Deadline Extended to Nominate Most Innovative CIOs, Best Asset Managers of 2017

Deadline extended until Tuesday evening. 

Due to popular demand, the innovation award nomination deadline has been extended and Tuesday is the final day to nominate the most innovative CIOs and the best asset managers in 2017 for our annual innovation awards.

NominationsforCIO’s eighth annual Industry Innovation Awards will close at the end of the week. Nominations are open to all industry professionals and can be anonymous. 

The awards seek to highlight the most innovative CIOs of 2017 as well as the best asset management firms for various categories.

Nominations are open to industry professionals and will close on Friday, August 4.

Want the latest institutional investment industry
news and insights? Sign up for CIO newsletters.

All finalists will be announced in early September.

The Innovation Awards ceremony will take place December 7 at the New York Public Library.

The most innovative CIOs of the year will be chosen by CIO’s editorial staff and advisory board, which includes Jagdeep Bachher of the University of California Office of the President, Tim Barrett of Texas Tech University System, Robert Hunkeler of International Paper, Jacque Millard of Intermountain Healthcare,  Mark Schmid of the University of Chicago and Robert “Vince” Smith, CIO and deputy state investment officer of the New Mexico State Investment Council.

This year’s asset owner categories include (2016 winners in parentheses): 

Foundation (University of Arizona Foundation, Craig Barker)

Endowment (Texas Tech University System, Tim Barrett)

Corporate Defined Benefit Pension Plan Below $5 Billion (Blue Cross Blue Shield Association, Jamey Sharpe)

Corporate Defined Benefit Pension Plan Above $5 Billion (International Paper, Robert Hunkeler)

Public Defined Benefit Plan Below $15 Billion (MoDOT and Patrol Employees’ Retirement System, Larry Krummen)

Public Defined Benefit Plan Between $15 Billion and $100 Billion (Pennsylvania Public School Employees’ Retirement System, Jim Grossman)

Public Defined Benefit Plan Above $100 Billion (State of Wisconsin Investment Board, David Villa)

Sovereign Wealth Fund (new category)

Healthcare Organization (Intermountain Healthcare, Jacque Millard)

Defined Contribution Plan (American Airlines, Ken Menezes)

Next Generation (UPS, Greg Spick)

Consulting (Aksia, Jim Vos)

Asset management categories include (2016 winners in parentheses; italics indicate altered category): 

Fixed Income (BlackRock)

Equities (including alternative equity beta) (Parametric)

Multi-Asset (including risk-balanced strategies) (Risk Premium Investment Management Company)

Private Equity (Blackstone)

Hedge Funds (Marshall Wace)

Real Assets (Pantheon)

Defined Contribution Strategies (NISA Investment Advisors)

Investment Outsourcing (Goldman Sachs Asset Management)

Corporate Investment Strategies (Nuveen)

Corporate Liability Strategies (Prudential)

Transition Management (Macquarie)

Data & Technology (Solovis)

**New 2017 Category: ESG Investing

Let us know who inspires you in this industry, and why. The nomination form can be found here: https://www.research.net/r/2017IIANominations.

Tags: , ,

PBGC: Multiemployer Pension Insurance Insolvent by 2026

Report projects that the multiemployer program's deficit will rise to $80 billion in less than nine years.

The Pension Benefit Guaranty Corp. (PBGC) has warned that its insurance program for multiemployer pension plans, which covers 10 million people, is likely to run out of money by 2026.

“The increasing demand for financial assistance from insolvent plans will accelerate the depletion of PBGC’s Multiemployer Program assets,” said the PBGC in its FY 2016 Projections Report. “The multiemployer insurance program is in serious trouble and is likely to run out of money by the end of fiscal 2025. If that happens, the people who rely on PBGC guarantees will receive only a very small percent of current guarantees– most participants would receive less than $2,000 a year and in many cases, much less.”

The projections report is PBGC’s annual actuarial evaluation of its future operations and financial status. The report provides a range of estimates of the future status of insured pension plans and their effect on PBGC’s financial condition.

In the report, the PBGC said that without any changes in law or additional resources, this year’s estimated deficit of $59 billion will increase, with the average projected deficit rising to almost $80 billion for fiscal year 2026.

Never miss a story — sign up for CIO newsletters to stay up-to-date on the latest institutional investment industry news.

Under the Multiemployer Pension Reform Act of 2014, multiemployer plans that project insolvency within the next 20 years must notify participants that the plan is running out of money.

“Over 1.2 million people are now in about 100 critical and declining plans,” said the report. “As these plans become insolvent, participants’ benefits will be reduced to the amounts guaranteed by the PBGC under current law. In a recent insolvency, this resulted in benefit cuts of more than half for over 40% of the plan’s participants.”

The report also said that the timing of the multiemployer program’s insolvency is uncertain as it depends on when the most troubled plans run out of money. According to the PBGC, the date a specific plan is projected to run out of funds depends upon how the pension plan investments perform, and on other decisions made by the plan’s trustees and participants.

“Most of the risk of the program running out of money falls during the years 2024 to 2026,” said the report. “It is more likely than not that the Multiemployer Program will deplete its assets by the end of fiscal 2025. The risk of program insolvency grows rapidly after 2025, exceeding 99% by 2036.”

However, the PBGC pointed out that the president’s FY 2018 budget contains a proposal to create a new variable rate premium, and an exit premium in the multiemployer program, which would raise an estimated additional $16 billion in premium revenue over the 10-year budget window.

Despite the troubles facing the multiemployer program, the PBGC said the financial condition of its insurance program for single-employer plans remains likely to improve over the next decade. Under current estimates, the program’s fiscal year 2016 deficit of $21 billion will likely turn to a surplus by the end of fiscal 2022.

“Projections for PBGC’s insurance program for single-employer pension plans, which covers about 28 million people, show that its financial condition is likely to continue to improve,” said the report. “The program is highly unlikely to run out of money in the next 10 years, and is likely to eliminate its deficit within the next three to seven years.”

 

Tags: , ,

«