Pension Security Institute is a new organization being set up to promote defined benefit plans. It is being formed by the Council of Institutional Investors, National Association of State Retirement Administrators and National Council for Teacher Retirement, said Amy Borrus, CII deputy executive director. CII agreed to provide most of the funding, up to $600,000, for the first year of the institute, she said.
The institute will be a separate entity with its own board of directors, Ms. Borrus said. It will search for an executive director once its board is formed and decides on how to proceed, she said. It will be based in Washington.
NASRA and NCTR confirmed they "are working in coordination with" CII to establish the new organization, said Kelly Kenneally, NCTR spokeswoman speaking for both groups. The three groups are using the name Pension Security Institute for the new organization, but haven't formally adopted a permanent name, said Ms. Borrus.
CII's board last September discussed an idea for creating and funding a new organization, designed to educate policy-makers and the public of the virtues of defined benefit plans, including their important role in promoting interests of shareholders.