US Public Pensions’ Funded Ratio Declines More Than 2% in 2020
Despite funded levels falling to 70.7%, the 100 largest public plans have ‘shown great resiliency’ in the face of the pandemic.
Risk
Pension Fund Sues Cigna over Failed Anthem Merger
Lawsuit alleges Cigna’s CEO tried to sabotage the $54 billion merger when he found out he wouldn’t lead the new company.
If You Think the Dollar Has Lost Value Now—Just Wait
The buck, off almost 5% in 2020, could dive another 20%, Citigroup warns.
Why It’s Time to Make a Standalone China Allocation, Willis Says
Investors tend to invest there only as part of an emerging market strategy, which dilutes the potential return, the consulting firm concludes.
Northern Trust Sued for Allegedly Loading 401(K) with Proprietary Duds
Lawsuit claims default retirement plan investments have underperformed up to 90% of peers for nearly a decade.
Supreme Court Denies Bondholders’ Claim on Puerto Rico’s Pension Plan
Investors argued that they should get some of the government contributions to the insolvent retirement program.
Laid-Off Ford Managers Set Back on Bid for Higher Pension Payouts
Federal judge rules that they must use arbitration, instead of the courts, to seek redress.
TPR Warns Trustees to Prepare for Plan Sponsor Distress
Regulator says trustees must act quickly to protect savers if they spot warning signs of an employer’s financial difficulties.
Think You’ve Got the Risk-Return Mix Down? Guess Again
Many institutional investors trip on undetected hazards, Northern Trust study says.
COVID-19 Has Shaken Up Vast Majority of Plan Sponsors
But the pandemic has not slowed down pension buyout activity.
UK Pension Cleared to Sue Apple over Alleged Misleading China Comments
Judge says it ‘strains credulity’ that CEO Tim Cook was unaware of potential impact of trade tensions on iPhone sales in China.
Mississippi Pension Sues Portland General Electric over Energy Trading Losses
Lawsuit alleges ‘false and misleading’ statements by the company, its CEO, and its CFO ‘wiped out’ over $300 million in market value.
Australian Pension Fund Settles Climate Change Lawsuit
Mark McVeigh calls the settlement with Rest pension fund a ‘ground-breaking recognition’ of risks posed by climate change.
Judge Rules Sterne Agee Analyst Complicit in NY Pension Pay-to-Play Scheme
John Paulsen planned ski trip for New York state pension fund fixed-income director in exchange for business directed to firm.
Slow Jobs Recovery to Impact Some State Credit Ratings
Hawaii recently saw a Fitch downgrade to AA, thanks to continued employment losses in the leisure sector.