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IRS slightly boosts medical outcomes research fee

By: Jerry Geisel

Published October 09, 2015 - 3:11pm CST

A medical outcomes research fee mandated by the health care reform law and paid by self-funded employers and insurers is going up slightly, the Internal Revenue Service said.

Reinsurance group acquires life and health units

By: Matt Dunning

Published October 09, 2015 - 3:01pm CST

Nassau Reinsurance Group L.P. has announced that it will acquire White Plains, New York-based Universal American Corp.’s life and health insurance units for approximately $43 million.

Market slump, low interest rates ding largest pension plans

By: Jerry Geisel

Published October 09, 2015 - 11:54am CST

Hit by a downturn in the equities markets and falling interest rates that boosted the value of liabilities, the funded status of very large pension plans slipped in September, according to a Milliman Inc. survey released Friday.

Senate confirms IRS health care counsel to head PBGC

By: Jerry Geisel

Published October 09, 2015 - 10:11am CST

The Senate has confirmed IRS health care counsel W. Thomas Reeder as the next director of the Pension Benefit Guaranty Corp.

Health care reform law subsidy cuts Calif. premiums nearly 75%

By: Jerry Geisel

Published October 08, 2015 - 3:16pm CST

Federal health reform law premium subsidies have slashed the cost of coverage for eligible lower-income individuals obtaining policies in the California exchange, according to an analysis released Thursday.

Society of Actuaries mortality data update could reduce pension liabilities

By: Hazel Bradford, Pensions & Investments

Published October 08, 2015 - 1:37pm CST

New mortality data released by the Society of Actuaries Thursday show smaller improvements in longevity than previously reported last year that could slightly reduce liabilities for pension plan sponsors.

Retired couple needs 11% more for medical expenses

By: Jerry Geisel

Published October 07, 2015 - 1:55pm CST

A 65-year-old couple who retires this year without employer-provided health insurance will need about $245,000 to pay future medical-related expenses, Fidelity Investments said Wednesday.

Central States Teamsters pension fund seeks permission to cut benefits

By: Hazel Bradford, Pensions & Investments

Published October 05, 2015 - 9:38am CST

Painful measures will have to be taken to save the Teamsters Central States, Southeast & Southwest Areas Pension Fund, which is projected to become insolvent in 2026.

Philips Electronics group annuity contracts spread over three insurers

By: Jerry Geisel

Published October 02, 2015 - 2:52pm CST

Philips Electronics is buying group annuity contracts from three insurers to shift just over $1 billion in pension benefits promised to about 17,000 U.S. pension plan participants to the insurers.

Stock losses, low interest rates drag down large pension funding

By: Jerry Geisel

Published October 02, 2015 - 2:35pm CST

Fueled by lower interest rates, which boosted the value of liabilities, and losses in the equity markets, the funded status of pension plans sponsored by large employers fell in September, according to a Mercer L.L.C. analysis released Friday.

Broker acquires pension administration firm

By: Shelby Livingston

Published October 02, 2015 - 12:39pm CST

Insurance broker CBIZ Inc. has acquired Roswell, Georgia-based pension administration services provider Pension Resource Group Inc.

Retailer J.C. Penney buys group annuity for retiree pensions

By: Jerry Geisel

Published October 02, 2015 - 12:13pm CST

In the latest corporate move to reduce pension liability risks, J.C. Penney said it will transfer retirees' pension benefits to Prudential Insurance Co. of America.

Pension deficits improving, but PBGC outlook poor for multiemployer plans

By: Jerry Geisel

Published September 28, 2015 - 2:55pm CST

The future of the PBGC's multiemployer insurance program remains bleak.

Transamerica to buy Mercer's defined contribution administration business

By: Shelby Livingston

Published September 25, 2015 - 1:19pm CST

Mercer's U.S. defined contribution administration business will soon shift hands.

BB&T Insurance CEO to retire

By: Matthew Lerner

Published September 25, 2015 - 11:02am CST

H. Wade Reece will retire as chairman and CEO of BB&T Insurance Holdings Inc., and be succeeded by John Howard, vice chairman and CEO of the Wholesale and Specialty Division of BB&T Insurance Holdings, the company said in a statement.

Swiss Re unit to buy private life and pension consolidator

By: Shelby Livingston

Published September 23, 2015 - 12:55pm CST

Swiss Re Ltd. on Wednesday said its Admin Re unit will buy Guardian Holdings Europe Ltd., the holding company for Guardian Financial Services, from London-based private equity firm Cinven for 1.6 billion ($2.49 billion).

Bankrupt Patriot Coal seeks end to retiree health care plans

By: Thomson Reuters

Published September 22, 2015 - 12:22pm CST

(Reuters) — Bankrupt Patriot Coal Corp. asked a U.S. judge to allow it to end its obligation for retiree health care for its nonunion employees, saying no potential buyer of its assets would agree to take on the cost.

Longer lives, falling rates put pressure on hospital pension plans

By: Melanie Evans, Modern Healthcare

Published September 21, 2015 - 9:17am CST

Health care systems face broader unfunded pension liabilities as they make long-overdue updates to their assumptions for retiree longevity and raise the level of assets they will need to account for a falling discount rate.

States' pension funding ratio drops in 2014

By: Meaghan Kilroy and Rob Kozlowski, Pensions & Investments

Published September 18, 2015 - 3:47pm CST

State pension plans’ aggregate funded status declined 50 basis points in fiscal year 2014 to 72.6%, said the 13th annual public pension funding review by Loop Capital Markets.

Pennsylvania governor proposes new retirement system compromise

By: James Comtois, Pensions & Investments

Published September 18, 2015 - 9:21am CST

Pennsylvania Gov. Tom Wolf has proposed a new pension system for future state and public school employees as a means to end the state’s current budget impasse, said Jeffrey Sheridan, spokesman for the governor’s office.

PBGC premiums due Oct. 15 for many plan sponsors

By: Jerry Geisel

Published September 16, 2015 - 4:39pm CST

The Pension Benefit Guaranty Corp. is reminding pension plan sponsors that PBGC premium payments for employers with calendar year plans are due Oct. 15.

Emerging risks, mitigation focus of Guy Carpenter report

By: Donna Mahoney

Published September 14, 2015 - 2:46pm CST

A new report identifies cyber, technology, longevity and casualty catastrophe as four main emerging risks and discusses how insurers can use modeling and analytics to manage them.

Heineken pension plan enters into longevity swap with insurer

By: Sophie Baker, Pensions & Investments

Published September 14, 2015 - 1:00pm CST

Heineken completed a 2.4 billion ($3.7 billion) longevity swap transaction with Friends Life Group Ltd., part of Aviva P.L.C., to protect against the risk of retirees in its pension fund living longer than expected.

Week in pictures

Published September 11, 2015 - 11:29am CST

Ace and Chubb work on merger staffing changes, more Ashley Madison details and pension freezes, and reinsurers head for Monte Carlo — this week at Business Insurance. View the gallery

Kraft Heinz to shift some retirees to private exchange

By: Shelby Livingston

Published September 11, 2015 - 9:05am CST

The Kraft Heinz Co. will stop offering employer-sponsored health coverage to some of its retirees at the end of this year.

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