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PAGA reform finally on the horizon
California Governor Gavin Newsom announced that legislative leadership, in partnership with business and labor groups, reached an agreement on long-needed reforms to the Private Attorneys General Act.
United Kingdom | Publication | November 2023
On November 6, 2023, the trustees of the £590m Sears Retail Pension Scheme reached an agreement to enter into the UK’s first ever superfund transaction with Clara Pensions. A superfund is an arrangement set up to consolidate DB schemes’ liabilities, in which the link to the sponsoring employer is severed following transfer.
The deal, which has been cleared by the Regulator, will see Clara make an additional £30m of ring-fenced funding to support the 9,600-member scheme. The scheme’s assets will be used to generate returns to pay pensions, with the aim of securing a full buy-out deal with an insurer within five to ten years.
This long-awaited first transaction is seen as significant for both Clara and the pensions industry as a whole. It has the potential to be the catalyst for transformative change in the pensions industry, providing a “safe bridge” bringing the insurance market into reach for more schemes and their members.
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California Governor Gavin Newsom announced that legislative leadership, in partnership with business and labor groups, reached an agreement on long-needed reforms to the Private Attorneys General Act.
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Our healthcare lawyers comment on healthcare providers and MCOs that are beginning to experience the financial impacts of the end of continuous Medicaid enrollment and the reductions associated with the enhanced FMAP.
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