Investment Strategy Webinar
|
|
- Doreen Jackson
- 5 years ago
- Views:
Transcription
1 Investment Strategy Webinar May 16, 2012 Conference Call Information: (877) / (201)
2 Presenters Michelle LaPlante, Partner Phone: Alan Parikh, Partner Phone: Colin Robertson, Principal, Global Head of Asset Allocation Phone: colin.robertson@aonhewitt.com Mary Bates, Senior Consultant Phone: mary.bates@aonhewitt.com 2
3 Discussion Topics Hewitt EnnisKnupp 2012 Client Conference Preview Market Update and Outlook Complex Credit Opportunities Lump Sum Payouts: Strategic and Liquidity Issues Brief Q&A following each session 3
4 Medium Term Views Colin Robertson
5 U.S. Relatively Steady at Moderate Pace, China Slowing 60% 50% 40% 30% 20% 10% ISM Index 0% 30 May-10 Nov-10 May-11 Nov-11 US Year ISM on (RHS) year change in Chinese industrial production (3 month moving average, LHS) Year US ISM on (RHS) year change in Chinese industrial production (3 month moving average, LHS) Source: Datastream, Bloomberg 5 5
6 Eurozone in Trouble Austerity vs Growth Grexit Sovereign vs Banking Crisis Vicious circle in Spain? 120, ,000 80,000 60,000 40,000 How house building collapsed in Spain Housing approvals 6 month moving average Structural issues mean ongoing problems 20, Source: Datastream 6
7 Bond Markets: Short Term vs. Longer Term Factors Short term Longer term Financial repression No Japanese style deflation Near zero short term interest rates Extreme valuations Safe haven flows Huge debt issuance 7
8 End of a 30 Year Secular Ball Market? US 30 year Treasury yield 16% 14% 12% 10% 8% 6% 4% 2% Source: Datastream
9 Selected Medium Term Views May 2012 Very Unfavorable Unfavorable Neutral Favorable Very Favorable U.S. Equity Non-U.S. Equity Global Bonds Bank Loans High Yield Real Estate Hedge Funds ¹ Commodities ACTIONS TO CONSIDER WITHIN STRATEGIC FRAMEWORK SELL CONSIDER SELLING / DELAY PURCHASES HOLD CONSIDER BUYING / DELAY SALES BUY 9
10 Question & Answer Questions may be submitted at any time during the web seminar by typing the question in the "Ask a Question" text field and clicking "Submit." Questions will be answered live as time permits during the question and answer sessions. 10
11 Lump Sum Payouts: Strategic and Liquidity Issues Alan Parikh
12 About This Material On April 27, 2012, Ford Motor Company announced its plans to offer lump sum payments to 90,000 salaried retired and terminated vested plan participants. This material provides a summary of relevant public information for Ford s pension plan as well as a summary of Ford s recent announcements of their long-term strategy to derisk their funded pension plans, including the lump sum offering recently announced. This material also provides a high-level discussion of the potential benefits and issues to consider associated with the offering of lump sums to retirees. In addition, a one-hour webinar devoted to this topic was delivered by Aon Hewitt consultants on May 3. For a recording, please go to the following URL: For a more detailed discussion of the important investment, compliance and administrative issues raised by such a program, please contact your HEK or Aon Hewitt consultant. 12
13 Ford Motor Company High Level Pension Summary Source: Ford Motor 2011 Fiscal Year 10-K Ford sponsors numerous pension plans around the world Funded Position at December 31, 2011 $billions U.S. Plans Non-U.S. Plans Total Obligations $ 48.8 $ 25.2 $ 74.0 Assets Deficit $ (9.4) $ (6.0) $ (15.4) Expect to pay out $3.5B in benefit payments for U.S. Plans in 2012 December 31, 2011 actual asset allocation U.S. Plans Non-U.S. Plans Total Fixed Income $ 22.1 $ 7.8 $ 29.9 Equities Alternatives Other (1.3)
14 Ford Motor Company High Level Pension Summary Source: Ford Motor Company General Retirement Plan Form 5500 (DOL Website) General Retirement Plan generally covers non-bargained participants hired prior to December 31, 2003 Summary of participant counts and IRS Funding Target from 2010 Form 5500 Schedule SB Count Funding Target ($millions) Actives 23,256 2,582 Terminated Vesteds 33, Retirees 66,788 13,581 Total 123,221 17,023 Potential PBGC flat-rate premium savings of $1.2 million per year if 100% of terminated vested participants elect lump sum and $2.3 million per year if 100% of retired participants elect lump sum 14
15 Ford Pension De-Risking Source: Ford Motor Investor Presentations In early 2012, Ford announced long-term strategy to de-risk funded pension plans Reduces balance sheet and cash flow volatility Improves risk profile of company Key elements of strategy Limit liability growth Many plans have been closed to new entrants Lump sum payment option at retirement for U.S. retirees Discretionary cash contributions Better match plan assets to plan obligations Rebalance assets as funded status improves From: 45% Fixed Income, 30% Equity, 25% Alternative Investments To: 80% Fixed Income, 20% Growth Assets (primarily alternative investments) Other actions under development 15
16 Ford Pension De-Risking Source: Ford Motor Earnings Release and Conference Call In first quarter earnings release on April 27, 2012, Ford announced that it will offer to about 90,000 eligible U.S. salaried retirees and U.S. salaried former employees the option to receive a voluntary lump-sum pension payment In addition to the recently added lump sum payment option available to U.S. salaried future retirees as of July 1, 2012 The lump-sum offering will reduce our pension obligations and balance sheet volatility as part of an effort to continue to improve the underlying strength of our balance sheet In verbal comments made on the April 27 earnings call, Bob Shanks, Ford CFO notes: In terms of financial impact in the company, we expect minimal impact on operating income. We expect to incur noncash special item charges, reflecting the accelerated recognition of unamortized losses. There will be no impact to company cash as payments will be funded from plan assets, and we do not expect planned company contributions to our funded plans to be affected Analyst questions during call focused on interest rates used to determine lump sums and the potential to extend this to union groups 16
17 Ford Pension De-Risking Source: Ford Motor Earnings Release and Conference Call Other details about lump sum offering (taken from April 27 Press Release and comments made during April 27 earnings call) The program provides participants with a one-time choice Individual offers will be made over time to accommodate the size and complexity of this program Expect to complete the program sometime next year (2013) This is the first time a program of this type and magnitude has been offered by a U.S. company for ongoing pension plans 17
18 Why are Lump Sums a Hot Topic in 2012? The Pension Protection Act (PPA) eliminated the subsidy inherent in lump sum payments from pension plans PPA replaced a U.S. Treasury Rate with a corporate bond rate as the minimum basis for determining lump sums, with full phase-in achieved in 2012 Before PPA PPA 2012 and Later 30-year Treasury Rates Corporate Bond Rates This would appear to allow sponsors to effectively lock in a no-risk return equal to the yield on high-quality investment grade credit bonds a return that ordinarily carries a non-negligible amount of credit risk This benefit needs to be weighed against adverse selection costs and other planspecific factors that can more than offset the value of this benefit HEK consultants work with Aon Hewitt actuaries to evaluate these tradeoffs for clients who are exploring this opportunity 18
19 Should We Offer Lump Sums to Retirees? Pro Conversations with IRS indicate this strategy may be available to a significant number of plan sponsors Con At the moment, it appears that many plans may not be able to pursue this strategy due to plan-specific factors Offers participants choice and access to benefits earlier Will participants manage their own investments appropriately? Reduces PBGC premiums How will investors react to large settlement charges? Settles obligations at value close to actuarial liability May increase deficit if plan is not well funded Limits future risk exposure Reduces ongoing administrative costs Are interest rates at a bottom? Adverse selection costs are likely, especially at higher retiree ages and at acceptance rates in the 30%-60% range Reduced administration in future plan termination Executing program requires significant planning, clear communication, and close coordination between administrative, compliance, and investment activities 19
20 Question & Answer Questions may be submitted at any time during the web seminar by typing the question in the "Ask a Question" text field and clicking "Submit." Questions will be answered live as time permits during the question and answer sessions. 20
21 Complex Credit Opportunities Mary Bates
22 Corporate credit HAS been the place to be Prospective returns for traditional fixed income, including High Yield, are likely going to be lower -- as yields are low and interest rates likely will not trend further downward. But significant opportunities in alternative complex credit exist and we believe they represent some of the most compelling opportunities in the market today. Difficult to source Less Liquid Regulation Structuring Expertise 22
23 Complex Credit Opportunities - Overview European Credit Mortgage Credit Corporate Credit Current Opportunities in Alternative Complex Credit Regulatory Capital Relief Trades. Potential distressed opportunity as European banks must improve their balance sheets (likely through the sale of assets) to meet new regulatory requirements. Size of the opportunity estimated to be 2 trillion Euro. Timing uncertain. Middle Market Lending. Access to capital remains constrained for middle market companies, presenting opportunities for financial restructuring and/or liquidity providers. Default rates for middle market companies are significantly higher than large cap companies. Mortgage Credit. Distressed opportunity focused on non-agency residential mortgages. Dwindling supply as no new paper is being issued. Structured Credit. Inefficiencies present as the market was formerly dominated by ratings-based buyers and other yieldfocused investors. Source: Grosvenor (left, middle) 23
24 Complex Credit Opportunities Why these Opportunities Exist Why these Opportunities Exist Liquidity Vacuum. No natural buyers for intermediate terms opportunities between hedge fund and private equity liquidity exist, creating a void (i.e., opportunity). Uneconomic Sellers. Regulatory changes (Basel III) are forcing banks to dispose of assets to meet capital ratio requirements. Less Competition. Proprietary desks were the primary buyers of these types of opportunities and regulatory changes (Volcker Rule) dramatically reduced their size Disappearing Asset Classes. Some of these markets have experienced essentially no new origination since the 08 Financial Crisis and are self-amortizing. Complexity. As the name implies, THIS IS COMPLEX meaning, there are not many managers with the resources to invest in these opportunities. 24
25 Complex Credit Opportunities Summary Prospects for traditional fixed income are limited Few places in the market to generate low- to mid-teen returns Opportunistic i.e., not an evergreen opportunity Few managers with the skill-set to capitalize Intrigued?? Learn more about these opportunities at the Client Conference or ask someone on the Liquid Alternatives team. Mary Bates Peter Hill 25
26 Thank you Question & Answer Questions may be submitted at any time during the web seminar by typing the question in the "Ask a Question" text field and clicking "Submit." Questions will be answered live as time permits during the question and answer sessions. 26
Investment Strategy Webinar. December 18, 2013
Investment Strategy Webinar December 18, 2013 Presenters John Thompson, Partner Institutional Advisory Solutions Phone: 312.381.1274 Email: john.thompson@aonhewitt.com Eric Friedman, Associate Partner
More informationTHE BOTTOM LINE CORPORATE PENSIONS: A Look Beyond the Funded Status of Corporate Pensions EXECUTIVE SUMMARY. Dan Kutliroff Head of Solutions Strategy
CORPORATE PENSIONS: THE BOTTOM LINE A Look Beyond the Funded Status of Corporate Pensions EXECUTIVE SUMMARY The damage done to corporate pension plans sits high on the list of many lasting impacts of the
More informationInvestment Strategy Webinar. October 17, 2012
Investment Strategy Webinar October 17, 2012 Presenters Steve Cummings, President & CEO Phone: 847.442.0064 Email: stephen.cummings@aonhewitt.com Tapan Datta, Principal Global Asset Allocation Phone: 011
More informationGlobal Pension Risk Survey 2017
Aon Retirement & Investment Global Pension Risk Survey 2017 U.S. Survey Findings Table of Contents Executive Summary Demographics of Survey Participants Long-Term Objectives Managing Benefits and Liabilities
More informationREASONS FOR PLAN SPONSOR INTEREST IN DE-RISKING
My name is Craig Rosenthal and I am a Partner with Mercer, a worldwide employee benefits consulting firm. I am an actuary and senior retirement consultant who has been practicing in the private sector
More informationFunding Stabilization and PBGC Premium Increases
Consulting Retirement Funding Stabilization and PBGC Premium Increases Impact on Plan Sponsors and Participants July 2012 On June 29, 2012, the House and Senate passed H.R. 4348, the Moving Ahead for Progress
More informationFunding Stabilization and PBGC Premium Increases
Funding Stabilization and PBGC Premium Increases Strategic Implications for Pension Plan Sponsors October 2012 Risk. Reinsurance. Human Resources. On June 29, 2012, the House and Senate passed H.R. 4348,
More informationPlan Design in the Balance
Plan Design in the Balance Weighing the pros and cons of cash balance plans Is your company interested in additional tax deductions and increased retirement savings? Does your company desire deductible
More informationJune 24th, Rate Reversal. Author: Benjamin Struck President
June 24th, 2013 Rate Reversal Author: Benjamin Struck President 1 Economic Summary 3 Strategic Allocation 5 Tactical Allocation 6 2 Last week s selloff was broad based and applied to nearly all asset classes.
More informationInvestment Strategy Webinar. July 17, 2013
Investment Strategy Webinar July 17, 2013 Presenters Bob Penter, CFA, Partner Pension Risk Management Phone: 770.690.7674 Email: bob.penter.2@aonhewitt.com Lucinda Downing, Sr. Research Analyst Global
More informationRegulatory Brief: Pension provisions in MAP-21
Regulatory Brief: Pension provisions in MAP-21 Vanguard Strategic Retirement Counsulting September 2012 Charles J. Klose Nathan C. Zahm Executive summary On July 6, 2012, President Obama signed into law
More informationKEY CHALLENGES FOR SUSTAINING GROWTH AND COMPETITIVENESS IN SEE
KEY CHALLENGES FOR SUSTAINING GROWTH AND COMPETITIVENESS IN SEE GLOBAL TRENDS Accelerating growth in advanced economies (US, UK, Eurozone) vs. Slowdown in almost all emerging markets Downward revisions
More informationCHINA S RESPONSES TO GLOBAL FINANCIAL CRISIS
CHINA S RESPONSES TO GLOBAL FINANCIAL CRISIS Yiping Huang Seminar at the Crawford School of Economics and Government, ANU, March 1, 29 GLOBAL FINANCIAL CRISIS Three unique factors contributed to the current
More informationCME Group Overview. Rick Redding, Managing Director, Products & Services
2009 Citi Financial Services Conference CME Group Overview Rick Redding, Managing Director, Products & Services January 27, 2008 Forward-Looking Statements Statements in these materials that are not historical
More informationSociety of Actuaries Finalizes New Mortality Assumptions
Consulting Retirement Society of Actuaries Finalizes New Mortality Assumptions The Financial and Strategic Implications for Pension Plan Sponsors November 2014 Risk. Reinsurance. Human Resources. Highlights
More informationManaging Interest Rate Exposure in a Rising Rate Environment July 2018
Managing Interest Rate Exposure in a Rising Rate Environment July 2018 As the era of ultra-low interest rates comes to an end, we review the US Federal Reserve and European Central Bank policy and interest
More informationMiddle Market Direct Lending: Overpaying for Stability
Middle Market Direct Lending: Overpaying for Stability Middle market direct lending ( MMDL ) investors have been pitched largely the same supply/demand imbalance argument since the Global Financial Crisis
More information2014 Retirement Webinar Series
2014 Retirement Webinar Series Summer in Washington What it Means for Retirement Plans Hitz Burton, Aon Hewitt Barb Hogg, Aon Hewitt Matt Maloney, Aon Hewitt Steve Shepherd, Hewitt EnnisKnupp, Inc. 1 Summer
More informationCharting the course. A framework to evaluate pension de-risking strategies
Charting the course A framework to evaluate pension de-risking strategies Our authors Adam Berk Partner, Ernst & Young LLP Houston, TX +1 713 750 4996 adam.berk@ey.com Chris Raham Principal, Ernst & Young
More informationDEFINED BENEFIT TOP AREAS OF FOCUS FOR 2017
HEALTH WEALTH CAREER DEFINED BENEFIT TOP AREAS OF FOCUS FOR 2017 GET READY FOR CHANGE Rising interest rates and equity markets have improved funding ratios, which does create opportunities for plan sponsors
More informationInvestment Strategy Webinar. November 14, 2012
Investment Strategy Webinar November 14, 2012 Presenters Mike Sebastian, Partner Phone: 312.715.3352 Email: mike.sebastian@aonhewitt.com Duncan Lamont, Principal Global Asset Allocation Phone: 011 + 44
More informationBank of Ireland Presentation October As at 1 Oct 2014
Bank of Ireland Presentation October 2014 As at 1 Oct 2014 1 Forward-Looking statement This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange
More informationFORD EARNS SECOND QUARTER 2012 PRE-TAX OPERATING PROFIT OF $1.8 BILLION, NET INCOME OF $1 BILLION +
NEWS FORD EARNS SECOND QUARTER 2012 PRE-TAX OPERATING PROFIT OF $1.8 BILLION, NET INCOME OF $1 BILLION + Second quarter pre-tax operating profit was $1.8 billion, or 30 cents per share, a decrease of $1
More informationCapital Market Review
Capital Market Review September 3, 215 Percent Percent MARKET/ECONOMIC OVERVIEW Risk Reprices Rapidly 2,2 1,9 1,6 1,3 S&P 5 April 29, 211 to Oct 3, 211 157 Days -19.4% May 21, 215 to Sep 3, 215 132 Days
More informationHow Do You Spell Relief? S-E-C-T-I-O-N (e)
How Do You Spell Relief? S-E-C-T-I-O-N 4-1-2-(e) by Gene Kalwarski and Peter Hardcastle 2004 International Foundation of Employee Benefit Plans In recent public meetings and pronouncements, the Internal
More informationFinancial System Stabilized, but Exit, Reform, and Fiscal Challenges Lie Ahead
January 21 Financial System Stabilized, but Exit, Reform, and Fiscal Challenges Lie Ahead Systemic risks have continued to subside as economic fundamentals have improved and substantial public support
More information1. Consolidated Earnings through the Fiscal Year Ended March 31, 2017 (April 1, 2016 to March 31, 2017) Net sales Operating profit Ordinary profit
This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall
More informationBenefits Planning in a Challenging Environment
March 2011 Benefits Planning in a Challenging Environment A report prepared by CFO Research Services in collaboration with Prudential Financial, Inc. March 2011 Benefits Planning in a Challenging Environment
More informationManaging Fixed Income Risk in an Uncertain World Silicon Valley Bank. February 1, 2012
Managing Fixed Income Risk in an Uncertain World Silicon Valley Bank February 1, 2012 1 Panelists Dave Bhagat, Senior Advisor, Interest Rate and Currency Risk Management, Silicon Valley Bank Joe Morgan,
More information2014 Retirement Webinar Series
2014 Retirement Webinar Series Putting the Pieces Together Understanding Changes Affecting Pension De-Risking and Settlement Strategies Ari Jacobs, Chris Birch, Barb Hogg, Aon Hewitt Tami Kucera, USG Corporation
More informationAnnual Funding Notice Questions and Answers DuPont Pension and Retirement Plan
FUNDED STATUS AND PENSION SECURITY 1. Q: Is my pension secure? A: The DuPont Pension Plan assets are held in a trust at State Street Bank and Trust, with State Street as the trustee. This means that the
More informationClime Asset Management
Clime Asset Management AIA National Investors Conference 2015 Macro Outlook 2015/16 John Abernethy Chief Investment Officer Clime Asset Management Disclaimer The information contained in this document
More informationCIO Newsletter Q Monetary Tightening, Fiscal Easing
CIO Newsletter Q2 2018 Monetary Tightening, Fiscal Easing Q2 2018 Current Environment The second quarter of 2018 saw the continuation of several trends described in this newsletter in prior quarters. Fundamentals
More informationDivergent Monetary Policy Implication for sub-saharan African Economies. By Sarah O. Alade Deputy Governor, Economic Policy Central Bank of Nigeria
Divergent Monetary Policy Implication for sub-saharan African Economies By Sarah O. Alade Deputy Governor, Economic Policy Central Bank of Nigeria Crisis background The recent financial crisis is one of
More informationIRS Issues Final and Proposed Hybrid Plan Regulations
IRS Issues Final and Proposed Hybrid Plan Regulations October 2010 Background On October 18, 2010, the Internal Revenue Service (IRS) released final and proposed regulations regarding hybrid defined benefit
More informationEconomic & Capital Market Outlook Fourth Quarter, 2018
Economic & Capital Market Outlook Fourth Quarter, 2018 If you have been invested in the U.S. equity markets over the past five years, you have experienced a solid return and resurgence in the market value
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q. UnionBanCal Corporation
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationPrivate Credit. SDCERA Board of Retirement Meeting. November 21, Lee Partridge, CFA Bill Enszer
Private Credit SDCERA Board of Retirement Meeting November 21, 2013 Lee Partridge, CFA Bill Enszer November 2013 Disclosures The opinions expressed in these materials represent the personal views of Salient
More information2015 Retirement Webinar Series. Prepared by Aon Hewitt Retirement and Investment
2015 Retirement Webinar Series Prepared by Aon Hewitt Retirement and Investment 2015 Hot Topics in Retirement Results Rob Austin, Director of Retirement Research Byron Beebe, US Retirement Market Leader
More informationCECIMO Statistical Toolbox
European Association of the Machine Tool Industries where manufacturing begins Inside this edition... 0 Executive Summary 1 Machine Tool Orders 1.1 Orders per Country 1.2 Peter Meier s Forecast CECIMO
More informationCarryover and Prefunding Balances Post-PPA
Carryover and Prefunding Balances Post-PPA Stephen Parks, EA, MSPA, Chief Actuary, Retirement Systems of California, Inc. Stephen R. Parks, EA, MSPA, Chief Actuary, Retirement Systems of California, Inc.
More informationPension Investment Implications of Recent Funding Relief Legislation
Pension Investment Implications of Recent Funding Relief Legislation Moving Ahead for Progress in the 21 st Century Act July 2012 Hewitt EnnisKnupp, An Aon Company 2012 Aon Corporation Executive Summary
More informationAon Risk Solutions. Global Pension Risk Survey Japan Survey Findings
Aon Risk Solutions Global Pension Risk Survey 2017 Japan Survey Findings Contents Aon Hewitt Global Pension Risk Survey 2017 Japan Survey Findings 2 Executive summary Page 1 of 2 The Aon Hewitt Global
More informationMACPA Employee Benefit Plan Conference. May 19, EBPAQC Update. Ian MacKay, CPA Director EBPAQC
MACPA Employee Benefit Plan Conference May 19, 2014 EBPAQC Update Ian MacKay, CPA Director EBPAQC 1 ERISA Celebrates 40 Years! President Gerald Ford signed ERISA into law on Labor Day 1974 First Form 5500
More informationThe Government Deficit and the Financial Crisis
The Government Deficit and the Financial Crisis The 2008 financial crisis has resulted in a huge increase in the federal government deficit. Government spending has increased significantly, and tax revenue
More informationPENSION PROTECTION ACT. Single-Employer and Multiple-Employer Defined Benefit Plans
August 18, 2006 PENSION PROTECTION ACT President Bush signed the Pension Protection Act of 2006 ("PPA") on August 17, 2006. The PPA contains many changes for both defined contribution plans and defined
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationPension Insurance Data Book 2006
Cornell University ILR School DigitalCommons@ILR Federal Publications Key Workplace Documents 2007 Pension Insurance Data Book 2006 Pension Benefit Guaranty Corporation Follow this and additional works
More informationAhead of the Trends (Washington Update on Retirement Savings Initiatives)
Ahead of the Trends (Washington Update on Retirement Savings Initiatives) 151283_(02/13) Audience Information The following presentation is intended for use with financial advisors, plan sponsors, CPAs,
More informationPENSION PROTECTION ACT OF 2006
PENSION PROTECTION ACT OF 2006 NOTICE TO BE PROVIDED PROVIDED NOT LATER THAN 120 DAYS AFTER END OF PLAN YEAR TO WHICH NOTICE RELATES FOR BEGINNING OF 2013 INFORMATION THIS MEANS IT IS TO BE RECEIVED BY
More informationHow to Properly De-Risk Your Plan A Rainbow of Options
How to Properly De-Risk Your Plan A Rainbow of Options March 30, 2017 2:00 PM 2:45 PM Eastern Time Matthew Klein FSA, EA, MAAA Principal Tom Swain FSA, FCA, EA, MAAA Principal 2017 Findley Davies BPS&M.
More informationGlobal Bond Market and Japan
JAPAN CREDIT PERSPECTIVES Global Bond Market and Japan September 6 Koyo Ozeki In the past ten years, the Japanese bond market has changed drastically in the course of overcoming deflation and financial
More information14-1 SECTION 14. THE PENSION BENEFIT GUARANTY CORPORATION CONTENTS
14-1 SECTION 14. THE PENSION BENEFIT GUARANTY CORPORATION CONTENTS Explanation of the Corporation and Its Functions Administration Plan Termination Insurance Plan Termination Financial Condition of the
More informationOpportunities and Landmines in Global Markets
Opportunities and Landmines in Global Markets Kevin Brass Reporter, International Herald Tribune Institute for Luxury Home Marketing Austin, Texas Oct. 21, 2010 FACT: Global Business is Growing The rise
More informationInvestmentPerspectives APRIL 2017
Investment Stewardship Guidance InvestmentPerspectives APRIL 2017 How Currency Risk Can Impact Portfolios BEN MOHR, CFA, SENIOR RESEARCH ANALYST - FIXED INCOME International investment strategies such
More informationReforming Public Service Pensions
elete this text box to isplay the color squar; you ay also insert an image or lient logo in this space. o delete the text box, click within ext, hit the Esc key and then the elete key 4 December 2008 Reforming
More informationPENSION AND OPEB UPDATE
Go Further PENSION AND OPEB UPDATE JANUARY 7, 2016 PENSION DE-RISKING PROGRESS Limited the growth in pension obligations Closed plans to new entrants, e.g., U.S. plans closed since 2011 Settled $4.2 billion
More information2012 SECOND QUARTER EARNINGS REVIEW JULY 25, 2012 (PRELIMINARY RESULTS)
2012 SECOND QUARTER EARNINGS REVIEW JULY 25, 2012 (PRELIMINARY RESULTS) BUSINESS OVERVIEW Alan Mulally President and Chief Executive Officer SLIDE 1 TOTAL COMPANY AGENDA Business Overview of Financial
More informationGlobal Macro & Managed Futures Strategies: Flexibility & Profitability in times of turmoil.
Global Macro & Managed Futures Strategies: Flexibility & Profitability in times of turmoil. Robert Puccio Global Head of Macro, Quantitative, Fixed Income and Multi-Strategy Research For attendees at the
More information2018 guidance and financial overview
2018 guidance and financial overview Rick Fearon, Chief Financial and Planning Officer March 2, 2018 Key takeaways for today Organic revenue growth is accelerating 2017 was a transition year, as our markets
More informationGlobal Economic Outlook Brittle Strength
Global Economic Outlook Brittle Strength RISI North American Conference October 2017 Lasse Sinikallas Director Macroeconomics Agenda 1. Global Snapshot Steady 2. North America Performing 3. China In Transition
More informationTransition to U.S. GAAP and U.S. dollar as reporting currency
Transition to U.S. GAAP and U.S. dollar as reporting currency A summary document for investors and analysts Safe Harbor Statement Certain statements contained in this document that are not statements of
More informationAmended as of January 1, 2018
THE WALLACE FOUNDATION INVESTMENT POLICY Amended as of January 1, 2018 1. INVESTMENT GOAL The investment goal of The Wallace Foundation (the Foundation) is to earn a total return that will provide a steady
More informationMultiemployer Pension Plans: Potential Paths Forward
Multiemployer Pension Plans: Potential Paths Forward Capitol Hill Briefing June 27, 2017 About the Academy The American Academy of Actuaries is a 19,000-member professional association whose mission is
More informationEconomic & Financial Market Update
Economic & Financial Market Update James W. Paulsen, Ph.D., Chief Investment Strategist www.wellscap.com September 2013 WELLS CAPITAL MANAGEMENT is a registered service mark of Wells Capital Management,
More informationAmerican Federation of Musicians and Employers' Pension Fund and Subsidiary. Consolidated Financial Statements
American Federation of Musicians and Employers' Pension Fund and Subsidiary Consolidated Financial Statements For the Years Ended March 31, 2015 and 2014 BoNDBEEBE ACCOUNTANTS & ADVISORS AMERICAN FEDERATION
More informationInvestment Strategy and Portfolio Expertise. QE Explained. VBA bijeenkomst over Kwantitatieve Verruiming Mary Pieterse-Bloem.
Investment Strategy and Portfolio Expertise QE Explained VBA bijeenkomst over Kwantitatieve Verruiming Mary Pieterse-Bloem 12 oktober 2017 Role of monetary policy in the economy the conventional world
More informationYear End Recent Developments and Other Statutory and Regulatory Guidance Potentially Impacting Qualified Plans for 2015
Year End Recent Developments and Other Statutory and Regulatory Guidance Potentially Impacting Qualified Plans for 2015 Background This document summarizes certain recent developments that may require
More informationOn Our Radar September 2015
On Our Radar September 2015 The Dow Jones Industrial Average (DJIA), S&P 500 and NASDAQ Composite fell 6.56 percent, 6.25 percent, and 6.85 percent, respectively, in August, which was highlighted by a
More informationWho Says Financing Has To Be Conventional
Who Says Financing Has To Be Conventional Ohio Hospital Association Annual Conference - Session #2 June 9, 2014 Kass Matt Managing Director Lancaster Pollard & Co. kmatt@lancasterpollard.com Offering Financial
More informationPutnam 529 for America SM
Putnam 529 for America SM Financial Statements For the year ended June 30, 2015 A 529 college savings plan Sponsored by the State of Nevada, acting by the Board of Trustees of the College Savings Plans
More informationUK Monthly Commentary Valuation Advisory
UK Monthly Commentary Valuation Advisory June 2018 UK Commentary Finance US Federal Reserve rate at 1.75%. UK Base Rate at 0.50%, further increases expected. 5-Year Swap Rate 1.25% (Beginning May 1.33%).
More information2018 ECONOMIC OUTLOOK
LPL RESEARCH WEEKLY ECONOMIC COMMENTARY December 4 207 208 ECONOMIC OUTLOOK EXPECT BETTER GROWTH WORLDWIDE John Lynch Chief Investment Strategist, LPL Financial Barry Gilbert, PhD, CFA Asset Allocation
More informationPension Funds on a Roller Coaster Ride
Topical Commentary Pension Funds on a Roller Coaster Ride January 2014 Pension funds may have had their best year ever in 2013, improving $303 billion in aggregate among S&P 500 companies. This follows
More informationFederated Institutional High Yield Bond Fund
Prospectus December 31, 2017 Share Class Ticker Institutional FIHBX R6 FIHLX Federated Institutional High Yield Bond Fund A Portfolio of Federated Institutional Trust A mutual fund seeking high current
More informationDEFINED BENEFIT PLAN WORKSHOP: Guide Your Frozen Plan to Termination
DEFINED BENEFIT PLAN WORKSHOP: Guide Your Frozen Plan to Termination PRESENTED BY: Principal Financial Group, Markley Actuarial and BDO USA, LLP BDO USA, LLP, a Delaware limited liability partnership,
More informationAnnual Funding Notice Questions and Answers DuPont Pension and Retirement Plan
FUNDED STATUS AND PENSION SECURITY 1. Q: Is my pension secure? A: The DuPont Pension Plan assets are held in a trust at State Street Bank and Trust, with State Street as the trustee. This means that the
More informationFederated U.S. Government Securities Fund: 2-5 Years
Prospectus March 31, 2013 Share Class R Institutional Service Ticker FIGKX FIGTX FIGIX Federated U.S. Government Securities Fund: 2-5 Years The information contained herein relates to all classes of the
More information2013 SECOND QUARTER EARNINGS REVIEW JULY 24, 2013 (PRELIMINARY RESULTS)
2013 SECOND QUARTER EARNINGS REVIEW JULY 24, 2013 (PRELIMINARY RESULTS) TOTAL COMPANY OUR PLAN -- Continue implementation of our global Plan: Aggressively restructure to operate profitably at the current
More informationPress Release PRUDENTIAL BANCORP, INC. ANNOUNCES FOURTH QUARTER FISCAL YEAR 2018 RESULTS
Press Release Release Date: November 30, 2018 At 4:30 p.m. EST Contact: Jack E. Rothkopf Chief Financial Officer (215) 755-1500 PRUDENTIAL BANCORP, INC. ANNOUNCES FOURTH QUARTER FISCAL YEAR 2018 RESULTS
More informationGlobal Investment Outlook
Global Investment Outlook Ewen Cameron Watt June 16 FOR PROFESSIONAL CLIENTS ONLY - UKRSM-16 Asset performance YTD Sterling Returns Brent Crude Oil Gold German Bund ML Global High Yield JPM EMBI Emerging
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy & Outlook For 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy & Outlook For 2009 December 17, 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact:
More informationUniversity of Toronto Pension Plan. Annual Financial Report. For the Year Ended June 30, 2017
University of Toronto Pension Plan Annual Financial Report For the Year Ended June 30, 2017 University of Toronto Pension Plan 1 Ten-year Review (Canadian $ millions) 2017 2016 2015 2014 2013 2012 2011
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy March 2010
Prudential International Investments Advisers, LLC. Global Investment Strategy March 2010 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationTWG. Toronto Wealth Group. My Conversations with: Peter J. Frost & Tristan Sones. Investments, Retirement Planning, Insurance.
I attended the AGF Think Income, Think Equities, Investment Insights from Peter Frost event on January 22 nd, 2013 and the AGF Open House & Investment Forum on March 7 th, 2013 featuring Tristan Sones.
More informationVietnam: Joint Bank-Fund Debt Sustainability Analysis 1
1 November 2006 Vietnam: Joint Bank-Fund Debt Sustainability Analysis 1 Public sector debt sustainability Since the time of the last joint DSA, the most important new signal on the likely direction of
More informationNovember PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy November 2015 John Praveen, PhD Chief Investment Strategist FOR MORE INFORMATION CONTACT: Theresa Miller Phone:
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS Fourth Quarter 2016 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationASSET INFLATION ECONOMIC DEFLATION
ASSET INFLATION ECONOMIC DEFLATION On a relative basis, the first quarter was hard on global balanced managers as all assets underperformed the safe haven U.S. stock market. Investment grade bonds were
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationLump Sum vs. Monthly
Lump Sum vs. Monthly The Right Decision For Me February 2017 Securities offered through Centaurus Financial Inc., a registered broker/dealer. Member FINRA and SIPC Centaurus Financial, Inc., and Herbert
More informationCSMFO Hot Topic What latest PERS rate proposal will mean for your agency s budget. 10:00-11:00 a.m. PDT, Thursday, March 21, 2013
CSMFO Hot Topic What latest PERS rate proposal will mean for your agency s budget 10:00-11:00 a.m. PDT, Thursday, March 21, 2013 Alan Milligan, Chief Actuary, CalPERS Fresh from the CalPERS Board discussions
More informationPrepared by the Metropolitan Transit Authority Of Harris County, Texas Divisions of Accounting and Treasury Services
Metropolitan Transit Authority Transport Workers Union Pension Plan, Local 260, AFL-CIO Comprehensive Annual Financial Report December 31, 2013 and 2012 Prepared by the Metropolitan Transit Authority Of
More informationGlobal Economic Outlook
Global Economic Outlook Will growth continue and at what pace? North American Conference San Francisco October 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationTHE FIRST OF LONG ISLAND CORPORATION ANNOUNCES 18.4% INCREASE IN NET INCOME AND 14.0% INCREASE IN EPS FOR 2018
January 30, 2019 For Immediate Release For More Information Contact: Mark D. Curtis, SEVP, CFO and Treasurer (516) 671-4900, Ext. 7413 THE FIRST OF LONG ISLAND CORPORATION ANNOUNCES 18.4% INCREASE IN NET
More informationCaution regarding forward-looking statements
Q1 2008 Investor Presentation Thursday February 28, 2008 Caution regarding forward-looking statements From time to time, the Bank makes written and oral forward-looking statements, including in this presentation,
More informationGlobal High Yield Perspectives
Topical Insight June 3, 215 Global High Yield Perspectives 3Q 215 Magnum vectigal est parsimonia (Translation: Thrift is a great revenue ) Cicero "The realistic proposal from Greece will have to be matched
More informationThe Pension Protection Act: the Cost Accounting Standards Harmonization and Implications for Government Contractors
The Pension Protection Act: the Cost Accounting Standards Harmonization and Implications for Government Contractors Paul E. Pompeo, Partner, Government Contracts, 202.942.5723 Mary Cassidy, Counsel, Compensation
More informationState Universities Retirement System of Illinois (IL SURS)
State Universities Retirement System of Illinois (IL SURS) Asset Liability Study April, 2014 Doug Moseley, Partner Kristin Finney-Cooke, CAIA, Sr. Consultant Kevin Leonard, Partner Timothy F. McCusker,
More informationEurope Outlook. Third Quarter 2015
Europe Outlook Third Quarter 2015 Main messages 1 2 3 4 5 Moderation of global growth and slowdown in emerging economies, with downside risks The recovery continues in the eurozone, but still marked by
More information