Pensions & Investments

The bill, approved Thursday 24-16, would close the defined benefit plan to most new hires starting June 30, 2022 and automatically enroll them in the Florida Retirement System Investment Plan, the state's $15.3 billion 401(a) plan.

The court's decision found that the state violated the Alaska Constitution when it repealed the statutes of the $22.1 billion Alaska Public Employees' Retirement System and $10.4 billion Alaska Teachers' Retirement System, allowing for reinstatement in those plans, according to the court's opinion posted on its website.

"More than 13 months after COVID-19 became a global health crisis, we are still confronting its impacts daily and have yet to return to normalcy," Mr. Fink said. "For billions of people around the world, the pandemic has brought on hardships physically, emotionally, mentally and financially."

The total is significantly lower than in past years, thanks to strong investment returns that have improved funding ratios significantly as well as accelerated discretionary contributions made since 2017 that have fulfilled minimum required contributions for multiple years.

Saying it must lead by example, the memo from Global Head of Human Resources Manish Mehta and Global Head of DEI Michelle Gadsden-Williams referenced the firm's enhanced diversity, equity and inclusion strategy. The goal, it said, "is for BlackRock to be a leader in integrating diversity, equity and inclusion into every aspect of our business ranging from our own people and culture, to how we serve our clients, to how we use our voice in broader society."

The new law removes the eligibility restriction for participants who retire at age 55 who are born after Jan. 1, 1966. Those participants will now receive a 3% COLA.

The White House order also calls for a review of all PBGC plans for possible actions, including legislation, to maintain the future solvency of the PBGC’s single-employer and multiemployer programs.

The combined enforcement action "marks a major milestone to fight foreign corruption," a Justice Department official said during a press briefing call.

Despite profit gains, Mr. DiNapoli remarked that these results are "disconnected" from the rest of the economy. "If Main Street will continue to suffer, it will have a sustained impact on Wall Street as well."

J.C. Penney Co. reached a restructuring agreement to transfer its defined benefit pension plan to the Pension Benefit Guaranty Corp. and sell its retail business to mall operators Simon Property Group and Brookfield Property Partners.

"One big reason is the significant growth in sub-investment grade debt."

"The COVID crisis is accelerating structural trends in what could be a pivotal year for the industry, with sustainability, technology and low interest rates as key drivers."

PennPSERS spokesman said the $59 billion pension system made the decision after speaking with the private equity firm "about the ongoing legal investigations involving the late Jeffrey Epstein and his past personal financial relationship with Apollo founder Leon Black." Apollo announced in a filing with the Securities and Exchange Commission that it hired law firm Dechert to conduct a "thorough, independent review" of Mr. Black's relationship Mr. Epstein.

The accord, part of an international action, will let the parent company avoid a U.S. criminal conviction, according to the people, who asked not to be named discussing the confidential talks.

"To not buy something is quite easy."

The $3.4 billion pension fund's board at its Oct. 15 meeting fully liquidated its investment with the manager to make benefit payments.

"I think we will see more of a reorganization. That is adding a complexity to the investment process. It adds also potentially some political risks. I would argue that the friction we see between the U.S. and China today is based on the technology race, the standardization of technology to a large extent."

Investors knew the COVID-19 pandemic would spark an almost unlimited firepower from central banks (and we knew) what that would do to certain assets.

"Companies that understand the business imperatives and benefits of women directors propelled us to this milestone."

"It's hard to be forgiven for a sense of deja vu, but this is likely just another theatrical element in the Brexit saga."