November Sees Another Gain in Corporate Pension Funded Status
If December can keep up the relatively strong results this year, defined benefit plan funded status may finish in the black for 2024.
Pensions
PBGC Provides Financial Assistance to Pressroom Union Plan
The Graphic Communications International Union Pressroom Unions’ Pension Plan will receive $63.7 million from the Pension Benefit Guaranty Corporation.
Hollywood Firefighter Pension Lawsuit Alleges Insider Trading by United Health Execs, Including Slain CEO
The late Brian Thompson, along with two other executives, were accused of dumping stock prior to February announcement of a DOJ antitrust investigation into the company.
Norges Bank Excludes UK Mining Firm Evraz for Aiding Russia’s War Against Ukraine
The world’s largest pension also excluded a telecom firm for aiding the expansion of Israeli settlements in the West Bank.
Most Pension Funds Intend to Increase Spending on Scenario, Risk Modeling Tools, per Survey
Pension executives reported confidence in their plans’ abilities to manage these processes, but there is room for improvement, according to Ortec Finance.
PBGC to Become Fiduciary Manager of St. Joseph Pension Plan
As St. Joseph Health Services liquidates, the Pension Benefit Guaranty Corporation will take over management of the health care pension plan.
Ontario Teachers’ Pension, Nordic Capital Acquire Max Matthiessen
The pension fund also bought three logistic assets in Paris.
SDCERA Seeks Investment Consultant
The San Diego County pension issued a request for proposal, with submissions due by December 13.
US PRT Market Sees $14B in Volume in Q3
Nearly half of this quarter’s pension risk transfer volume came from IBM’s $6 billion PRT with Prudential, per Legal & General Retirement America.
Ontario DB Plans’ Funding Drops for 1st Time in Nearly 2 Years
The plans’ funded ratio was down two percentage points to 121% in Q3 due to a drop in discount rates.
PBGC Provides Special Financial Assistance to 100th Pension Fund
In the latest grant, $41.5 million will be provided to the ILWU Employers’ - Warehousemen’s Plan.
Kodak Considers Terminating Overfunded Pension Plan
Termination of the plan could net the company as much as $585 million, more than its market cap, though a final decision has not been finalized.
Public Pension Funded Ratios Register 1st Decline Since April
The funded ratio for the 100 largest U.S. public pension plans fell by 160 basis points in October.
US Equities Buoy Canada Pension Plan’s 3.6% Return in Q2
The pension giant’s asset value rose to C$675.1 billion, as of the end of September.
Alberta Names Former Prime Minister Stephen Harper as AIMCo Board Chair
The Alberta government sacked the board and top executives of the fund earlier this month over cost concerns.