US - The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for the pensions of more than 500 employees and retirees of the Jane Addams Hull House Association in Chicago.
According to PBGC estimates, the pension plan has US$6.3m in assets to cover benefit liabilities totaling $11.1m. The agency expects to cover nearly all of the $4.8m funding shortfall.
PBGC said the assumption of the plan's unfunded liabilities would have no material effect on the PBGC's financial statement according to generally accepted accounting principles.
It added retirees and beneficiaries would continue to receive their monthly benefit checks without interruption, and other participants would receive their pensions when they are eligible to retire.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.