Senators Urge Pelosi to Include Pension Fix in Next Stimulus Package
However, Senate Majority Leader Mitch McConnell has objected to providing funds to fix pension issues.
Regulation
New York AG Investigates St. Clare’s Pension Fund Fiasco
Nearly 1,100 retirees lost their pensions or had them reduced last year.
Bloomberg Fined $5 Million by SEC for Brokerage Practices
The company’s subsidiary, Bloomberg Tradebook, allegedly transferred low-commission client orders to unaffiliated broker dealers.
Former PBGC Official Pleads Guilty to Bribery Conspiracy
Jeffrey Donahue could face 15 years in prison for conspiracy to bribe a public official.
Denver Retirees Ordered to Return $11 Million in Benefits
A local investigation found overpayments ranging from $3,000 to $3 million to be recouped.
Judge Dismisses Trader Joe’s ERISA Lawsuit
Court ruling shoots down five allegations of breach of fiduciary duty.
COVID-19 Layoffs Can Mean PBGC Reporting Obligations
PBGC monitors workforce reductions, so plan sponsors must be vigilant.
Athene Fined $45 Million for Unlicensed Pension Risk Transfers
New York regulator said the firm illegally entered into 14 risk transfer deals.
UN Proposes $2.5 Trillion Coronavirus Package for Developing Countries
COVID-19 economic shock to developing nations even more dramatic than 2008 financial crisis.
Musicians Pension Settles Lawsuit Over ‘Risky’ Investments
Trustees accused of acting like ‘drunken gamblers’ pay nearly $27 million, deny wrongdoing.
Alaska Spending Blueprint Drops Residents’ Oil Dividend by 38%, Gives No Direct Virus Aid
Base cause: The state’s sovereign wealth fund dropped 10% last month, as oil prices plummeted in the coronavirus crash.
A Quick Rundown of Retirement-Related Provisions in the Federal Government’s Stimulus Package
The $2.2 trillion legislation included a comprehensive suite of actions related to the governance and support of the country’s retirement funds.
SEC Relaxes Reporting Regulations Due to Coronavirus
Investment advisers, funds, and public companies are granted 45-day extensions for certain reports.
Jury Finds Connecticut Investment Firm Defrauded its Clients
Westport Capital and owner Christopher McClure bilked clients with hidden fees to enrich themselves.
Relief Measures: American Retirement Association Wants to Squeeze Pension Relief into Third Coronavirus Aid Bill
Ongoing effects of the global virus prompt the ARA to look for ways to assist pension recipients in need.