Defined Benefits

Last week, BlackRock dropped out of the United Nations-backed climate change investing initiative, which was followed by NZAM suspending its activities on Monday because of “recent developments … in investors’ respective jurisdictions,” according to its website.

The world’s largest asset manager, with more than $10 trillion in assets under management, has dropped out of the Net Zero Asset Managers initiative, following the recent withdrawals of Morgan Stanley, Goldman Sachs, JP Morgan Chase and other megabanks.

According to the study, 78% of pre-retiree respondents expressed concern over inflation’s effect on their retirement income.

Ex-employees are suing Verizon as well as State Street Global Advisors, which served as the “independent fiduciary” in putting the deal together to manage the pensions of 56,000 retirees.

Last week, Congress passed the Social Security Fairness Act, a bill that has been decades in the making, and President Biden will sign it into law on Monday.

On Saturday, Congress passed the Social Security Fairness Act, a bill that has been decades in the making that now heads to Pres. Biden’s desk for approval.

Seattle-based Weyerhaeuser Company employees filed a class action lawsuit over the transfer of plan assets to Athene Annuity & Life Assurance, alleging a breach of fiduciary duty, according to law firm Schlichter Bogard.

So far, 17 states have passed laws to limit environmental, social and governance investing, and there have been over 150 bills on ESG investing in 37 states.