Evercore | Trust Company

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.

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.

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.

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.

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.

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.