Texas ERS Hacker Gets 8 Years in Prison
Olumide Morakinyo created unauthorized accounts for participants who hadn’t set them up.
Regulation
Taper Timing: Will the Fed Move … in September? December? Next Year?
Wall Street tries to divine when the central bank will start winding down its bond buying.
Massachusetts COVID-19 Pension Bonus Bill a Boondoggle, Groups Warn
Opponents say the bill, which has no cost analysis, is too broad and would cost billions.
Retirement Support Could Be Included in $2 Trillion Infrastructure Bill
House Ways & Means Chairman Neal backs the recommendations of the new Racial Equity Initiative.
PBGC Issues Interim Final Rule on Multiemployer Bailout Plan
The agency’s proposal sets a priority system for distributing $94 billion to severely underfunded pension plans.
SEC, DOJ Charge Hedge Fund Trader in Alleged Front-Running Scheme
Sean Wygovsky is accused of taking in $3.6 million from insider trading at a Canadian asset management firm.
Supreme Court to Hear ERISA Excessive Fee Case
The lawsuit seeks to define what ‘care, skill, prudence, and diligence’ really mean for fiduciaries.
British Steel Pension Adviser Barred for 13 Years
Darren Reynolds advised nearly 300 clients to transfer out of their pensions and into high-risk investments.
New Jersey Ups Pension Contribution 44% Due to Tax Receipt Surge, US Aid
The Garden State’s program has been one of the nation’s most underfunded.
DOJ Lawsuit Could Hurt Aon-Willis Towers Watson’s Chances in Europe
Legal action could influence whether the European Commission approves the $30 billion acquisition.
Sustainable Investment Legislation Re-Introduced in Congress
Dual bills would require fiduciaries to consider ESG factors in investment decision-making.
NY Bill Would Divest Teachers’ Pension from Fossil Fuels
A report says the state teachers’ fund has more than $300 million in coal investments.
Bill Seeks to Provide Plan Sponsors with Legal Cover for ESG Investing
Legislators say employers are hesitant to provide ESG options in 401(k)s over fears of being sued.
Senators Reintroduce Retirement Security & Savings Act
The bill seeks to allow people who have saved too little to set aside more for retirement.
Senators Introduce Bipartisan Bill to Increase Retirement Plan Participation
The Improving Access to Retirement Savings Act is intended to open MEPs to 403(b) plans and more small businesses.