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RESET RETIREMENT: SOLUTIONS FOR THE 21ST CENTURY

The Economic Policy Institute, American Federation of Teachers, and The New School Retirement Equity Lab hosted an event in the historic Kennedy Caucus Room of the Russell Senate Office Building on June 14th with a panel on Guaranteed Retirement Accounts (“GRAs”). Kathleen Kennedy Townsend opened the event and introduced the panel: Randi Weingarten, President, American Federation of Teachers; Tony James, Executive Chairman, Blackstone; Co-author, “Rescuing Retirement;” Chad Bolt, Legislative Assistant, U. S. Senator Sherrod Brown; and Doug Calidas, Deputy Legislative Director, U. S. Senator Amy Klobuchar. The moderator was Caroline Atkinson, Senior Advisor, Rock Creek, former Deputy National

Multiemployer pension reform bill approved by House Education and Labor Committee

Bipartisan multiemployer pension reform legislation that would create a federal loan program for struggling plans was approved Tuesday in a 26-18 vote by the House Education and Labor Committee. The bill introduced by House Ways and Means Committee Chairman Richard E. Neal, D-Mass., in January has 168 co-sponsors, including eight Republicans. Mr. Neal said his committee will be voting on the bill soon, with a sense of urgency for an estimated 10% of multiemployer pension plans covering 1.5 million participants headed toward insolvency. "More than a million Americans are in multiemployer pension plans that are quickly running out of money, putting families across the country at risk of unexpe

Multiemployer pension reform bill approved by House Education and Labor Committee

By: Hazel Bradford, Pensions & Investments Bipartisan multiemployer pension reform legislation that would create a federal loan program for struggling plans was approved Tuesday in a 26-18 vote by the House Education and Labor Committee. The bill introduced by House Ways and Means Committee Chairman Richard E. Neal, D-Mass., in January has 168 co-sponsors, including eight Republicans. Mr. Neal said his committee will be voting on the bill soon, with a sense of urgency for an estimated 10% of multiemployer pension plans covering 1.5 million participants headed toward insolvency. "More than a million Americans are in multiemployer pension plans that are quickly running out of money, putting fa

RESET RETIREMENT: SOLUTIONS FOR THE 21ST CENTURY

By: A Heartlander The Economic Policy Institute, American Federation of Teachers, and The New School Retirement Equity Lab hosted an event in the historic Kennedy Caucus Room of the Russell Senate Office Building on June 14th with a panel on Guaranteed Retirement Accounts (“GRAs”). Kathleen Kennedy Townsend opened the event and introduced the panel: Randi Weingarten, President, American Federation of Teachers; Tony James, Executive Chairman, Blackstone; Co-author, “Rescuing Retirement;” Chad Bolt, Legislative Assistant, U. S. Senator Sherrod Brown; and Doug Calidas, Deputy Legislative Director, U. S. Senator Amy Klobuchar. The moderator was Caroline Atkinson, Senior Advisor, Rock Creek, form

Hamilton Lane Co-Investment Fund IV raises $1.7 bln

Hamilton Lane said June 24 that its latest co-investment fund closed on about $1.7 billion. Hamilton Lane Co-Investment Fund IV will provide direct equity capital into buyout and growth transactions alongside GPs. PRESS RELEASE Hamilton Lane Closes Latest Co-Investment Fund above Target The firm’s fourth co-investment fund is the largest to-date, with approximately $1.7B in total commitments from investors around the world Bala Cynwyd, Penn. – June 24, 2019 – Hamilton Lane (NASDAQ: HLNE) today announced the final closing of Hamilton Lane Co-Investment Fund IV (“the Fund”). The Fund closed above its target, with approximately $1.7B in total commitments from a wide range of global investors in

Is Labor's Future in Labor's Capital? A Debate

This is Part I of a conversation between David H. Webber and Michael McCarthy on the prospect of combating neoliberal corporate governance through the shareholder activities of workers’ pension funds. Workers’ retirement savings make up a substantial share of the capital invested in the public stock market and the private equity market. If shareholder primacy is the dominant paradigm of our financialized economy–usually a problematic proposition in these pages–then shouldn’t workers have a say in how these companies are run? Webber and McCarthy are both sympathetic to this idea, but disagree about how well such efforts have worked in the past and how likely they are to work in the future. Yo

Is Labor's Future in Labor's Capital? A Debate

By: David H. Webber and Michael McCarthy Law & Political Economy This is Part I of a conversation between David H. Webber and Michael McCarthy on the prospect of combating neoliberal corporate governance through the shareholder activities of workers’ pension funds. Workers’ retirement savings make up a substantial share of the capital invested in the public stock market and the private equity market. If shareholder primacy is the dominant paradigm of our financialized economy–usually a problematic proposition in these pages–then shouldn’t workers have a say in how these companies are run? Webber and McCarthy are both sympathetic to this idea, but disagree about how well such efforts h

The Democrats’ Retirement Debacle—and Ted Cruz’s Last-Minute Save

By: David Dayen The House resoundingly passed a retirement bill that could be dangerous for workers. It’s been blocked in the Senate because of an unrelated perk Cruz wants to give to homeschooling families. House Democratic leaders are frustrated. They thought America would thrill to the bills they’re passing that have no chance of making it into law so long as Republicans control the Senate, and Donald Trump the White House. Why they thought that is beyond my comprehension—minority-party agendas hardly ever drive political discussion—but they’re desperate to turn attention to a policy agenda rather than oversight of the president (another mistake, in my view). “I’m spending a lot

Hamilton Lane Co-Investment Fund IV raises $1.7 bln

Hamilton Lane said June 24 that its latest co-investment fund closed on about $1.7 billion. Hamilton Lane Co-Investment Fund IV will provide direct equity capital into buyout and growth transactions alongside GPs. PRESS RELEASE Hamilton Lane Closes Latest Co-Investment Fund above Target The firm’s fourth co-investment fund is the largest to-date, with approximately $1.7B in total commitments from investors around the world Bala Cynwyd, Penn. – June 24, 2019 – Hamilton Lane (NASDAQ: HLNE) today announced the final closing of Hamilton Lane Co-Investment Fund IV (“the Fund”). The Fund closed above its target, with approximately $1.7B in total commitments from a wide range of global investors in

The Democrats’ Retirement Debacle—and Ted Cruz’s Last-Minute Save

The House resoundingly passed a retirement bill that could be dangerous for workers. It’s been blocked in the Senate because of an unrelated perk Cruz wants to give to homeschooling families. House Democratic leaders are frustrated. They thought America would thrill to the bills they’re passing that have no chance of making it into law so long as Republicans control the Senate, and Donald Trump the White House. Why they thought that is beyond my comprehension—minority-party agendas hardly ever drive political discussion—but they’re desperate to turn attention to a policy agenda rather than oversight of the president (another mistake, in my view). “I’m spending a lot of time on the issues tha

A Heartfelt Thanks to Leo

We received the news recently that Leo Gerard was planning to step down this summer as President of the Steelworkers. Leo was one of the towering founders of the Heartland Network. If you could characterize Leo’s approach to obstacles, it would be “Get out of the way or get dragged.” Our Labor-Capital Network started in 1995 when a group of Steelworkers occupied the facility gate of a company called Franklin Steel, in Franklin, PA. The company had been making steel rail and beams, including posts for highway signs, since 1901. The SVA intervened in the shutdown of Franklin, as part of our state layoff aversion program. We learned that managers had embezzled the firm, which did not survive

Leo W. Gerard Announces Retirement; VP Tom Conway to Replace Him

PITTSBURGH (PAI) – Making official what he had unofficially disclosed in prior interviews, United Steelworkers (USW) International President Leo W. Gerard announced this week that he will retire as head of the largest manufacturing union in North America in mid-July. Vice President Tom Conway will succeed him. The union executive board approved the changes – including retirements of Secretary-Treasurer Stan Johnson and two more vice presidents, plus promotion of other people, including two top women, to take their seats – as well as a transition plan. “The decision to announce these changes together will ensure that a capable and experienced group of trade union leaders will hit the ground r

House Overwhelmingly Passes SECURE Act

A bipartisan majority in the House overwhelmingly approved Thursday a retirement reform package, 417-3. The legislation, the Setting Every Community up for Retirement Enhancement Act of 2019, referred to as the SECURE Act, includes provisions that make it easier for smaller employers to join open multiple-employer plans, eases non-discrimination rules for frozen defined benefit plans and adds a safe harbor for selecting lifetime income providers in defined contribution plans. The bill was introduced in late March by a bipartisan group of Ways and Means Committee members, including its Chairman Richard Neal, D-Mass., and Kevin Brady, R-Texas, the committee’s ranking member. “With passage of t

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