Pension Benefit Guaranty Corporation

Corporate Employers Accused of Increasing Risk Of Pension Shortfalls in Violation of Employee Retirement Income Security Act of 1974 (“ERISA”) (Brower Piven Release)

Retrieved on: 
星期四, 五月 30, 2024
Armstrong World Industries, ERISA, Bristol Myers Squibb, BMY, AT&T, LMT, General Electric, AWI, Pension Benefit Guaranty Corporation, AA, Lockheed Martin

As these lawsuits allege, ERISA imposes strict fiduciary standards of conduct on employee pension plans, requiring fiduciaries to act with both prudence and loyalty and solely in the interest of employees who participate in the plan.

Key Points: 
  • As these lawsuits allege, ERISA imposes strict fiduciary standards of conduct on employee pension plans, requiring fiduciaries to act with both prudence and loyalty and solely in the interest of employees who participate in the plan.
  • The lawsuits allege that because of the transactions, plan participants and beneficiaries no longer enjoy certain benefits, including protection provided by the federally chartered Pension Benefit Guaranty Corporation.
  • According to the lawsuits, the transactions have also harmed plan participants and beneficiaries by degrading the value of their pension benefits because of Athene’s investment strategies that the lawsuits allege to be risky.
  • The lawsuits also allege that the companies profited from their decision to offload pension obligations to Athene.

Corporate Employers Accused of Increasing Risk Of Pension Shortfalls in Violation of Employee Retirement Income Security Act of 1974 (“ERISA”) (Brower Piven Release)

Retrieved on: 
星期四, 五月 23, 2024
Armstrong World Industries, ERISA, Bristol Myers Squibb, BMY, AT&T, LMT, General Electric, AWI, Pension Benefit Guaranty Corporation, AA, Lockheed Martin

As these lawsuits allege, ERISA imposes strict fiduciary standards of conduct on employee pension plans, requiring fiduciaries to act with both prudence and loyalty and solely in the interest of employees who participate in the plan.

Key Points: 
  • As these lawsuits allege, ERISA imposes strict fiduciary standards of conduct on employee pension plans, requiring fiduciaries to act with both prudence and loyalty and solely in the interest of employees who participate in the plan.
  • The lawsuits allege that because of the transactions, plan participants and beneficiaries no longer enjoy certain benefits, including protection provided by the federally chartered Pension Benefit Guaranty Corporation.
  • According to the lawsuits, the transactions have also harmed plan participants and beneficiaries by degrading the value of their pension benefits because of Athene’s investment strategies that the lawsuits allege to be risky.
  • The lawsuits also allege that the companies profited from their decision to offload pension obligations to Athene.

National Institute on Retirement Security Submits Research Issue Brief to U.S. Senate HELP Committee with Policy Options for Boosting Private-Sector Pension Coverage

Retrieved on: 
星期三, 五月 8, 2024
Congress, Retirement, HELP, Education, NIRS, Private, Policy, Research, Pension Benefit Guaranty Corporation, Senate, Labour, PBGC, Committee, Multimedia, Milliman, Private sector, Longevity, DB, Life insurance

WASHINGTON, D.C., May 8, 2024 /PRNewswire/ -- In response to a request for information issued by the U.S. Senate Health, Education, Labor, and Pensions (HELP) Committee, the National Institute on Retirement Security (NIRS) today submitted a research issue brief with six policy recommendations to help expand defined benefit (DB) pension coverage for private-sector employees.

Key Points: 
  • Register for a webinar today, Wednesday, May 8, 2024, at 2:00 PM ET for a review of the research with the report authors.
  • First, private-sector pension plans should provide an avenue for retirement adequacy for the large majority of Americans lacking pensions regardless of their demographic profile and income.
  • Earlier this year, Doonan testified before the Senate HELP Committee about the scope of the retirement savings shortfall.
  • He said the move away from pensions is a major culprit in the nation's retirement crisis and serious policy discussions about rebuilding retirement security must include increasing pension coverage.

Ellis George Welcomes Distinguished Litigator Michael Lawson to the Firm

Retrieved on: 
星期五, 三月 29, 2024
Organization, Government, Pension Benefit Guaranty Corporation, ERISA, California State University, Business, United, Trustee, Left–right political spectrum, Permanent, United Nations, Lawyer, Chambers and Partners, Council, Airport, Partner, International Civil Aviation Organization, Los Angeles World Airports, Airline

LOS ANGELES, March 29, 2024 /PRNewswire/ -- Ellis George is proud to announce that Michael Lawson, a litigator with over three decades of experience and dedicated civil rights advocate, has joined the firm as Partner in its Los Angeles office.

Key Points: 
  • LOS ANGELES, March 29, 2024 /PRNewswire/ -- Ellis George is proud to announce that Michael Lawson, a litigator with over three decades of experience and dedicated civil rights advocate, has joined the firm as Partner in its Los Angeles office.
  • "Michael is a true legend of the bar, and his arrival at Ellis George shows that the Firm is able to attract the most talented and accomplished lawyers in the practice of law," said Name Partner Dennis S. Ellis.
  • We are grateful to have him help us lead the next generation of exceptional attorneys we are proud to be developing here."
  • Michael was named President and CEO of the Los Angeles Urban League, where he served for six years.

Academy Calls Attention to Need for Improving PBGC Single-Employer Premium-Setting Process

Retrieved on: 
星期二, 三月 5, 2024
PBGC, Public policy, Professional, Multimedia, Pension Benefit Guaranty Corporation, Risk, Create, Congress, American Academy, Insurance

WASHINGTON, March 5, 2024 /PRNewswire/ -- A new public policy issue brief from the American Academy of Actuaries calls attention to adverse consequences of the current premium structure of the Pension Benefit Guaranty Corporation's (PBGC) single-employer insurance program and possible approaches to addressing them.

Key Points: 
  • The issue brief details how the current fixed and variable rate components together may:
    Contribute to employer decisions not to sponsor pension plans.
  • Create strong incentives for employers to i) discontinue coverage of participants with small benefits, and ii) refrain from plan coverage expansion.
  • Congress could also address aspects of the current congressional budget scoring process that drive higher premiums.
  • The American Academy of Actuaries is a 20,000-member professional association whose mission is to serve the public and the U.S. actuarial profession.

New Academy Issue Brief Provides Useful Overview of ERISA-Exempt Church-Sponsored Retirement Plans

Retrieved on: 
星期三, 一月 24, 2024
ERISA, Professional, Multimedia, Insurance, American Academy, Risk, Pension Benefit Guaranty Corporation, Health insurance

WASHINGTON, Jan. 24, 2024 /PRNewswire/ -- A new issue brief from the American Academy of Actuaries provides an overview of retirement plans sponsored by churches and church-related organizations, in an effort to help plan participants, public policymakers, and other stakeholders better understand these plans' practices and their implications.

Key Points: 
  • WASHINGTON, Jan. 24, 2024 /PRNewswire/ -- A new issue brief from the American Academy of Actuaries provides an overview of retirement plans sponsored by churches and church-related organizations, in an effort to help plan participants, public policymakers, and other stakeholders better understand these plans' practices and their implications.
  • "Because of their exemption from the Employee Retirement Income Security Act of 1974 (ERISA), church-sponsored plans and plans of church-affiliated hospitals generally have more flexibility than other private pension plans regarding important practices, such as how benefit funding, stability, and security can be managed," said Academy Senior Pension Fellow Linda K. Stone.
  • While many church-sponsored and -affiliated retirement plans follow practices similar to those required by ERISA, their practices and plan provisions vary considerably, explains the issue brief developed by the Academy's Pension Committee, Church-Sponsored Retirement Plans—Overview and Considerations.
  • The American Academy of Actuaries is a 20,000-member professional association whose mission is to serve the public and the U.S. actuarial profession.

Pension Benefit Guaranty Corporation Renews Comprehensive Risk Management Services Contract with CISO Global

Retrieved on: 
星期三, 十一月 29, 2023
PBGC, Strategy, GRC, Information system, Pension Benefit Guaranty Corporation, Retirement, OBA, CISO, Translation, Risk, Risk management

SCOTTSDALE, Ariz., Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Pension Benefit Guaranty Corporation (PBGC), a federal agency tasked with protecting the retirement security of more than 33 million Americans in single-employer and multiemployer pension plans, has renewed its PBGC Office of Benefits Administration (OBA) Information Systems Security Risk Management Services contract with leading managed cybersecurity and compliance provider CISO Global’s (NASDAQCM: CISO) wholly owned subsidiary TalaTek .

Key Points: 
  • SCOTTSDALE, Ariz., Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Pension Benefit Guaranty Corporation (PBGC), a federal agency tasked with protecting the retirement security of more than 33 million Americans in single-employer and multiemployer pension plans, has renewed its PBGC Office of Benefits Administration (OBA) Information Systems Security Risk Management Services contract with leading managed cybersecurity and compliance provider CISO Global’s (NASDAQCM: CISO) wholly owned subsidiary TalaTek .
  • “As a long-time PBGC partner, we look forward to continuing to help the agency protect its mission-critical operations and strengthen its data security,” said Baan Alsinawi, managing director of Strategy & Risk, CISO Global, and founder of TalaTek.
  • “In today’s cyber risk environment, it is imperative that federal agencies continuously assess their enterprise environments based on a holistic approach to risk management.
  • TiGRIS is designed to automate and simplify the GRC process by translating compliance data into intuitive, quantitative risk metrics.

Majority of Plan Sponsors With De-Risking Goals Looking to Completely Divest Their Company’s Pension Liabilities in the Near Future, New MetLife Poll Finds

Retrieved on: 
星期二, 十月 3, 2023
Finance, Consulting, Professional Services, Insurance, Human Resources, Transfer, Pension Benefit Guaranty Corporation, Growth, PBGC, MetLife, Pension, Environment, Attention, Poll, Risk management, Financial services, DB

Nine in ten companies (89%) plan to completely divest all of their defined benefit (DB) pension plan liabilities and, among those plan sponsors who intend to fully divest their liabilities, they are likely to do so in an average of 4.1 years.

Key Points: 
  • Nine in ten companies (89%) plan to completely divest all of their defined benefit (DB) pension plan liabilities and, among those plan sponsors who intend to fully divest their liabilities, they are likely to do so in an average of 4.1 years.
  • According to the Poll, plan sponsors are taking concrete, proactive steps to prepare for potential future transactions.
  • A majority of plan sponsors, 94%, report that their company is weighing their DB plan’s value against the cost of the benefit.
  • Ninety-one percent of plan sponsors say the company’s DB plan is receiving significant attention from corporate management.

BCSC gains new powers through legislative amendments

Retrieved on: 
星期二, 七月 25, 2023
Pension Benefit Guaranty Corporation, Law of the United Kingdom, Act, BCSC, Supreme court, Collection, Contempt, The Act, Criminal code

Securities Commission (BCSC) has gained greater powers to advance investigations of investment market misconduct and hold people accountable for their illegal acts, under a package of legislative amendments that came into force July 17.

Key Points: 
  • Securities Commission (BCSC) has gained greater powers to advance investigations of investment market misconduct and hold people accountable for their illegal acts, under a package of legislative amendments that came into force July 17.
  • 's Securities Act include a provision enabling the BCSC to impose consequences for failing to comply with a summons or demand to provide information.
  • Until now, the BCSC had to apply to the Supreme Court for an order that a non-cooperative person be liable for contempt, a time-consuming process.
  • Other updates to the Act include:
    An amendment giving the BCSC rule-making authority to regulate auditors of registrants.

Joyce St. Clair Appointed to Bread Financial’s Board of Directors

Retrieved on: 
星期二, 七月 11, 2023
Professional Services, Payments, Technology, Finance, Fintech, Banking, Personal Finance, University, Pension Benefit Guaranty Corporation, Bread Financial, Kelley School of Business, MBA, Bread, DE, Retirement, BFH, University of Chicago Booth School of Business, PBGC, NYSE, Accenture, Operational technology, Management, Indiana University, Northern Trust, Business

Bread Financial Holdings, Inc. (NYSE: BFH) today announced that Joyce St. Clair, a veteran financial services senior executive, has joined the Company’s board as an independent director, effective July 10, 2023.

Key Points: 
  • Bread Financial Holdings, Inc. (NYSE: BFH) today announced that Joyce St. Clair, a veteran financial services senior executive, has joined the Company’s board as an independent director, effective July 10, 2023.
  • In connection with her appointment, Ms. St. Clair will also serve as a member of the board’s compensation & human capital committee and risk committee.
  • In 2022, Ms. St. Clair retired from Northern Trust Corporation after a successful 30-year tenure with the firm.
  • Following Ms. St. Clair’s appointment, Bread Financial’s board now consists of eight directors.