Cleveland Iron Workers Vote to Cut Their Pensions

For the first time under the Multiemployer Pension Reform Act, pension fund members have voted to cut their own pension benefits in order to maintain the solvency of the fund. The Iron Workers Local 17 pension fund was the first to have its benefit cut proposal approved by the Treasury back in December; other pension funds have submitted proposals for ...

Lessons From The Harvard Management Co.

The Harvard Management Co. announced this week that it’ll be sending half its employees home for good and outsourcing most of its money management. It’s a big change for an endowment that for many years was the best money manager in the business; but since 2005, the fund’s fortunes have changed. HMC lost money in FY2016, returning ...

CalSTRS Will Consider Lowering Discount Rate

Trustees for the California State Teachers’ Retirement System next month will discuss whether to lower the pension fund’s assumed rate of return from 7.5 percent to 7.25 percent. CalSTRS’ current rate is right at the nationwide median; but many public plans — including CalPERS — are continuing to lower their assumptions. More ...

More DB Plans Could Shutter in 2017: Consultant

Rising interest rates and a potentially shrinking corporate income tax could lead to a higher percentage of companies closing their defined-benefit plans in 2017, according to Willis Towers Watson. From Employee Benefits Advisor: Michael Archer, leader of the Client Solutions Group at Willis Towers Watson’s North American retirement practice, says ...

“1 or 30″ Fee Structure Gains Steam in Asia

Last month, hedge fund Albourne Partners revealed in a white paper a new fee structure it had been working on with the Texas Teachers’ pension fund. It’s unclear how the “1 or 30″ structure will catch on in the U.S.; but it’s already gaining steam in Asia. Institutional Investor explains the structure: 1 or 30 is designed ...

Willis Towers Watson Will Ask Fund Managers For Gender Data

A Willis Towers Watson official last week indicated the consulting giant will soon require asset managers to provide data on the gender composition of their employees. There have been numerous studies in recent years that indicate gender diversity is linked to better financial performance. From IPE: Willis Towers Watson will require fund managers to ...
NCPERS 2016 Public Retirement Systems Study

Public Pensions Pushed Fees Lower, Improved Funding in 2016: Report

Public pension funds achieved lower investment and administrative expenses in 2016, according to an NCPERS study of 159 public funds. The funds decreased their fees by only 4 basis points; but this trend was coupled with another year of improved funding ratios. From the study: Responding funds report the total cost of administering their funds and ...

U.S. Supreme Court Will Consider Reviving CalPERS’ Suit Against Lehman

The U.S. Supreme Court said Friday it will review an appeal by CalPERS that seeks to revive a lawsuit brought by the pension fund against Lehman Brothers. CalPERS lost $300 million when the bank went bankrupt, and has only recovered about $118 million from other lawsuits. Details from SFGate: [CalPERS’] suit against other underwriters and financial ...

South Korea Pension Chief Indicted for Perjury, Abuse of Power Over Samsung Merger

A month after his arrest, the head of Korea’s National Pension Service was indicted by prosecutors on Monday. Moon Hyung-pyo was indicted on charges of perjury and abuse of authority. The charges are the result of an ongoing investigation into whether Mr. Moon illegally pushed the pension fund’s board to vote in favor of a merger of two ...

Plan By Kansas Gov. Brownback Would Delay Pension Contributions

Kansas Gov. Sam Brownback budget proposal would achieve short-term savings by decelerating the state’s pension payment schedule, pushing full funding back by 10 years and raising long-term costs by $6 billion, according to retirement system officials. The budget would also cancel the repayment of $97 million that lawmakers shifted out of the pension ...
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