Two Detroit pension funds have filed a suit against the city’s emergency manager and the governor of Michigan to try to prevent Detroit from filing for bankruptcy.
Thanks to steady growth in the global stock market, the California State Teachers’ Retirement System (CalSTRS) closed the 2012/13 fiscal year with an investment return of 13.8%. But long-term funding remains a challenge for CalSTRS, the largest teachers pension fund and second largest public pension fund in the United States.
The Government of Quebec has released a draft regulation concerning new relief measures for the funding of solvency deficiencies for private sector pension plans, according to a Towers Watson advisory.
Citigroup has sold the group pension fund of Electric and Musical Industries (EMI), a former music company, to the Pension Insurance Corporation, completing the biggest pension insurance buyout in the UK.
Today, most plan sponsors’ contributions to their DB plans are being driven by the results of their pension plans’ solvency valuations.
Many DB plans around the world, including Canada, are in bad shape, according to a study.
The employee and employee sponsors of the Regina Civic Pension and Superannuation Plan have finalized a letter of intent to address the pension deficit.
Two reports from the United States show that the funded status of American DB plans improved in the second quarter.
Canada’s DB plans are in a stronger position than they were three months ago, according to two different consultant reports.
Some American states’ public pensions are so underfunded that liabilities exceed revenue, according to Moody’s.