Compliance September 2, 2014

PBGC Takes Over Plan of Los Angeles Nonprofit

September 2, 2014 (PLANSPONSOR.com) – The Pension Benefit Guaranty Corporation (PBGC) will pay retirement benefits for workers covered by a plan sponsored by the Los Angeles Urban League Inc.
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The Los Angeles Urban League is a local chapter of the National Urban League, a non-profit civil rights organization. The chapter ran a Head Start program, which provided early education for pre-kindergarten students, and the PBGC is stepping in because the organization is unable to fund the plan that covers Head Start employees.

The Defined Benefit Pension Plan of Los Angeles Urban League Head Start State Pre-school will end as of August 31, 2014. Employees and retirees who are participants in the Head Start plan will continue to receive benefits from the Los Angeles Urban League until PBGC assumes responsibility.

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The agency estimates that as of May 2013, the plan is 45% funded, with $5.6 million in assets to pay $12.5 million in benefits liabilities. The agency will cover $6.7 million of the $6.8 million shortfall.

Deals and People September 2, 2014

Northern Trust Names Global Head of Institutional Distribution

September 2, 2014 (PLANSPONSOR.com) - John Krieg has been appointed global head of institutional distribution at Northern Trust Asset Management.
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This is a new role created to lead the development and implementation of investment solutions for clients spanning regions and markets. Based in Chicago, Krieg leads the global institutional sales and consultant relations teams.

He brings 25 years of experience in business strategy, product innovation, thought leadership and sales/marketing in the institutional investing space. Most recently he was located in London as managing director for asset management for the firm’s EMEA (Europe, Middle East and Africa) region.

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As managing director in EMEA since 2010, Krieg built business development teams across the firm’s Nordics, Benelux, Middle East and United Kingdom regions. He also initiated expansion into Switzerland and sub-Saharan Africa. He led the development of product research and investor surveys on custom and alternative indexing and factor investing, and his team worked closely with many of the regions’ largest asset owners, including sovereign wealth funds, central banks, pensions and fiduciary managers. 

Before his EMEA post, Krieg was director of global investment product management. Prior to joining Northern Trust in 2002, he was director of relationship management and fixed income products for TimesSquare Capital Management in New York, and previously held sales and relationship management positions with Credit Suisse Asset Management, Hewitt Associates and Towers Perrin. He is a chartered financial analyst and a chartered alternative investment analyst. Krieg earned an M.B.A. from DePaul University and a bachelor’s of science degree from the University of Illinois at Champaign-Urbana.

“As our investment business expands to new markets, we see a substantial opportunity to offer a broader range of products to support global investors,” says Stephen N. Potter, president of Northern Trust Asset Management. “John Krieg is well positioned to lead this effort, following his success in bringing new investment clients to Northern Trust in EMEA through focused sales efforts, thought leadership and product innovation.”

Jason J. Tyler, global head of client solutions, adds: “This new role enables John Krieg to build on the global momentum we have established with our investment solutions. Engineered Equity, Defined Contribution Solutions and Outsourced Chief Investment Officer services are all core to our growth strategy and John’s background is ideal for this effort.”

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