Thursday, June 03, 2010

Goldman resigns as Teamsters Central States fiduciary

Goldman Sachs Asset Management resigned as a named fiduciary of the $19.8 billion Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill.

The pension fund plans to transfer the 30% of plan assets that Goldman Sachs controlled to Northern Trust Global Advisors, the fund’s other named fiduciary, then move 10% of the plan’s assets to passively managed index funds, according to a filing in U.S. District Court in Chicago. Full Story......

Monday, May 31, 2010

Arkansas Best Gets New CFO

Michael Newcity will become the chief financial officer of Arkansas Best Corp. effective Tuesday.

According to a company news release, he currently serves as its director of economic analysis, leading a group that provides critical analysis on topics including costing and profitability methods, incentive systems, business metrics and forecasting.

Newcity, 40, has held a variety of positions with ABF Freight System Inc. and Data-tronics Corp., both subsidiaries of Fort Smith-based Arkansas Best.

He has been "instrumental in the development and implementation of internal management systems," the release states.

In 1993, he began his career at Arkansas Best, and he has a master's degree in business administration and a bachelor's degree in computer information systems, both from the University of Arkansas.

"At a very important time in Arkansas Best's history, Michael brings a unique combination of analytical skills and innovative thinking into the CFO position," Judy McReynolds, Arkansas Best president and CEO, stated in the release.

McReynolds served as CFO from February 2006 until Dec. 31 when she succeeded Bob Davidson as CEO and president. The CFO position has been open since that time.

Senator's plan would aid Teamsters' pension fund

With twice as many retirees as active workers, the Western Pennsylvania Teamsters Fund, like many multi-employer pension plans, is in trouble.

A proposal by Sen. Bob Casey, D-Pa., would help rescue the fund and one other pension plan by allowing beneficiaries of bankrupt companies to spin off into their own federally backed plans instead of dragging down the larger plan.

The rescue effort would apply only to the Western Pennsylvania Teamsters Fund -- which is in critical condition at less than 60 percent funded, according to the fund's attorney, Vincent Szeligo -- and the Central States, Southeast and Southwest Areas Pension Fund, a large plan that covers a variety of industries including trucking and construction. Full Story.....