2021
Oil and gas commodities led all asset classes with a 75.59% gain, while gold lost nearly 4%.
Michigan Pension Tax Likely to Be Removed
Currently, there are only 12 states that do not tax retirement income. Michigan might become the 13th.
Milliman Faces ERISA Lawsuit Over Alleged Breach of Fiduciary Duty
The plaintiffs claim the firm’s 401(k) lost as much as $85 million due to imprudent investment decisions.
Looks Like Politicians Will Extend Illinois’ Pension Buyout Program
The program has reduced the state pension’s unfunded liability by $325 million so far.
PBGC Approves $100.5 Million Bailout of New Jersey Pension Plan
Teamsters Local 408 is the 5th plan to be approved under the American Rescue Plan Act’s Special Financial Assistance program.
El-Erian: Fed’s Powell Is Keeping Investors in the Dark
The chair of the central bank missed his chance to clarify its tightening plans, an economist laments.
PSERS Delays Turning Over Investigation Results
Board members were warned that the results of the report could be damaging to their reputations, according to the Philadelphia Inquirer.
PBGC Bails Out Struggling NY Pension With $112.6 Million in Aid
The Local 138 Pension Plan becomes the first multiemployer plan to receive funds under the American Rescue Plan Act.