SWFI First Read, January 3, 2017

SOLVENCY ISSUES: Central States Teamsters Pension Fund Could Get Approval to Cut Benefits

The Central States Teamsters’ pension plan, based in Des Plaines, Illinois, hopes to get approval from the U.S. Treasury Department to lower benefits for participants by as much as 30% to help the plan remain solvent. The plan covers more than 407,000 participants. At the end of 2014, the plan had US$ 35 billion in pension liabilities versus US$ 18 billion in assets to cover. Without government funding, the pension fund will run out of money in 10 years or less. In May 2016, the U.S. Treasury Department had rejected a rescue strategy for the pension fund.

Massad to Exit as Chair of CFTC

Timothy Massad, chairman of the Commodity Futures Trading Commission (CFTC), is stepping down from his role on January 20, 2017. Massad is a Democrat. He spent nearly three years as CFTC’s chairman, succeeding Gary Gensler. J. Christopher Giancarlo, the CFTC’s sole Republican member, is expected to become interim Chairman of the CFTC.

ATP and PensionDanmark Acquire Copenhagen Marriott Hotel

ATP Real Estate, a unit of ATP, and PensionDanmark acquired in equal ownership interests the Copenhagen Marriott Hotel for a total of 1 billion DKK from Solstra Investments. The hotel is located on the waterfront at Kalvebod Brygge, in the Vesterbro district of Copenhagen. The hotel is fully leased to BC Hospitality Group, which is controlled by Solstra Investments. The hotel has 406 rooms.

Tech Firms to Join in on SoftBank’s Vision Fund

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