CIEBA, the Committee on Investment of Employee Benefit Assets, represents more than 100 of the country's largest pension funds. Its members manage almost $2 trillion of defined benefit and defined contribution plan assets on behalf of 17 million plan participants and beneficiaries. As the largest organization of corporate pension investment officers, CIEBA represents the interests of employee benefit plan sponsors before legislators, Congress, regulators, and the media. Click here to learn more.
CIEBA in the News
Pension and Budget Integrity Act of 2017
In a coalition with 7 partner organizations, CIEBA has urged Senator Enzi, the chair of the Budget Committee, to support passage of the Pension and Budget Integrity Act of 2017. The PBIA would bar Congress from raising PBGC premiums in order to use them as a revenue source to fund government expenditures, which are often unrelated to pension and retirement matters. This is a re-introduction of a bill that was proposed by Rep. Jim Renacci (R-OH) last year, a bill which CIEBA also supported and which had garnered bipartisan co-sponsorship. This measure will provide badly needed relief to private pension plans, whose premiums have skyrocketed by $400 million in just the last 4 years. You can check out the full story from the joint press release here.
The letter can be found on the Comment Letters page of our website.
Request for Relief on Uncleared Swap Margin Requirements
Together with the ERISA Industry Committee (ERIC), CIEBA has expressed support for a request for a 6-month extension in the deadline by which new uncleared swap variation margin rules would be implemented by several government agencies, including the Federal Reserve, the CFTC, and the FDIC. The original request for an extension was made by the Securities Industry and Financial Markets Association Asset Management Group (SIFMA AMG). The original deadline, March 1st, 2017, does not give the banks and swap dealers, along with their counterparties, sufficient time to complete documentation and consider the impact that new requirements may have on investors, including pension plans. We are concerned that the inability for asset managers to access uncleared swap markets may impair their ability to properly hedge and manage DB plan assets, and that this could result in sub-optimal pricing and depressed returns on assets.
The letter can be found on the Comment Letters page of our website as well.
Our Last Webinar
Form 5500 Revisions
Michael Kreps of Groom Law Group and Peggy Bradley of Northern Trust will discuss the upcoming changes to Form 5500 and what they will mean for plan sponsors and their recordkeepers and custodians.
Our March Working Group Meeting will be held at The Mandarin Oriental Hotel in Washington, DC, from March 29-30, 2017.
Manny Roman, CEO, PIMCO
Crispin Odey, Founder, Odey Asset Management
Ashby Monk, Executive Director, Stanford University Global Projects Center
We are excited to welcome you to the new CIEBA website! As you navigate through the new features, feel free to reach out to Aaron Marks with any questions you may have.