As expected, a plan of adjustment was filed in the Detroit bankruptcy case awaiting approval by Judge Steven Rhodes. The plan, which suggests a 80% haircut for creditors and 50% for pensioners, is... Read More
Advertisement
Technical competence
BY Fred Barstein | 2/24/2014
Speaking at a PLI-sponsored "SEC Speaks" meeting in Washington Feb. 21, SEC Chair Mary Jo White stated that she will intensify the consideration of the rule and push commissioners to make a decision... Read More
BY Fred Barstein | 2/18/2014
According to the Texas-based consulting firm Roland/Criss, it’s not surprising that the demand for outsourcing fiduciary duties by plan sponsors is high. The questions are whether the proposed vendor... Read More
BY Fred Barstein | 2/14/2014
Speaking at a Feb. 7 ABA meeting in New Orleans, Phyllis Borzi, head of the DOL’s Employee Benefits Security Administration, described her agency’s new “Prohibited Persons Project” pilot program. The... Read More
BY John Iekel | 2/6/2014
Municipal bankruptcies like Detroit’s bring into sharp relief the effect such financial strains can have on pensions, as well as the effect of what local and state governments do. But there is good... Read More
BY Craig Hoffman | 2/1/2014
On a semi-annual basis, the Department of Labor publishes a work plan for the guidance they intend to issue in the coming months. The plan is just that, a “plan.” There are no guarantees that the... Read More
BY Fred Barstein | 1/31/2014
Touting President Obama’s “MyRA” program, Labor Secretary Jacob Lew expanded on the proposal in a Jan. 30 letter. The new program is being created for low and middle income workers who do not have... Read More
BY Fred Barstein | 1/30/2014
Earlier this week, just before Illinois Gov. Pat Quinn was set to deliver his State of the State address, 25 of the state’s major unions filed a lawsuit challenging the state’s attempt to reduce... Read More
BY Fred Barstein | 1/29/2014
Michael Piwowar, the SEC’s newest commissioner, expressed concerns Jan. 27 that the agency’s rulemaking on the uniform fiduciary rule could cause confusion. Piwowar advocated instead for more... Read More
BY Fred Barstein | 1/23/2014
In a surprise to some experts, including Drinker Biddle’s Brad Campbell, the DOL has indicated that brokerage windows are on the docket for 2014. According to a report in Investment News, the DOL is... Read More
BY John Iekel | 1/23/2014
“I’m a fiduciary? What does that mean?” Strange as it may seem, there are plenty of plan sponsors who ask that question — more than half of them, in fact, according to Unified Trust Company CEO Dr.... Read More
BY Fred Barstein | 1/17/2014
According to the New York Times, Detroit Bankruptcy Judge Steven Rhodes rejected a $165 million settlement plan in which Bank of America and UBS would pay off an interest rate swap contract that went... Read More
BY Fred Barstein | 1/16/2014
With the SEC likely to receive a fraction of the increased funding it had requested (according to the proposed Congressional budget for FY 2014), the agency is looking to employ streamlined... Read More
BY John Iekel | 1/14/2014
Plan participants’ access to investment education and advice should not be the price of protecting them from unfair and deceptive practices. The New Democrat Coalition, a group of Democrats in the U.... Read More
BY John Iekel | 1/10/2014
What do DB benefit plans, DC plans and 403(b) annuity arrangements have in common? Yes, there’s the obvious. But also, they all are retirement plans that must file the dreaded and onerous Form 5500.... Read More
BY Fred Barstein | 1/9/2014
As pension funding improves, the Washington Post’s Michael Fletcher notes that more companies will offload some or all of their liabilities, through either lump sum payouts to workers or transferring... Read More
BY Fred Barstein | 1/8/2014
According to a Reuters report, plans by Detroit’s Emergency Manager Kevin Orr to freeze the city’s pension plan and halt payments into the plan have been delayed to allow for the mediation process to... Read More
BY John Iekel | 1/6/2014
A new year is underway. What does it portend for retirement plans? And what should a fiduciary do? Two recent posts offer some answers. The Crystal Ball Experts recently shared their visions for 2014... Read More
BY John Iekel | 1/2/2014
The most serious and high-profile municipal bankruptcy of 2013 was Detroit’s. The city’s financial crisis has had many ramifications, including how the city will — or even can — handle its pension... Read More
BY John Ortman | 12/30/2013
This has proved to be a record-breaking year for pension risk transactions in the U.K., a development that some experts are viewing as the beginning of a trend. Spurred by three companies that... Read More
BY Fred Barstein | 12/27/2013
While the DOL has not yet required plan fiduciaries to get formal training, it seems to be leaning strongly in that direction, according to the law firm of Bryan Cave. It certainly does make sense to... Read More
BY Fred Barstein | 12/27/2013
Even though the voters of San Jose passed a referendum last June to allow the city to cut city workers’ pensions and health benefits, Santa Clara Superior Court Judge Patricia Lucas ruled that the... Read More
BY John Iekel | 12/20/2013
The way public sector DB plans invest their funds underscores the importance of diversification and the value of global investments, a recent study by T. Rowe Price found. The study, “Expanding the... Read More
BY Fred Barstein | 12/17/2013
Bankruptcy court judge Steven Rhodes will allow pension funds opposing the Detroit bankruptcy to appeal directly to the U.S. Court of Appeals, bypassing the U.S. District Court. The pension funds... Read More
BY Fred Barstein | 12/13/2013
Just as some high-profile public pensions struggle to meet their obligations, more and more private DB plans are expected to offload some of their risk to insurance providers and money managers. As... Read More
Recent Comments