Indiana Roofers Pension Applies to Treasury for Benefits Cuts
Trustees of Roofers Local No. 88 propose a 10% reduction in benefits across the board.
Pensions
US Public Pensions’ Funded Ratio Soars to Record in Q4
The number of plans with funded levels above 90% nearly doubled during the final quarter of 2020.
Democrats Introduce Bill to Protect Pensions, Expand PGBC’s Power
Proposed legislation would create PBGC partition program and end ability to seek benefits cuts under MPRA.
Vermont Treasurer Calls for Pension Cuts for State Employees, Teachers
Workers would take on up to 78% of the increase in liabilities and 88% of the contribution increases.
General Electric Proposes Freezing UK Pension Plans
Move would affect 2,800 employees in two defined benefit plans starting in 2022.
Outlook Improves for Multiemployer Reform in 2021, 2022
Democratic control of Congress could help break the deadlock over passing legislation to protect pensions and the PBGC.
NYC Comptroller Calls for SEC to Investigate Tyson
The Empire State’s pension system is mounting investor pressure against the poultry giant, which has been criticized for its pandemic safety practices in its plants.
Illinois Lawmakers Pass Firefighter Pension Bill Upping Benefits
The move would add $18 million in extra inflation-adjustment benefits for its first year, expanding the liability for the poorly funded plan.
US Corporate Pensions Funding Drops in 2020 Despite Robust Returns
Aggregate investment return of 11.72% wasn’t enough to counter falling interest rates.
Blackstone Poaches Brown’s Joe Dowling
Chair of university’s investment office tapped to co-lead firm’s $78 billion alternative asset unit.
Musicians Pension Fund Reapplies for Benefits Cuts
Previous application to Treasury Department had been rejected over mortality, new entrant rate assumptions.
National Pension Service of Korea Wagers Offices, Hotels Will Recover
The world’s third largest pension fund placed a $1 billion bet on public global real estate with asset manager Russell Investments.
Ontario Teachers’, Ares Buy Packaging Company
The investors will take a majority stake in TricorBraun after it reported ‘record sales’ in 2020.
Strong Investment Gains Fail to Boost US Corporate Pensions in 2020
Despite returns of nearly 13%, US corporate plans’ funded level remained flat for the year, thanks to falling rates, Willis says.
PBGC Approves Merger to Aid Struggling Multiemployer Plan
The settlement is intended to help protect 50,000 Giant, Safeway employees and retirees in the Washington, D.C., area.