Pension

Revised Mercer U.S. Pension Buyout Index Methodology Shows That Costs of Annuity Buyouts Could Be Less Than Accounting Liability

Thursday, September 17, 2020 - 4:41pm

The discovery comes following enhancements introduced by Mercer to its U.S. Pension Buyout Index (the Index).

Key Points: 
  • The discovery comes following enhancements introduced by Mercer to its U.S. Pension Buyout Index (the Index).
  • As of June 30, 2020, the new Index value was 97.7%, indicating that a hypothetical retiree buy-out transaction may cost 97.7% of the plans accounting obligations.
  • The revised methodology is more in line with the experience of the majority of Mercer clients who have executed retiree buy-outs and achieved a transaction price near or often below the accounting liability.
  • As such, we believe that the enhancements to the Mercer U.S. Pension Buyout Index more accurately reflect the economic reality in which we are operating.

Guardian Capital Announces September 2020 Distributions for Guardian Capital ETFs

Thursday, September 17, 2020 - 12:00pm

Guardian Capital LP is the manager and portfolio manager of the Guardian Capital Funds and each of the Guardian ETFs.

Key Points: 
  • Guardian Capital LP is the manager and portfolio manager of the Guardian Capital Funds and each of the Guardian ETFs.
  • Additionally, Guardian Capital manages portfolios for defined benefit and defined contribution pension plans, insurance companies, foundations, endowments and third-party mutual funds.
  • Guardian Capital is a wholly-owned subsidiary of Guardian Capital Group Limited.
  • As of June 30, 2020, Guardian had C$31.2 billion of assets under management and C$20 billion of assets under administration.

TIAA Clients Named 2020 Plan Sponsors of the Year for Commitment to Participant Retirement Success, Sweep Nonprofit Category

Wednesday, September 16, 2020 - 7:36pm

NEW YORK, Sept. 16, 2020 /PRNewswire/ --TIAA, a leading financial services provider, announced today that three clients have been named "2020 Plan Sponsors of the Year" by PLANSPONSOR magazine, sweeping the nonprofit category.

Key Points: 
  • NEW YORK, Sept. 16, 2020 /PRNewswire/ --TIAA, a leading financial services provider, announced today that three clients have been named "2020 Plan Sponsors of the Year" by PLANSPONSOR magazine, sweeping the nonprofit category.
  • PLANSPONSOR's "Plan Sponsor of the Year" is an annual awards program that recognizes retirement plan sponsors that show a commitment to their participants' financial health and retirement success.
  • The University System of Georgia, which includes 26 public institutions across Georgia, was recognized in the Public Defined Contribution category for its Retirement Plans Modernization Project.
  • CobleskillRegional Hospital, a not-for-profit subsidiary of the Bassett Healthcare Network, won the Nonprofit Defined Contribution category for

The PensionInspector™ Announces New "User-Empowered ERISA Industry Plan Performance Report Studies"

Tuesday, September 15, 2020 - 5:00pm

NEW YORK, Sept.15, 2020 /PRNewswire/ -- The PensionInspector, www.pensioninspector.com , the pioneer web service since 2007, announces a new series of user-empowered data studies analyzing ERISA retirement plan multi-year plan performance.

Key Points: 
  • NEW YORK, Sept.15, 2020 /PRNewswire/ -- The PensionInspector, www.pensioninspector.com , the pioneer web service since 2007, announces a new series of user-empowered data studies analyzing ERISA retirement plan multi-year plan performance.
  • The new investigative series discovers key contentfor plan participants, sponsors, ERISA CPA's and pension actuaries, as well as financial advisors, and instantly produces custom performance reports for each plan.
  • PensionInspector premiers a new standard of time-saving historical metric plan performance results for ERISA retirement plans.
  • Form 5500 MultiVision now allows the userfor the first timeto create one-click queries and view and switch simultaneously between multiple plan history performance results or the selected plan's annual Form 5500 report.

A New 401(k) Solution for Small Businesses That Actually Makes Sense: A Low Cost, Easy To Use, And Simple To Manage Retirement Plan From CWM Retirement Plan Services, LLC

Thursday, September 10, 2020 - 3:00pm

WORCESTER, Mass., Sept. 10, 2020 /PRNewswire-PRWeb/ -- CWM Retirement Plan Services, LLC is excited to announce a new retirement plan solution focused on helping small businesses offer an employee benefit that is just that - a benefit.

Key Points: 
  • WORCESTER, Mass., Sept. 10, 2020 /PRNewswire-PRWeb/ -- CWM Retirement Plan Services, LLC is excited to announce a new retirement plan solution focused on helping small businesses offer an employee benefit that is just that - a benefit.
  • "Small businesses should have the opportunity to offer a retirement plan that fits their business needs," said James Couture, President of CWM.
  • This is a new type of retirement plan experience one that actually makes sense for small businesses because it is a low cost, easy to use and simple to manage retirement plan."
  • CWM Retirement Plan Services, LLC supports businesses by supplying accurate, customized, and creative retirement plan administration.

Milliman analysis: Corporate pensions improve by $93 billion in August, second-largest monthly increase in 20 years

Wednesday, September 9, 2020 - 5:30pm

In August, corporate pensions experienced the second-largest monthly funding increase in the past two decades, with a funded status improvement of $93 billion.

Key Points: 
  • In August, corporate pensions experienced the second-largest monthly funding increase in the past two decades, with a funded status improvement of $93 billion.
  • In the 20-year history of the PFI, only July 2003's monthly increase of $203.8 billion was higher.
  • These plans saw a monthly asset gain of 0.94%, which increased the PFI asset value by $11 billion.
  • The information, data, and footnotes do not represent the funded status of the companies' U.S. qualified pension plans under ERISA.

Ubiquity Retirement + Savings® Introduces Paradigm RKS(™)

Wednesday, September 9, 2020 - 2:00pm

Ubiquity Retirement + Savings (Ubiquity), a pioneer in flat-fee small business retirement plans, has announced that its proprietary recordkeeping system Paradigm RKS() (Paradigm) is now available for business process outsourcing (BPO) services to institutional partners seeking to reach the historically underserved micro-plan market.

Key Points: 
  • Ubiquity Retirement + Savings (Ubiquity), a pioneer in flat-fee small business retirement plans, has announced that its proprietary recordkeeping system Paradigm RKS() (Paradigm) is now available for business process outsourcing (BPO) services to institutional partners seeking to reach the historically underserved micro-plan market.
  • Since the launch of Paradigm, the system has processed over $1.7+ billion in retirement plan contributions from small and micro plans.
  • Launched in 2016 by the small business retirement experts at Ubiquity Retirement + Savings, Paradigm RKS() is a future-ready recordkeeping solution for financial institutions looking to service the micro-plan market.
  • Ubiquity Retirement + Savings is a leading financial technology company that sits at the crossroads of HCM, SaaS and robo-recordkeeping.

Cerity Partners' Matthew Gnabasik Authors New Book: 401(k) Best Practices: A Guidebook for Plan Sponsors

Wednesday, September 9, 2020 - 2:00pm

CHICAGO, Sept. 9, 2020 /PRNewswire/ -- Cerity Partners , a national independent financial advisory firm, announced today the release of Partner Matthew Gnabasik's book, 401(k) Best Practices: A Guidebook for Plan Sponsors.

Key Points: 
  • CHICAGO, Sept. 9, 2020 /PRNewswire/ -- Cerity Partners , a national independent financial advisory firm, announced today the release of Partner Matthew Gnabasik's book, 401(k) Best Practices: A Guidebook for Plan Sponsors.
  • This is Gnabasik's second book dedicated to helping plan sponsors and their retirement plan advisors create results-driven retirement plans.
  • "This book pulls together best practices to transform an organization's 401(k) plan into a powerful engine for retirement readiness," said Gnabasik.
  • 401(k) Best Practices: A Guidebook for Plan Sponsorsalso provides plan sponsors with actionable steps they can take to find the right plan advisor for their organization.

Mid Atlantic Trust Company Delivers Managed Models to the 401(k) Marketplace

Tuesday, September 8, 2020 - 2:00pm

BlackRock has made its LifePath target date and risk allocation ETF models available to those advisors with plans and assets custodied at Mid Atlantic Trust Company.

Key Points: 
  • BlackRock has made its LifePath target date and risk allocation ETF models available to those advisors with plans and assets custodied at Mid Atlantic Trust Company.
  • Simultaneously, advisors managing those retirement plans can also incorporate those same models into the high net worth accounts with assets in custody with Mid Atlantic Trust Company.
  • Mid Atlantic Trust Company (MATC) and its affiliated companies serve more than 90,000 retirement plans and trust accounts, representing approximately 14% of all U.S. 401(k) plans.
  • For more information about MATC, or any of the Mid Atlantic Capital Group family of companies, please visit www.macg.com or contact us at 800-693-7800.

Empower Retirement to Acquire Retirement Plan Business of MassMutual

Tuesday, September 8, 2020 - 12:32pm

Empower Retirement and Massachusetts Mutual Life Insurance Company (MassMutual) today announced that they have entered into a definitive agreement for Empower to acquire the MassMutual retirement plan business.

Key Points: 
  • Empower Retirement and Massachusetts Mutual Life Insurance Company (MassMutual) today announced that they have entered into a definitive agreement for Empower to acquire the MassMutual retirement plan business.
  • Based on the terms of the agreement and subject to regulatory approvals, Empower will acquire the retirement plan business of MassMutual in a reinsurance transaction for a ceding commission of $2.35 billion.
  • The MassMutual retirement plan business comprises 26,000 workplace savings plans through which approximately 2.5 million participants have saved $167 billion in assets.1 It also includes approximately 2,000 employees affiliated with MassMutuals retirement plan business who provide a full range of support services for financial professionals, plan sponsors and participants.
  • Headquartered in metro Denver, Empower Retirement administers $667 billion in assets for more than 9.7 million retirement plan participants as of June 30, 2020.