US - Rob Feckner and Robert Carlson have been re-elected as president and vice president of the CalPERS board of administration.
Feckner was first elected to the board in 1998 while Carlson has been on the board since 1971.
Following his reelection, Feckner said: “I am honoured that my fellow board members chose me to serve a third term as president. Our board’s mission is to protect the financial and health security of our members and retirees, invest wisely, and minimise employer costs.”
Carlson commented: “We face many challenges in the next year, but this board will work tirelessly to protect our defined benefit plan, reduce the rising costs of health care, and assert our rights as long-term shareowners of corporations.
In earlier news, California governor Arnold Schwarzenegger reappointed Tony Oliveira as his local government representative to a four-year term on CalPERS’ board of administration.
Many single-employer trust-based DC schemes will move to a master trust in coming years. Stephen Richards looks at the pitfalls they need to avoid
Robin Ellison says it is not unreasonable for schemes and their trustees and sponsors also to expect an improvement in the tone of regulation
The Pensions Regulator (TPR) has ordered a firm to pay back more than £700,000 of pension contributions after it miscalculated the amounts due for more than a year.
Insurers are set to face a "flood of requests" from pension schemes for buy-in contracts to be restructured to allow for guaranteed minimum pension (GMP) equalisation, Aon warns.