Pension

Federal Court Certifies Class Action Alleging that Veterans Affairs Canada Underpaid Disability Benefits

Friday, July 30, 2021 - 7:18pm

TORONTO, July 30, 2021 /CNW/ -The Federal Court has certified a class action alleging that Veterans Affairs Canada miscalculated benefit adjustment rates, resulting in underpayments to class members.

Key Points: 
  • TORONTO, July 30, 2021 /CNW/ -The Federal Court has certified a class action alleging that Veterans Affairs Canada miscalculated benefit adjustment rates, resulting in underpayments to class members.
  • In 2018, Veterans Affairs Canada issued a statement in response to a discrepancy in the calculation of disability pension adjustment rates.
  • However, the class action alleges that further amounts are owing to class members, including those flowing from other alleged miscalculations.
  • For more informationabout this class action, including a list of the specific benefits at issue, please see www.vetspensionerror.ca

Canadian DB pension plans post positive first half: RBC Investor & Treasury Services

Thursday, July 29, 2021 - 2:01pm

TORONTO, July 29, 2021 /CNW/ -According to the RBC Investor & Treasury Services All Plan Universe, Canadian DB pension plans returned 4.4% in Q2 2021, up 3.5% over the first half of the year.

Key Points: 
  • TORONTO, July 29, 2021 /CNW/ -According to the RBC Investor & Treasury Services All Plan Universe, Canadian DB pension plans returned 4.4% in Q2 2021, up 3.5% over the first half of the year.
  • "Canadian pension plans have generated an impressive 22.6% cumulative return on their assets since the violent sell-off in Q1 2020.
  • Meanwhile, Canadian DB plans' foreign equities returned 5.2% in Q2 2021, with growth stocks outperforming value stocks, a reversal from what took place over the previous two quarters.
  • Fixed income returns were positive for Canadian DB plans, returning 3.0% in Q2, but were down -5.0% year-to-date.

Microbion Corporation Appoints Robert A. Gillam as Chairman of Microbion's Board of Directors

Thursday, July 29, 2021 - 1:00pm

BOZEMAN, Mont.and VANCOUVER, BC, July 29, 2021 /PRNewswire/ --Microbion Corporation of Bozeman, MT, today announced that Mr. Robert A. Gillam, CFA, will be joining Microbion's Board of Directors as Chairman, replacing Mr. Karim Lalji in the Board Chairman role effective immediately.

Key Points: 
  • BOZEMAN, Mont.and VANCOUVER, BC, July 29, 2021 /PRNewswire/ --Microbion Corporation of Bozeman, MT, today announced that Mr. Robert A. Gillam, CFA, will be joining Microbion's Board of Directors as Chairman, replacing Mr. Karim Lalji in the Board Chairman role effective immediately.
  • Mr. Gillam has been with the firm since 1994 in roles including sales, portfolio manager, and head of international investments.
  • Mr. Gillam is an Advisory Board Member of the Jacobs Levy Equity Management Center for Quantitative Financial Research at the Wharton School.
  • "I look forward to contributing my experience in international capital markets and growth strategy to Microbion's Board," said Rob Gillam, Microbion's Chairman of the Board.

Capstone Development Partners and Harrison Street Awarded Best Public-Private Partnership Development for Woodlawn Residential and Dining Commons at University of Chicago

Thursday, July 29, 2021 - 12:00pm

Woodlawn Residential and Dining Commons provides 1,300 UChicago students and staff with an on-campus home in an engaging, enriching community, offering 19,500 sq.

Key Points: 
  • Woodlawn Residential and Dining Commons provides 1,300 UChicago students and staff with an on-campus home in an engaging, enriching community, offering 19,500 sq.
  • Woodlawn Residential and Dining Commons was completed in June 2020 and opened for the 2020-2021 academic year.
  • Woodlawn Commons was developed by Capstone in a P3 collaboration with the University of Chicago and was financed with 100% equity through Capstone's P3+ financing program with Harrison Street.
  • Capstone also received its fourth Best Public-Private Partnership Development award in 2019 for its New Residence Hall and Dining Commons at University of Massachusetts Boston.

After pandemic, a more disciplined approach to retirement, new Voya data finds

Wednesday, July 28, 2021 - 2:00pm

Finding that retirement remains a priority amid this uncertainty provides a promising outlook, and that is good news.

Key Points: 
  • Finding that retirement remains a priority amid this uncertainty provides a promising outlook, and that is good news.
  • Internal Voya retirement plan participant data as of June 30, 2021.
  • Follow Voya Financial on Facebook , LinkedIn and Twitter @Voya .
  • The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).

Milliman analysis: Competitive pricing rate for pension risk transfer costs increases to 100.0% in June

Friday, July 23, 2021 - 5:31pm

SEATTLE, July 23, 2021 /PRNewswire/ --Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).

Key Points: 
  • SEATTLE, July 23, 2021 /PRNewswire/ --Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).
  • As the Pension Risk Transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer.
  • During June, the average estimated cost to transfer retiree pension risk to an insurer rose, from 102.0% of a plan's total liabilities to 102.4% of those liabilities.
  • Meanwhile annuity purchase costs reflecting competition amongst insurers also increased, from 99.7% in May to 100.0% in June.

Northern Trust Pension Universe Data: Rising Equity Markets Lift Canadian Pension Plan Q2 Returns

Thursday, July 22, 2021 - 4:18pm

Canadian Pension Plan investment returns advanced during the second quarter, as global equities overcame inflationary fears and continued an upward trend, according to the Northern Trust Canada Universe.

Key Points: 
  • Canadian Pension Plan investment returns advanced during the second quarter, as global equities overcame inflationary fears and continued an upward trend, according to the Northern Trust Canada Universe.
  • The median Canadian Pension Plan returned 4.1% for the quarter, a reflection of positive equity markets and a healthy economic climate.
  • The Northern Trust Canada universe tracks the performance of Canadian institutional investment plans that subscribe to performance measurement services as part of Northern Trusts asset service offerings.
  • Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S.

Since the Start of the Pandemic, Plan Sponsors Are Increasingly Focused on Ways to Support Employees; Heightened Demand for Advisor Expertise, According to Fidelity®

Thursday, July 22, 2021 - 1:11pm

Although advisor satisfaction (73%) and value (69%) remained high in 2020, advisor value perception was down 10% year-over-year among smaller plans.

Key Points: 
  • Although advisor satisfaction (73%) and value (69%) remained high in 2020, advisor value perception was down 10% year-over-year among smaller plans.
  • The scope of guidance and expertise that plan sponsors expect from their advisors continues to expand.
  • Plan sponsors and plan advisors continue to look at programs beyond the retirement plan recognizing the importance of these benefits for employees.
  • Though the survey is broad in scope the experience of the plan sponsors participating in the survey may not be representative of all plan sponsors.

Envestnet Selected as Investment Manager for Sallus Retirement's Pooled Employer Plan

Thursday, July 22, 2021 - 1:38pm

CHICAGO, July 22, 2021 /PRNewswire/ -- Envestnet Retirement Solutions, a subsidiary of Envestnet, Inc. (NYSE: ENV), announces that it has been chosen by Sallus Retirement LLC (Sallus Retirement) to serve as investment manager for the Sallus Retirement's pooled employer 401(k) plan for small business owners and the financial advisors that service them.

Key Points: 
  • CHICAGO, July 22, 2021 /PRNewswire/ -- Envestnet Retirement Solutions, a subsidiary of Envestnet, Inc. (NYSE: ENV), announces that it has been chosen by Sallus Retirement LLC (Sallus Retirement) to serve as investment manager for the Sallus Retirement's pooled employer 401(k) plan for small business owners and the financial advisors that service them.
  • Sallus Retirement, built in response to the 60 million American workers who today are without a workplace retirement plan, is one of the first fully independent and bespoke pooled plan provider solutions in the market.
  • Envestnet will leverage its retirement plan experience in asset allocation, portfolio construction, and manager research to manage the fund portfolios in Sallus Retirement's PEP 401(k) plan.
  • "We continue to expand the asset management and fiduciary capabilities available through the Envestnet financial wellness ecosystem," said Dana D'Auria, CFA, Co-Chief Investment Officer of Envestnet.

Empower Retirement to Acquire Full-Service Retirement Business of Prudential Financial, Inc.

Wednesday, July 21, 2021 - 12:01pm

Empower Retirement and Prudential Financial, Inc. (NYSE: PRU) today announced they have entered into a definitive agreement for Empower to acquire Prudentials full-service retirement business.

Key Points: 
  • Empower Retirement and Prudential Financial, Inc. (NYSE: PRU) today announced they have entered into a definitive agreement for Empower to acquire Prudentials full-service retirement business.
  • Subject to regulatory approvals, Empower will acquire Prudentials full-service retirement plan recordkeeping and administration business for a total transaction value of $3.55 billion [1] .
  • At closing, Empower will acquire Prudentials defined contribution, defined benefit, non-qualified and rollover IRA business in addition to its stable value and separate account investment products and platforms.
  • Empower expects the acquisition to benefit retirement plan participants by combining two client-focused businesses with deep retirement expertise on a single state-of-the-art technology platform.