US - Thomas "Britt" Harris has been appointed CIO of the Teacher Retirement System of Texas, replacing James Hille who left in April this year.
Having previously acted as CEO of Bridgewater Associates, CIO and president of Verizon Investment Management Corporation, and CIO and president of GTE Investment Management Corporation, Harris will be taking over from TRS executive director Ronnie Jung, who had been acting CIO for the last few months.
In his new position, Harris will be overseeing the US$100bn fund's investment division.
“Britt is one of the nation’s most qualified investment leaders, and he’ll bring invaluable expertise to this critical position,” said Jung.
TRS board chair Jarvis Hollingsworth added: "We’re particularly pleased to have someone of Britt’s calibre joining TRS at this point in time. The fact that he has experience managing funds as large as TRS with successful returns in alternative investments is promising for TRS and our members.”
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.