Maryland to Launch Retirement Program in Summer 2022
MarylandSaves is the first state-sponsored automatic plan to provide income during retirement.
Newsmakers
Fidelity, State Street Offer Retirement Plans With Income Streams
The SECURE Act has lifted barriers and made it easier for firms to offer annuities in retirement plans.
Boston to Divest From Fossil Fuels, Tobacco, Private Prisons
The city’s mayor signed a bill to eliminate the controversial investments by 2025.
Institutional Investors Launch ‘ESG Book’ to Standardize Sustainable Data
Their goal is to make sustainability data more widely available and comparable.
DOL Restores More Than $2.4 Billion to Plans, Plan Participants
Investigations led to over 16,000 defined benefit plan participants collecting more than $1.5 billion in owed benefits in fiscal 2021.
Florida Pensions Agree to Settle Perrigo Lawsuit for $31.9 Million
The complaint centered on a $1.9 billion Irish tax bill incurred by the pharmaceutical company.
Connecticut Reins in Public Pension Costs
The state general assembly forecasts $290 million in pension cost cuts by 2026 thanks to a volatility cap excess.
Exclusive: CIO Mansco Perry of Minnesota Is Retiring
The chief investment officer nearly doubled the state pension’s AUM to $130 billion in under 10 years.
Massachusetts PRIM Proposes $1 Billion Investment to Boost Diversity in Managers
The pension fund’s board will vote Dec. 2 on whether to approve the recommendation from its investment committee.
Adviser Gets 5 Years in Prison for Embezzlement, Murder Threat
Gregg Brie threatened to kill a disabled client when he asked for his money.
Huge Turnaround Swings PBGC Multiemployer Program into the Black
For the first time in two decades, both the multiemployer and single-employer programs have positive net financial positions.
Priority Gaps Between Management and Investors Are Shrinking, EY Says
The two groups seem to agree that prioritizing talent management is key to success.
Ohio Pension Sues Facebook Over Whistleblower Scandal
The lawsuit alleges misleading statements ‘erased more than $100 billion in shareholder value.'
CalPERS to Bring in Consultant Lenox Park to Help Diversity Efforts
The firm is expected to assist with collecting data on emerging managers.
Powell’s Stock Market Performance: So-So Versus Fed Peers
Of all 16 Federal Reserve chiefs, the current one—who may or may not get a second term—is No. 7 in Dow returns, says CFRA.