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Text of EBSA Proposed Exemption for Certain Prohibited Transaction Restrictions: TT International Asset Management, Ltd.

"If this proposed exemption is granted, TT International Asset Management Ltd will not be precluded from relying on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14 [the QPAM Exemption], notwithstanding the Conviction ... during the Exemption Period[.]"

Population Aging, Implications for Asset Values, and Impact for Pension Plans: An International Study

"The Society of Actuaries is pleased to make available material for a multi-phased research effort investigating Population Aging and its impact on pension plans.... The researchers are looking at the use of an overlapping generations (OLG) model to model the impact of population structure on returns across asset classes. Several items are available[.]"

Most of the Top 50 Asset Managers Have Created Internal ESG Ratings

"20 of these 50 asset managers use data from at least four different ESG ratings agencies ... 30 have now developed their own, proprietary internal ratings system[.]"

Target Date Funds Can Automate Decision-Making But The Formula Must Be Rigorous; Assets Should Be In International Index Funds, Not Junk Bonds

Excerpt: In the same fashion that automatic enrollment and automatic escalation gets passive employees to contribute to their accounts and raise their contribution rates--albeit insufficiently--target-date funds are essentially 'automatic asset allocation shifters.'

Be Mindful of ERISA Section 404(b) When Investing ERISA Plan Assets in International Markets

"If the plan's trustee is responsible for maintaining compliance with Section 404(b), plan fiduciaries should take care that the trustee has a robust diligence process for selecting and monitoring international sub-custodians, particularly in emerging and frontier markets, and confirm that the trustee will remain liable for any sub-custodians' actions or omissions to the same extent as if the trustee made such actions/omissions. If a plan fiduciary retains an investment adviser that is not organized under the laws of the U.S. with its principal place of business in the U.S., the plan fiduciary should take care to confirm that its Section 404(b) obligations are satisfied through an arrangement with the plan's trustee (or other qualified provider) because the investment adviser likely could not meet the requirements of the DOL exception ... due to its non-U.S. status."

The IASB's Proposed Rules for Pension Accounting Could Dampen the Effect of Asset Gains and Losses on the Bottom Line

Excerpt: The International Accounting Standards Board's long-awaited exposure draft on IAS 19, the standard that governs pension accounting, may turn out to be good news for companies. In a reversal of the proposals that were originally floated, under the exposure draft the impact of asset gains and losses would be reflected in other comprehensive income (OCI) rather than in profits and losses, lessening their impact on a company's earnings.

IFRIC on Effect of Minimum Funding Requirement on Asset Ceiling

Excerpt: In its meeting earlier this month, the International Financial Reporting Interpretations Committee discussed a staff draft Interpretation addressing the effect of a statutory minimum funding requirement on the asset ceiling requirement under IAS 19.

Asset Purchaser May Have Successor Liability for Multiemployer Plan Contributions (PDF)

In reaching this conclusion, the Third Circuit followed thereasoning in Upholsterers' International Union Pension Fund v. Artistic Furniture of Pontiac[.]

International Law Firm's Report Says Pension Plan Trustees Could Face Liability by Ignoring Potential Impact of Climate Change

"The report on fiduciary duty of trustees of pension ... funds 'indicates there are significant legal risks in the event of financial losses caused by climate change impacts, both physical and regulatory,' according to a statement from The Asset Owners Disclosure Project, an independent global not-for-profit organization focused on protecting retirement savings from the risks posed by climate change. AODP commissioned the law firm of Baker & McKenzie 'to study the evidence for trustee obligations over climate change,' a statement about the report said."

Text of PTEs for Asset Managers Affiliated with Deutsche Bank, Citigroup, JPMorgan Chase, Barclays or UBS

702 pages. "This document contains exemptions issued by the [DOL] from certain of the prohibited transaction restrictions of [ERISA] and/or the Internal Revenue Code ... This notice includes ... 2017-03, JPMorgan Chase & Co., D-11906; 2017-04, Deutsche Investment Management Americas Inc. (DIMA) and Certain Current and Future Asset Management Affiliates of Deutsche Bank AG, D-11908; 2017-05, Citigroup Inc., D-11909; 2017-06, Barclays Capital Inc., D-11910; 2017-07, UBS Assets Management (Americas) Inc.; UBS Realty Investors LLC; UBS Hedge Fund Solutions LLC; UBS O'Connor LLC; and Certain Future Affiliates in UBS's Asset Management and Wealth Management Americas Divisions, D-11907."