US - The newly formed National Institute on Retirement Security (NIRS) has announced the appointment of Beth Almeida, to act as its first executive director. She will take up this position in early November.
NIRS was founded earlier this year as a research partnership between the US’s largest public sector pensions bodies to conduct pure research and undertake education in the effects of defined benefit (DB) pension schemes in the US.
Almeida said: “There is a need to examine pensions and their retirement security role, as well as the impacts on the financial markets, the economy and the recruitment and retention of public sector workers.”
The bodies that make up NIRS – the Council of Institutional Investors (CII), the National Association of State Retirement Administrators (NASRA) and the National Council on Teacher Retirement (NCTR) – represent pension funds with combined assets of US$7tn.
A NIRS spokesperson told Global Pensions the organisation was not a lobby-group, but rather would investigate the social and economic effects that this level of investment exerted. She said, until now, there had been a lack of quantifiable research on this subject.
Almeida was previously assistant director for strategic resources and senior economist at the International Association of Machinists (IAM) and Aerospace Workers, where she was pivotal in transitioning 40,000 airline workers into the IAW DB scheme.
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.