Retirees claim that AT&T selected a "risky" insurer to conduct the $8.05 billion transfer of plan assets, but the company claims it is not responsible for a decision made by its independent fiduciary.
A House Committee alleges the PBGC allowed over $127 million to flow to deceased pension-plan participants; the PBGC asserts funds were not "improperly" paid.
The conglomerate announced its plan to halt pensions for non-union workers shortly after IBM's announcement that it will resurrect defined-benefit plans.
Private pension funds are not as fragile as state and municipal pensions because they have tighter regulatory rules that govern their accounting and contribution rate requirements, according to Equable Institute.
A letter from the comptroller to major state-employee pensions provides a list of "energy boycotters," claiming firms including BlackRock, UBS, and Credit Suisse "should not ... benefit from assets invested for the future of Texans while simultaneously undermining our state's economic future."
Forty-nine GOP senators, as well as Sen. Joe Manchin, plan to reintroduce a resolution attempting to block enforcement of the DOL's new ESG regulation for retirement plans, which took effect Monday.