Pensions & Investments

The ruling represents the last chapter in a multijurisdiction case against the publicly traded alternative investment and hedge fund firm now known as Sculptor Capital Management Ltd. The company disclosed the potential settlement in a July 24 8-K filing.

PBGC Director Gordon Hartogensis said in a statement that the agency "is acting to protect the retirement security of the J.C. Penney plan participants."

The increase in the index was due to an increase in both interest rate volatility and return-seeking asset volatility. The drop in average funded status, meanwhile, was due to equity losses for the month.

"The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term."

The bill's introduction comes at a time when lawmakers in New Jersey are considering a proposal that would levy a tax on all stock trades that occur in New Jersey, where the major exchanges house their processing centers. Exchanges, like the New York Stock Exchange and Nasdaq, and groups like the Securities Industry and Financial Markets Association, oppose the proposed tax.

Mr. Ailman said his takeaway was that investors need to be both agile and stay the course.

Voters in North Carolina, Oregon and Vermont each gave their state treasurers another four-year term.

In U.S. markets, investors bid up stocks Wednesday, sending major averages to the biggest rallies in five months, as they grew more confident that the tightly contested outcome would ensure key elements of the bull market remain intact for years to come.

Northern Trust is worried about COVID-19's effects on its business like all other banks, but it has an additional concern most of them don't. The monied institutional clients Chicago's largest locally headquartered bank built a costly global platform to serve aren't paying like they once did for the work, leaving analysts wondering about the value of a Northern Trust linchpin that for decades was an unquestioned triumph.

The company contributed $4 million to the plan in July, and that same month made payments to participants who chose the lump-sum distribution, according to the company's 10-Q filing with the SEC on Oct. 30.

"It's a pretty bad look, where you have a China company conducting the world's largest IPO, locking in billions from global investors and getting halted on the eve."

Whoever wins the Nov. 3 election will face many significant challenges, which are now being magnified by the COVID-19 pandemic, the high national debt and income inequality.

ITT Inc., White Plains, N.Y., purchased a group annuity contract from Massachusetts Mutual Life Insurance Co. to complete the termination of its U.S. qualified pension plan.

The transaction was completed in October and affected about 8,000 retirees in its U.S. pension plan.