NJ Senate President ‘Will Shut Down Government’ over Pension Reform Threat
State Senate President Stephen Sweeney has entered a war of words with Governor Chris Christie over reforms to the New Jersey pension system.
Regulation
Indiana Hunts for Outsourced Annuity Provider, Despite Bill to Block It
The public pension's plan for a major risk transfer deal is moving ahead, but so is emergency legislation to derail it.
SEC Finds Illegal Trading by Legg Mason Asset Management Arm
Western Asset Management had purchased prohibited securities that resulted in significant losses to employee benefit plans, according to the SEC.
Michigan Governor Offers a Helping Hand to Detroit Pensions
The bankrupt
city may receive a generous contribution of $350 million from its home state, in
addition to the privately raised $330 million.
Libya SWF Sues Goldman Sachs
The investment bank is being taken to task over selling poorly performing structured products.
Citi v Abu Dhabi – Will it Ever End?
The dogfight over the mid-crisis bailout has entered its sixth year.
Fines Threat for Dutch Pension Funds
The Dutch regulator has told pension funds to provide detailed costings or face a €1 million fine.
North Carolina Pension Faces Forensic Investigation
An independent
firm has been hired to examine the $83 billion fund, including potential
violations of securities laws, corruption, and lack of transparency.
PBGC Premium Increases and the Death of DB Plans
Bob Collie, Russell Investments’ chief research strategist, has said the considerable rise in costs and the Bipartisan Budget Act’s political agendas could destroy corporate DB plans.
Embattled Rhode Island Pension Reformer Running for Governor
Gina Raimondo, the state treasurer whose pension overhaul drew criticism from unions, Rolling Stone, Forbes, and elsewhere, will be pursuing a higher office.
Japanese Madoff Jailed in $240M Fraud Case
A Japanese investment manager has been handed a jail term for Christmas after defrauding pension funds of $240 million.
Hope for a Pension Deal in Illinois (Finally)
A new proposal would save the state pension system an estimated $160 billion or more over 30 years.
SEI Investments Fined for Client Money Failings
The UK’s financial regulator has issued a £900,200 fine to the asset and fiduciary manager.
SEI: Fears Overblown about Mark-to-Market Accounting
A study
found the shift from GAAP to mark-to-market accounting practices has no significant
effect on corporate finances and stakeholders’ functions.
TABB Warns Regulators Further Dark Pool Rules Risk Hurting Investors
Proposed regulatory reforms should encourage transparency, but not at the expense of investor choice, the research firm has argued.