Following our Alerts regarding pension consultant conflicts of interest and the duty to investigate consultant compensation, Consultant Conceals Manager Brokerage- Asserts Duty to Protect Confidentiality of Brokerage Clients, November 2001 and The Duty to Investigate Pension Consultant Conflicts and Compensation, September 2001, we successfully completed, on behalf of a pension client, what we believe to be the largest investigation of pension consultant abuse ever conducted.
That covers a pension, compensation and benefits for office staff, and the government also picks up the tab for other costs like travel, office space and postage.
That is, conflicts of interest, unethical business practices, and undisclosed compensation agreements that are pervasive in pension investment management undermine the integrity of pension investment processes and detrimentally impact performance.
Another investigation involving the same consultant is underway at the Ohio Bureau of Workers Compensation and while it does not involve a pension fund, the findings of that investigation, including scrutiny of the pay-to-play activities of the fund 145 money managers, will impact pensions.
FORBES: The Future of the Consulting Industry Speech, (September 19, 2005)
To obtain an accurate reconciliation between the DoD and DVA as to the correct pay and allowance entitlement to be paid by the military services to their reserve forces and the proper pension or disability compensation to be paid to, or waived by, certain veterans in the reserve forces.
Our findings of conflicts of interest and undisclosed compensation were widely published in the national pension press, as well as local newspapers.
FORBES: The Long Overdue Florida Public Pension Clean-Up (November 21, 2007 )
Retail brokers migrated to larger pension accounts and brought with them their compensation preferences.
FORBES: International Campaign to Eliminate Pension Consultant Abuses (November 2, 2004 )
The former executive will receive a six-figure compensation package, comprising six months' salary, pension and "golden handshake".
The Conservative proposal was for a "lifeboat" scheme to raise the level of compensation for victims of pension schemes which collapsed between 1997 and 2005.
BBC: NEWS | UK | England | Kent | Setback for ASW pension victims
The tally excludes changes in the value of pension benefits, and sometimes differs from the total compensation that companies list in their regulatory filings.
In Chicago the consultant to one pension fund refused to disclose how much brokerage and other compensation it derived from managers it recommended the fund hire.
Apparently one Florida public pension attorney has compensation arrangements with at least one broker-consultant and certain money managers regularly recommended by the broker-consultant.
FORBES: Shame and Scandal in Florida Public Pension Community (October 2, 2004 )
Among its findings: Many consultants fail to disclose to pension clients that they also receive compensation from the money managers, brokerages and affiliates that they recommend.
Primary examples: gains from investments and asset sales, sharp declines in tax rates, overly optimistic assumptions on pension plan returns and heavy reliance on stock options as a form of compensation.
Boards that choose to turn their backs to such dealings are enabling their consultants to use pension assets for their own financial gain, to negotiate for brokerage and other compensation with managers.
Many pension consultants fail to disclose conflicts of interest to their clients and accept undisclosed compensation from money managers and brokerages, according to the results of a U.S. Securities and Exchange Commission study, which were released this morning.
Pensions Minister Malcolm Wicks has told BBC Wales he did not not want to raise expectations of compensation for the 800 former Allied Steel and Wire (ASW) workers who lost their jobs and pension entitlements when the company collapsed in July 2002.
After 20 years in the service, retirees are entitled to a pension worth half their base pay and low-cost health insurance, but that rarely provides enough compensation for most to stop working.
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