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Moody's: Older IRS mortality tables could save sponsors $18 billion next year
trueThe IRS' decision to stick with 15-year-old mortality assumptions will save corporate defined benefit plan sponsors at least $18 billion in contributions in 2016 and be a credit positive for them, said a report from Moody's Investors Service.
IRS releases multiemployer benefit cut voting rules
trueProcedures for allowing multiemployer plan participants to vote on benefit reductions in distressed plans were issued by the IRS on Wednesday.
PSCA names Washington affairs vice president to replace external firm
trueRich McHugh on Tuesday was named vice president of Washington affairs for the Plan Sponsor Council of America.
PBGC takes over Standard Register pension fund
trueThe Pension Benefit Guaranty Corp. is assuming the defined benefit plan of Standard Register Co., a printing and marketing communications firm based in Dayton, Ohio.
Firms at risk of losing pension business because of LIBOR convictions
trueThe Department of Labor is tentatively denying affiliates of Deutsche Bank AG, UBS AG and Royal Bank of Scotland Group the right to serve U.S. retirement plan clients because of criminal convictions related to LIBOR manipulations and other charges.
U.S. Court of Appeals denies constitutional challenge in SEC administrative court case
trueA constitutional challenge to the Securities and Exchange Commission’s use of administrative proceedings in enforcement cases was rebuffed Monday by a three-judge panel in the 7th U.S. Circuit Court of Appeals in Chicago.
Puerto Rico asks Supreme Court to allow bankruptcy protection
trueThe Commonwealth of Puerto Rico asked the U.S. Supreme Court to allow it to take advantage of bankruptcy protection while restructuring $20 billion in public utility debt.
Important questions to ask current providers, in RFPs
trueDefined contribution plan executives must ask many questions of service providers about the scope of their cybersecurity policies and practices. The questions should be asked not only of current providers but also when issuing RFPs, according to 401khelpcenter.com.
Tax's excessive expectations
trueAs part of their presidential nomination campaigns, Bernie Sanders and Martin O'Malley both have proposed a financial transaction tax, designed to tap a lucrative source of revenue and target trading abuses on Wall Street.
EBRI names Harry Conaway as successor to Dallas Salisbury
trueHarry Conaway will become the second CEO of the Employee Benefit Research Institute, effective Jan. 1.
Fed sees progress in meeting economic conditions to raise rates
trueThe Federal Open Market Committee's decision to keep the federal funds rate at zero to 0.25% at its July 28-29 meeting was based on its view that despite further progress, economic conditions warranting an increase in the target range had not yet been met, said meeting minutes released Wednesday.
Citigroup Global Markets settles with SEC over trading review issues
trueCitigroup Global Markets agreed to pay $15 million to settle SEC charges that it failed to adequately review thousands of securities transactions by several of its trading desks over 10 years.
ETF providers step up to defend the status quo
trueThe Securities and Exchange Commission's solicitation of perspectives on the state of exchange-traded products produced a fruitful, if predictable, bounty of views from the asset management industry.
BNY Mellon to pay $14.8 million to settle SEC anti-bribery case
trueBank of New York Mellon Corp. will pay $14.8 million to settle SEC claims that it broke anti-bribery laws in awarding internships to family members of officials with ties to a Middle Eastern sovereign wealth fund.
DOL moving forward on fiduciary rule
trueLabor Department officials are determined to produce a new standard of fiduciary duty for anyone giving retirement investment advice, once they process concerns raised in thousands of comment letters and four days of hearings on their proposal.