Northern Trust Co. in Chicago announced Tuesday that it has developed the first proprietary solution to let multinational companies commingle defined benefit retirement plan assets with assets from non-U.S. subsidiaries in an offshore pooling vehicle.
The solution was designed to comply with all regulations under the Employee Retirement Income Security Act, the banking company said. It was developed in response to requests from U.S. multinational companies.
Northern Trust administers assets for multinational organizations, offering local and global custody services, which provide consistent valuation, reporting, and control for significant asset pools; consolidated multinational headquarters reporting, which offers online access to a company’s worldwide pension plan information; and cross-border pension pooling, which creates efficiencies, enhances performance, and reduces costs.
