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Ameriprise to pay $27.5 million in settlement with 401(k) participants

By: Robert Steyer, Pensions & Investments

Published March 26, 2015 - 4:12pm CST

Ameriprise Financial Inc., Minneapolis, will pay $27.5 million as part of a preliminary settlement with participants in its 401(k) plan, said a court document published Thursday.

Obama administration touts health reform's benefits

By: Jerry Geisel

Published March 25, 2015 - 10:14am CST

The Obama administration is using the fifth anniversary week of the signing of the health care law this week as a catalyst for the release of a slew of statistics to show how the law has met its central objective: reducing the number of Americans without health insurance.

Multiemployer pension plan funding varies widely

By: Jerry Geisel

Published March 18, 2015 - 12:30pm CST

The average funded level of multiemployer pension plans was largely unchanged in 2014, but funding levels of individual plans varied significantly, according to a new survey.

Health savings accounts, consumer-driven plans growing

By: Jerry Geisel

Published March 17, 2015 - 11:10am CST

Enrollment in health savings accounts continues to grow as more employers are moving to consumer-driven health care plans, Fidelity Investments said Tuesday.

Chicago mayor seeks to phase in higher pension payments

Published March 13, 2015 - 3:49pm CST

(Reuters) — Chicago Mayor Rahm Emanuel on Friday called for phasing in higher, state-mandated payments to city pension funds to avoid a shock to the city’s budget and a big property tax hike.

Illinois solicitor general says pension clause can be 'altered'

By: Meaghan Kilroy, Pensions & Investments

Published March 12, 2015 - 12:58pm CST

Oral arguments over the constitutionality of Illinois' 2013 pension reform law began at the Illinois Supreme Court on Wednesday afternoon.

California pension reform measure to target CalPERS

Published March 11, 2015 - 3:25pm CST

(Reuters) — A ballot measure campaign to cut California's public pensions will be launched in May by a coalition of politicians and business people led by former San Jose Mayor Chuck Reed, with the state's largest retirement system a prime target.

Illinois Supreme Court to hear oral arguments on landmark pension reform law

By: Meaghan Kilroy, Pensions & Investments

Published March 11, 2015 - 1:57pm CST

The Illinois Supreme Court will hear oral arguments on the constitutionality of Illinois’ pension reform law Wednesday afternoon.

Employers must disclose pension de-risking efforts to PBGC

By: Jerry Geisel

Published March 11, 2015 - 10:55am CST

Employers that “de-risk” their pension plans now have to disclose risk transfer information to the Pension Benefit Guaranty Corp. as part of paying their annual pension insurance premiums to the federal agency.

Pension agency requires employers to disclose risk-transfer details

By: Jerry Geisel

Published March 10, 2015 - 12:07pm CST

Employers that reduce the risks associated with offering pension plans now face a new reporting requirement: disclosing basic information about the transactions to the PBGC as part of paying their annual premium to the federal agency.

United Kingdom ahead of United States in transferring pension risks

By: Judy Greenwald

Published March 09, 2015 - 3:25pm CST

New risks being taken on by captives include pension longevity as well as catastrophes.

Investment returns, higher interest rates boost pension funding

By: Jerry Geisel

Published March 09, 2015 - 12:20pm CST

The funded status of very large pension plans sponsored by public companies rose sharply in February due to investment gains and rising interest rates that lowered the value of plan liabilities, according to a Milliman Inc. survey released Monday.

Interest rates, equity gains give pension plans big February boost

By: Jerry Geisel

Published March 05, 2015 - 9:58am CST

Sharply higher interest rates, which decreased the value of plan liabilities, and gains in the equity markets caused pension plan funding levels among large employers to rise sharply in February, according to a report released Wednesday by Mercer L.L.C.

Bell Canada transfers $3.97 billion in pension liabilities to Sun Life in longevity swap

By: Rick Baert, Pensions & Investments

Published March 04, 2015 - 11:05am CST

Bell Canada Pension Plan, Verdun, Quebec, on Tuesday said it transferred CA$5 billion ($3.97 billion) in pension liabilities for current retirees to Sun Life Financial under a longevity insurance agreement.

JLT's 2014 revenues up on steady performance in its diverse holdings

By: Sarah Veysey

Published March 03, 2015 - 10:39am CST

Jardine Lloyd Thompson Group P.L.C. posted revenues of 1.10 billion ($1.70 billion) for 2014, up 6.2% from 979.15 million ($1.51 billion) in 2013, the London-based brokerage said Tuesday.

New Jersey recommends freezing state pension fund

By: Rob Kozlowski, Pensions & Investments

Published February 25, 2015 - 9:35am CST

The New Jersey Pension and Health Benefit Study Commission recommended freezing the $76.8 billion New Jersey Pension Fund, Trenton, and creating a new cash balance plan for current and future participants.

More large employers turning to pension de-risking

By: Jerry Geisel

Published February 24, 2015 - 1:59pm CST

Once a rarity, employer efforts to “de-risk” their pension plans are moving into a mainstream corporate benefits approach.

Chicago pension reform lawsuits put on hold

Published February 23, 2015 - 2:20pm CST

(Reuters) — Lawsuits seeking to void a law aimed at shoring up the finances of two Chicago pension funds have been put on hold pending a ruling by the Illinois Supreme Court on a law affecting state public retirement funds, participants in the litigation said on Monday.

Kimberly-Clark buys annuities to cover pension risks

By: Jerry Geisel

Published February 23, 2015 - 12:35pm CST

Kimberly-Clark Corp. is buying two group annuity contracts to provide pension benefits to about 21,000 retirees, the Dallas-based paper goods manufacturer announced Monday.

Lockheed Martin settles 401(k) fees case for $62 million

By: Pensions & Investments

Published February 20, 2015 - 3:21pm CST

Lockheed Martin Corp., Bethesda, Maryland, settled an employee class-action lawsuit over 401(k) plan fees for $62 million Friday.

Supreme Court retirement benefits ruling provides clarity for employers

By: Matt Dunning

Published February 15, 2015 - 6:00am CST

A U.S. Supreme Court ruling should provide some clarity for employers trying to manage costs of their unionized retiree health programs.

Business Insurance accepting nominations for Benefit Manager of the Year®

Published February 15, 2015 - 6:00am CST

Outstanding benefit managers can make a huge difference in their organizations' financial success and the welfare of employees, which is why top benefits staff members should be recognized.

Benefits captives trend led by large, well-known companies

By: Jerry Geisel

Published February 15, 2015 - 6:00am CST

BOCA RATON, Fla. — Large, well-known companies say they use captive insurers to reduce the cost of benefits for employees and retirees, to better analyze what drives claims and to increase flexibility in the benefits they offer.

Artex captive facility covers pension fund longevity risks

By: Matt Dunning

Published February 12, 2015 - 2:28pm CST

Artex Risk Solutions Inc. on Thursday announced the launch of Iccaria, a captive facility for midsize and large pension funds’ longevity risks.

Hospira pays $22M in lump sums to former employees

By: Rob Kozlowski, Pensions & Investments

Published February 12, 2015 - 11:48am CST

Hospira Inc., Lake Forest, Illinois, in the fourth quarter paid out $22 million in lump sums to former employees participating in one of its U.S. defined benefit plans who have yet to retire, the company announced Thursday in its 10-K filing.

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