Tag: Businesswire

Public Pension Systems Pared Costs and Assumptions in 2021, NCPERS Study Finds

Mary Pat Campbell

Link:https://www.businesswire.com/news/home/20220202005695/en/Public-Pension-Systems-Pared-Costs-and-Assumptions-in-2021-NCPERS-Study-Finds

Excerpt:

Pension systems said earnings on investments accounted for 68% of overall pension revenues in their most recent fiscal year. Employer contributions made up 23% of revenues, and employee contributions totaled 8%.

The Covid-19 pandemic accelerated efforts by public pension systems to expand their communications capabilities. In all, 78% offered live web conferences to members during 2021, up from 54% a year earlier.

Pension funds that participated in the survey in 2020 and 2021 reported that their funded levels rose to 72.3%, from 71.7%. Overall, pension funds reported a funded level of 74.7% for 2021. While funded levels are not as important to pensions’ sustainability as steady contributions are, the trend is positive.

The inflation assumption for the funds’ most recent fiscal year remained steady at 2.7%. These assumptions were in place in the midst of an acceleration in the rate of inflation, which reached 7% at the end of 2021, from 1.4% a year earlier, as reported by the Bureau of Labor Statistics.

Author(s): NCPERS

Publication Date: 2 Feb 2022

Publication Site: Businesswire

UNITE HERE Launches Website for Beneficiaries of Pension Plans Taken Over by Athene

Mary Pat Campbell

Link: https://www.businesswire.com/news/home/20210503005554/en/UNITE-HERE-Launches-Website-for-Beneficiaries-of-Pension-Plans-Taken-Over-by-Athene

Excerpt:

As Athene takes control of pension plan assets, it seeks to profit by earning more from investment returns than it is required to pay out to recipients. Athene uses Bermuda-based reinsurance subsidiaries to reinsure most deposits. Apollo manages most of Athene’s assets in exchange for fees. Apollo invests some of Athene’s assets in loans and structured debt products originated or securitized by Apollo affiliates.

Apollo Global Management created Athene in 2009 and has managed its assets since its inception. On March 8, Apollo announced its plan to acquire and merge with Athene.

UNITE HERE’s new website will provide information and resources to the beneficiaries of plans taken over by Athene. It includes facts about the recent JCPenney transaction, links to reporting on Athene’s investment practices, and contact information for relevant regulatory agencies. Beneficiaries can use the site to sign up for updates.

Publication Date: 3 May 2021

Publication Site: Businesswire

CalPERS and SBA Florida Vote FOR Effissimo’s Proposal to Toshiba

Mary Pat Campbell

Link: https://www.businesswire.com/news/home/20210314005038/en/CalPERS-and-SBA-Florida-Vote-FOR-Effissimo%E2%80%99s-Proposal-to-Toshiba

Excerpt:

California Public Employees’ Retirement System (CalPERS)1 and State Board of Administration (SBA) of Florida2, the largest and fifth-largest public pension funds in the US, have publicly disclosed that they have voted FOR Effissimo Capital Management’s shareholder proposal to conduct an independent investigation of Toshiba Corporation’s (TYO: 6502) 2020 Annual General Meeting (AGM).

SBA Florida cited three reasons for its supportive vote: “Conflicted review process; Insufficient resolution of outstanding concerns; Reasonably proportionate request.”

The votes by prominent institutional shareholders of Toshiba follow earlier disclosure by California State Teachers’ Retirement System (CalSTRS), the second-largest public pension fund in the US, that it was voting FOR Effissimo’s proposal.

Author(s): Effissimo Capital Management

Publication Date: 14 March 2021

Publication Site: Businesswire