The PBGC is expected to announce the first surplus in its history for single-employer plans when it releases its 1996 annual report at a White House news conference on Monday. The deficit went from a high of nearly $3 billion in 1993 to a low of $315 million in 1995.
In a recent speech, Acting Executive Director John Seal said record investment earnings, no major terminations and the reforms of the 1994 Retirement Protection Act had a tremendous impact on the agency's balance sheet.
The Labor Department was expected to release a proposed regulation today that would establish a window for employers on submission of employee contributions into IRA accounts under the new SIMPLE retirement program.
Under the proposal, employers would have 30 days after the month of the deposit. Current rules require employers to make employee contributions no later than 15 business days after the month the employer withholds money from the employee's paycheck or receives a check.
Trustees of the $1.6 billion Chicago Transit Authority Retirement System decided to take $30 million from an equity index portfolio managed by ANB Capital Management. About $9 million will pay benefits to the first round of employees taking advantage of the CTA's early retirement program. Daniel Perk, executive director, said ANB will continue to manage about $67 million in the portfolio.
Trustees will decide April 22 if some of the $30 million might go toward funding outstanding real estate commitments.
Milwaukee County Employees' Retirement System retained incumbent Mercer Investment Consulting following a review of its pension consulting relationship, said Jac Amerell, director for the $1.3 billion fund.
Officials got 10 responses to the RFP.