Compliance August 5, 2014

EEOC Sues College in Chicago for Age Discrimination

August 5, 2014 (PLANSPONSOR.com) – A Chicago college refused to hire an adjunct professor for a full-time position because of her age, the U.S. Equal Employment Opportunity Commission (EEOC) alleges.
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Harold Washington College, part of the City Colleges of Chicago system, violated federal law when it denied Nancy Sullivan the full-time position because she was 66 years old, according to an EEOC lawsuit. The case, EEOC v. City Colleges of Chicago d/b/a Harold Washington College (civil action no. 1:14-cv-05864), was filed in the U.S. District Court for the Northern District of Illinois.

An EEOC investigation found Sullivan had worked as an adjunct professor in the English Department at Harold Washington College for five years before applying for a full-time faculty position. Sullivan was found to have appropriate credentials for the job, had compiled an excellent record during her tenure as an adjunct, and had recommendations from several full-time members of the faculty. However, the investigation concluded that the college passed over Sullivan due to her age, since the person hired for the position was younger and less experienced.

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This alleged conduct violates the Age Discrimination in Employment Act, which prohibits discriminating against employees and applicants age 40 and older.

Harold Washington College, named for the first African American mayor of Chicago, is one of seven campuses of the City Colleges. The college has an enrollment of nearly 14,000 students and focuses on business, entrepreneurship and professional services.

Administration August 5, 2014

CalPERS Partners with UBS on Infrastructure Investments

August 5, 2014 (PLANSPONSOR.com) - The California Public Employees' Retirement System (CalPERS) announced a $500 million global infrastructure partnership with UBS Global Asset Management (UBS).
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CalPERS will contribute $485 million to the newly formed company, while UBS will contribute $15 million and act as managing member. The partnership will operate as Golden State Matterhorn, LLC and will pursue infrastructure investment opportunities in the U.S. and global developed markets.

The CalPERS Infrastructure Program seeks to provide stable, risk-adjusted returns to the total fund by investing in public and private infrastructure, primarily within the transportation, power, energy, and water sectors. Infrastructure investments returned 22.8% during the 2013-14 fiscal year and 23.3% over the past five years, outperforming the benchmark by 17.23 and 16.6 percentage points, respectively.

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CalPERS currently holds approximately $1.8 billion in infrastructure assets, with a total of $30 billion in the Real Assets portfolio.

“UBS brings extensive experience and a proven track record in global infrastructure investing that makes them a great fit for this partnership,” says Ted Eliopoulos, CalPERS interim chief investment officer. “We’re excited to work with them as we identify and acquire core assets that will provide the best risk-adjusted returns for our portfolio.” 

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