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CIEBA, the Committee on Investment of Employee Benefit Assets, represents 120 of the country's largest pension and defined contribution trusts. Its members manage more than $2.5 trillion of defined benefit and defined contribution plan assets on behalf of more than 16 million participants and beneficiaries. As the largest organization of private plan investment officers, CIEBA represents the interests of chief investment fiduciaries of employee benefit plans in front of legislators, Congress, regulators, and the media. Click here to learn more. Recent Meeting HighlightsSpotlight on our April 2024 Working Group Meeting Click Here to Read the ArticleSpotlight on our January 2024 Working Group Meeting Click Here to Read the ArticleSpotlight on our October 2023 Annual Meeting Click Here to Read the ArticleSpotlight on our June 2023 Working Group Meeting Click Here to Read the Article
CIEBA in the Media/Comment LettersLitigation Update:CIEBA recently filed a brief to ask the US Supreme Court to review a case dealing with the standards to bring a valid ERISA claim. CIEBA Executive Director, Dennis Simmons spoke to several reporters about the brief: "[Plan sponsors have] been dragged into court to defend what are oftentimes frivolous claims by lawyers looking to extract quick settlements," he said. "At some point, you might see companies simply throw up their hands and stop offering plans to begin with." Click Here to Read the Amicus BriefClick Here for Press CoverageCIEBA in P&I: DOL removes potential requirement for plans to renegotiate QPAM agreementsCIEBA Executive Director, Dennis Simmons, recently spoke with Pensions & Investments Magazine about CIEBA’s engagement with the DOL on their proposed changes to the Qualified Professional Asset Manager (QPAM) rules. In a change from a 2022 DOL proposal and as CIEBA recommended in public testimony, the DOL’s final rule issued on April 2, 2024, removed a requirement that would have potentially required plans to renegotiate agreements with many of their investment managers. Click Here to Read an Excerpt from the ArticleClick Here to Visit P&I OnlineCIEBA Testifies During DOL Hearing on Proposed Amendments to QPAM Exemption
On November 17, the Department of Labor held a hearing on proposed amendments to the Qualified Professional Asset Manager (QPAM) prohibited transaction exemption. After introductory comments on the topic from the new Assistant Secretary of Labor, Lisa Gomez (top left), CIEBA testified about our major concerns with the DOL’s proposed amendments to the QPAM exemption. Robin Diamonte, CIO of Raytheon; Kevin Walsh, Principal at Groom Law Group; and Dennis Simmons, Executive Director of CIEBA, discussed concerns with the proposed amendments hampering pension investment fiduciaries' reliance on the QPAM exemption. Click Here to Read Our LetterCIEBA Testifies for Greater ERISA Investment Transaction FlexibilityClick Here to Learn More/View a Clip of the Testimony |
