NewsApril 18, 2013
Evercore Trust Company Expands Executive Team
Effective July 1, 2013, Charles E. Wert and Norman P. Goldberg will become Vice Chairmen of Evercore Trust Company. Ciara A. Burnham, currently a Senior Managing Director with Evercore Partners, will succeed Mr. Wert as the President and Chief Executive Officer. Additionally, William E. Ryan, who most recently was Executive Director, Legal and Compliance, and Head of ERISA Law at Morgan Stanley, will succeed Mr. Goldberg as Chief Fiduciary Officer.
NewsOctober 1, 2012
In-kind Contributions to Defined Benefit Plans
David Cohen co-authored an article entitled "In-Kind Contributions to Defined Benefit Plans — An Introduction." The article was published in the October 2012 issue of BNA’s Tax Management Compensation Planning Journal.
NewsAugust 16, 2012
Department of Labor Grants Prohibited Transaction Exemptions to Weyerhaeuser
On June 1, 2012, the Department of Labor granted prohibited transaction exemption 2012-12 s (Fed. Reg. Vol. 77, No. 106) to Weyerhaeuser Company in connection with a proposed in-kind contribution of intangible assets to the Weyerhaeuser Master Retirement Trust.
NewsJune 26, 2012
Evercore Trust to Manage $20 Million in Contributed USG Corporation Common Stock
USG Corporation (NYSE: USG) reported in a June 26, 2012 SEC filing a contribution of over 1.2 million shares of common stock to the company’s pension plan. USG Corporation has retained Evercore Trust to serve as investment manager responsible for the disposition of the contributed shares, valued at $20 million.
NewsJune 19, 2012
DTE Energy Funds Pension Plan with $78.4 Million in Common Stock
In an SEC filing on June 19, 2012, DTE Energy Company (NYSE:DTE) reported a contribution of over 1.3 million shares of common stock to the DTE Energy Company Retirement Plan.
Evercore Trust will serve as investment manager of the contributed shares, valued at $78.4 million.
NewsMay 2, 2012
The New World of Participant Disclosure
David Cohen co-wrote an article, "ERISA Section 404(c) in the New World of Participant Disclosure," appearing in the Winter 2012 issue of the Journal of Pension Benefits. The article discusses the new ERISA participant disclosure rules and their impact on the ERISA Section 404(c) safe harbor for participant-directed individual account plans.
NewsApril 2, 2012
Permanent prohibited transaction exemption for BlackRock granted by DOL
On April 2, 2012, the United States Department of Labor (DOL) granted Prohibited Transaction Exemption (PTE) 2012-09 enabling BlackRock to conduct a wide array of covered transactions on behalf of its client plans with or involving its minority passive shareholders, currently comprised of Barclays and PNC. PTE 2012-09 provides permanent exemptive relief to BlackRock, replacing PTE 2011-17 granted by the DOL on an interim basis.
Speaking EngagementMarch 21, 2012
Retirement Plan Enforcement
David Cohen participated in a webinar sponsored by ALI-ABA, entitled “Retirement Plan Enforcement Efforts.”
NewsMarch 15, 2012
Xerox Funds Pension Plan with $130 Million in New Stock Issues
In a March 15, 2012 filing with the SEC, Xerox Corporation (NYSE: XRX) reported a contribution to its pension plan of approximately 15.4 million shares of newly issued company stock valued at $130 million. Evercore Trust has been engaged to manage the subsequent sale of the contributed stock to the public.
NewsMarch 6, 2012
The Brinks Company Funds Pension Plan with 361,446 shares of Brinks Common Stock
In a March 6, 2012 SEC filing, the Brinks Company (NYSE:BCO) reported that in consideration for a credit against the Company’s pension funding obligation, it made a $9 million stock contribution. The 361,466 shares valued at $24.90 per share will be managed by Evercore Trust Company, N.A., in its capacity as appointed investment manager.
Speaking EngagementFebruary 17, 2012
Developments in Fiduciary Regulation, Litigation and Legislation
David Cohen participated in panel discussions at the American Bar Association’s Section of Taxation Midyear Meeting in San Diego, CA, addressing recent developments in fiduciary regulation, litigation and legislative updates.
NewsJanuary 10, 2012
Visteon Takes Steps to Improve U.S. Pension Plans Funding
Visteon Corporation (NYSE: VC) announced that it had taken significant steps to improve funding of its U.S. defined benefit pension plans. The company contributed 1,453,489 shares of company stock valued at approximately $70 million into its two largest U.S. plans. In addition, Visteon made a cash contribution of approximately $15.1 million to one of the plans on December 27, 2011, after the return of funds previously held by the Pension Benefit Guaranty Corporation.
Speaking EngagementOctober 21, 2011
Fiduciary Regulatory Developments
David Cohen participated in a panel on updates in fiduciary regulatory developments at the American Bar Association’s 2011 Fall Joint CLE Meeting held in Denver, CO.
Speaking EngagementSeptember 27, 2011
DOL Disclosure Rules
David Cohen participated in a panel at the Fall Fly-In, Fiduciary Duties – Looking Ahead conference hosted by the Southern Employee Benefits Conference.
Speaking EngagementSeptember 22, 2011
A Roundtable Discussion of Emerging Employee Benefits Issues
Gloria Pollack participated in the Employee Benefits Roundtable hosted by Seyfarth Shaw.
Speaking EngagementSeptember 21, 2011
The Care and Nurturing of Company Stock in your 401(k) Plan in these Troubling Times
Chuck Wert participated in a workshop at PSCA’s 64th Annual National Conference held in Las Vegas, Nevada.
NewsAugust 15, 2011
DOL grants wide-ranging exemption to BlackRock; Evercore Trust retained as Independent Monitor
The U.S. Department of Labor granted an individual prohibited transaction exemption permitting BlackRock to conduct a variety of covered transactions. Evercore Trust serves as Independent Monitor with responsibility for monitoring BlackRock's compliance with certain conditions of the exemption.
Speaking EngagementJuly 28, 2011
Gloria Pollack and David Cohen participated in a panel discussion at The ERISA Roundtable.
NewsJuly 28, 2011
Winston-Salem Journal reports North Carolina Baptist Hospital settled lawsuit over employee benefit
The Winston-Salem Journal reported that North Carolina Baptist Hospital agreed to pay nearly $5.4 million to settle a federal lawsuit involving health benefits provided by MedCost, an affiliated service provider. Evercore Trust was appointed to determine whether the selection of MedCost as the third party administrator and network provider on behalf of the plan was prudent and, if not, to determine the damages to the plan. The parties ultimately agreed to settle the matter for an amount similar to the damages calculated by Evercore Trust.
Speaking EngagementJuly 26, 2011
The Effects of the New Fiduciary Rules
Chuck Wert participated in a panel discussion at the Western Benefits Conference.
Speaking EngagementJuly 14, 2011
IRS & DOL Enforcement: What You Need to Know
David Cohen participated in a panel discussion hosted by the Dallas-Fort Worth ASPPA Benefits Council.
Speaking EngagementMay 16, 2011
Employer Securities in Qualified Plans
Norman Goldberg conducted a session at The Evolving World of ERISA — An Introduction conference sponsored by the Practising Law Institute.
NewsJanuary 21, 2011
Alcoa Announces Dividend and Stock Contribution to Pension Plans
Alcoa announced its second contribution of $600 million in company stock to its defined benefit pension plans. Evercore Trust Company serves as the independent fiduciary and investment manager responsible for the acceptance and management of the contributed shares.
Speaking EngagementJanuary 13, 2011
Fiduciary Fallout: Educating Clients on Fiduciary Duties and Protecting Yourself
Chuck Wert participated in a panel discussion at the Los Angeles Benefits Conference.
NewsNovember 15, 2010
Norman P. Goldberg Comments on Proposed Fiduciary Requirement in Pensions & Investments
Norman P. Goldberg, the Chief Fiduciary Officer at Evercore Trust Company was quoted in Pensions & Investments about the potential impact to appraisers of proposed regulation from the Department of Labor. He stated "This proposal, if adopted, is likely to have a dramatic impact on the ERISA appraisal industry.
Speaking EngagementSeptember 22, 2010
Fiduciary Outsourcing for Defined Contribution Plans – Background and an Evaluation Framework for Plan Sponsors
Norman P. Goldberg presented on a panel at the PSCA 63rd Annual National Profit Sharing/401(k) Conference and Exhibition.
NewsSeptember 2, 2010
Furniture Brands International Contributes Stock to Pension Plan
Furniture Brands engaged Evercore Trust Company in connection with a follow on contribution of 4.1 million shares of its common stock to the company’s pension plan.
Speaking EngagementApril 13, 2010
Employer Stock as an Investment
Evercore Trust Company had senior management participation in a panel discussion at the Pension Plan Investments 2010 conference sponsored by the Practising Law Institute.
Speaking EngagementNovember 20, 2009
Non-Cash Pension Contributions
Norman P. Goldberg was invited to speak on a panel at the Annual Meeting of the Committee on the Investment of Employee Benefit Assets (CIEBA).
NewsNovember 10, 2009
Pensions & Investment Announces Boeing's Stock Contribution and Hiring of Evercore Trust
Pensions & Investments announced that Boeing Co. contributed $1.5 billion in company stock to its defined benefit pension plans and hired Evercore Trust Company as independent manager with discretion over the shares.
NewsNovember 9, 2009
Plan Sponsor Announced Evercore Trust Co Will Monitor 401(k) Plans During Caterpillar's Fee Settlement
Plan Sponsor announced that Evercore Trust Company will be the independent monitor Caterpillar's 401(k) employee and retirement plans during the two year settlement period as the company settles an excessive fee lawsuit.
NewsNovember 2, 2009
Pensions & Investments Quotes Norman P. Goldberg about Recent Stock Contributions into Pension Plans
Pensions & Investments reported that companies were contributing billions in cash and stock into pension plans, aiming to boost funding levels. The publication quoted Norman P. Goldberg of Evercore Trust Company saying that he usually sees a "small handful" of company stock contributions in any given year, but now he's seeing "clusters" of about 15 to 20 companies considering or making such contributions. Mr. Goldberg mentioned United Technologies Corp., Caterpillar Inc., JC Penney Co. Inc., Honeywell International Inc., PPG Industries Inc., 3M Co. and The Brinks Co. among other companies that contributed stock this year to their pension plans. Mr. Goldberg noted companies are contributing stock and preserving cash when they believe their stock is undervalued with the expectation that the price of the stock will rebound with the economic recovery. He stated that "These (stock contributions) will offset future obligations. When they contribute cash they would most likely contribute what they owe when it is due."
NewsOctober 26, 2009
Winston Salem Journal reports Norman P. Goldberg Appointed as Independent Fiduciary for N.C. Baptist Hospital Group Plans
U.S. Labor Secretary agreed that an independent fiduciary be appointed to determine whether the N.C. Baptist Hospital should continue to use a group health plan that it co-owns. The ruling is the latest development in a lawsuit that accuses Baptist and the group health plan of requiring its employees to pay more in fees for a group heath plan than other corporate clients. Norman Goldberg was appointed to determine whether the selections of MedCost as the third-party administrator was the right choice, and select a provider network and third-party administrator for the group's health plan from 2011 to 2014.
NewsSeptember 15, 2009
BNA Pension & Benefits Reporter: Practitioners discuss ERISA issues due to financial institution consolidation
Norman P. Goldberg of Evercore Trust Company comments on the rapid consolidation of companies in the financial services industry during the past year which caused a number of transactions between pension plans and financial institutions to be considered prohibited transactions under federal benefits law.
NewsJune 29, 2009
Pensions & Investments Reports J.C. Penney Buys into LDI for Closed Plan and Hires Evercore Trust Company
The article reported that J. C. Penney Co. Inc. executives intended to move to a liability-driven investing strategy over the next five years for the company's $4.1 billion defined benefit plan, with an ultimate goal to get to 100% bonds. The plan was 93% funded as of Jan 31, 2009 and the company contributed $340 million in stock to the plan, hiring Evercore Trust Company as an independent fiduciary to manage the stock.
NewsApril 29, 2009
Evercore Establishes Evercore Trust to Extend Investment Management Platform
Evercore announced the establishment of Evercore Trust, effective May 1, 2009. Evercore has formed Evercore Trust in connection with the pending consummation of its acquisition of Bank of America's Special Fiduciary Services Division. Evercore Trust, a newly chartered trust bank, will focus on providing specialized investment management, independent fiduciary and trustee services to employee benefit plans of large corporations. The addition of Evercore Trust is another step in Evercore's effort to extend its Investment Management platform and broaden its revenue base.