Trending...
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
- Adostics & Genmega Announce the Introduction of A-POD
BALTIMORE--(BUSINESS WIRE)--Today, UNITE HERE launched a new website for beneficiaries of pension plans taken over by Athene: ApolloAtheneWatch.org.
"Employees who have worked hard for their retirement benefits deserve clear information about what is happening with their retirement plan's assets," said Michael Hachey, a research analyst of UNITE HERE International Union. "Athene's pension transactions should be carefully scrutinized. When plan assets are put into complex financial engineering arrangements outside the governance of the Employee Retirement Income Security Act (ERISA), we need to ask tough questions. Are existing state insurance regulations and protections enough to protect retirees?"
Athene, a Bermuda-based insurance company with a complex relationship to private equity giant Apollo Global Management, began taking over pension plan assets and obligations in 2017. In March, Athene entered into an agreement for an annuity buyout of JCPenney's pension plan as JCPenney is emerging from bankruptcy.
More on Marylandian
After a typical annuity buyout, if an insurance provider becomes insolvent and is unable to meet its obligations, beneficiaries' primary protection for recovering unpaid benefits would be the patchwork system of State Guaranty Associations. Some states would only cover $250,000 per annuitant.
As Athene takes control of pension plan assets, it seeks to profit by earning more from investment returns than it is required to pay out to recipients. Athene uses Bermuda-based reinsurance subsidiaries to reinsure most deposits. Apollo manages most of Athene's assets in exchange for fees. Apollo invests some of Athene's assets in loans and structured debt products originated or securitized by Apollo affiliates.
Apollo Global Management created Athene in 2009 and has managed its assets since its inception. On March 8, Apollo announced its plan to acquire and merge with Athene.
UNITE HERE's new website will provide information and resources to the beneficiaries of plans taken over by Athene. It includes facts about the recent JCPenney transaction, links to reporting on Athene's investment practices, and contact information for relevant regulatory agencies. Beneficiaries can use the site to sign up for updates.
UNITE HERE is a labor organization that represents workers throughout the United States and Canada. www.unitehere.org
"Employees who have worked hard for their retirement benefits deserve clear information about what is happening with their retirement plan's assets," said Michael Hachey, a research analyst of UNITE HERE International Union. "Athene's pension transactions should be carefully scrutinized. When plan assets are put into complex financial engineering arrangements outside the governance of the Employee Retirement Income Security Act (ERISA), we need to ask tough questions. Are existing state insurance regulations and protections enough to protect retirees?"
Athene, a Bermuda-based insurance company with a complex relationship to private equity giant Apollo Global Management, began taking over pension plan assets and obligations in 2017. In March, Athene entered into an agreement for an annuity buyout of JCPenney's pension plan as JCPenney is emerging from bankruptcy.
More on Marylandian
- Maryland Horse Industry Board Meeting Notice
- Smart Resnse Unveils Smart Resnse(SRMS) Token-Powered AI Orchestration Platform to Revolutionize Multi-Billion Dollar Market
- Josh and Heidi Follow Up the Much Anticipated and Successful Launch of the "Spreading the Good BUZZ" Podcast with a Personal Request
- Local Filmmaker Brings Folklore and Film to Her Own Backyard in Silver Spring
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
After a typical annuity buyout, if an insurance provider becomes insolvent and is unable to meet its obligations, beneficiaries' primary protection for recovering unpaid benefits would be the patchwork system of State Guaranty Associations. Some states would only cover $250,000 per annuitant.
As Athene takes control of pension plan assets, it seeks to profit by earning more from investment returns than it is required to pay out to recipients. Athene uses Bermuda-based reinsurance subsidiaries to reinsure most deposits. Apollo manages most of Athene's assets in exchange for fees. Apollo invests some of Athene's assets in loans and structured debt products originated or securitized by Apollo affiliates.
Apollo Global Management created Athene in 2009 and has managed its assets since its inception. On March 8, Apollo announced its plan to acquire and merge with Athene.
UNITE HERE's new website will provide information and resources to the beneficiaries of plans taken over by Athene. It includes facts about the recent JCPenney transaction, links to reporting on Athene's investment practices, and contact information for relevant regulatory agencies. Beneficiaries can use the site to sign up for updates.
UNITE HERE is a labor organization that represents workers throughout the United States and Canada. www.unitehere.org
Filed Under: Business
0 Comments
Latest on Marylandian
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Assent Expands Executive Team to Accelerate Global Growth & Innovation
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly
- Centennial Flyers to Become Colorado's First Launch Customer for All-Electric B23 Energic Aircraft
- Pyro Marketing Opens New Digital Marketing Company in Saint Petersburg to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
- Heartfelt Dreams Foundation Launches Campaign to Build CHD Hospital
- Radarsign Tackles Intersection Safety with Launch of Grid-Free Solar LED Stop Sign
- Miami Real Estate Agent Drastically Increases Interest In Homes
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
- Deliverance Service Coming to Hagerstown, MD
- Heritage at South Brunswick Offers Immediate Townhome Appointments and Special Mortgage Incentive Fast-Moving Sales
- NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
- Exciting New Era of Sports, Entertainment & Gaming Innovation Spotlighted by Rebrand of Expanding AI Driven, Online Fan Engagement Company: SEGG Media
- VFAF MD State Chapter Joins Texas Flood Relief Ops said Stan Fitzgerald Veterans for America First
- Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros
- Bruce In The USA Brings Immersive Bruce Springsteen Celebration to Frederick This October