Business Insurance

Login  |  Register Subscribe



Retirement Benefits Subscribe to RSS feed for 'Retirement Benefits'

Motorola wraps up pension buyout at light speed

By: Rob Kozlowski, Pensions & Investments

Published September 30, 2014 - 10:35am CST

Motorola Solutions Inc.'s pension buyout, the third largest in U.S. history, was the fastest by a mile, taking less than six months from start to finish.

U.S. public pension gap at least $2 trillion: Moody's

Published September 26, 2014 - 2:02pm CST

(Reuters) — The U.S. public pension gap has tripled to at least $2 trillion in less than a decade, Moody's Investors Service Inc. said in a report Thursday.

Washington Post freezes pension plan, switches to cash balance option

By: Hazel Bradford, Pensions & Investments

Published September 25, 2014 - 4:19pm CST

The Washington Post's parent company is freezing its defined benefit plan and transferring remaining participants to an existing cash balance plan, effective Jan. 1, 2015. The company is also offering a lump-sum option for all defined benefit participants.

Motorola Solutions enters into third-largest U.S. pension buyout on record

By: Timothy Pollard, Pensions & Investments

Published September 25, 2014 - 9:55am CST

Motorola Solutions Inc. entered into a pension buyout agreement with Prudential Insurance Co. of America and will offer lump-sum payouts to terminated vested employees to reduce $4.2 billion in pension obligations.

PBGC to take over James River Coal pension fund

By: Hazel Bradford, Pensions & Investments

Published September 24, 2014 - 2:32pm CST

The Pension Benefit Guaranty Corp. will take over the defined benefit plan of James River Coal Co., the agency announced Wednesday.

PBGC proposing to require employer disclosure of lump-sum pension offers

By: Jerry Geisel

Published September 24, 2014 - 9:37am CST

The Pension Benefit Guaranty Corp. has disclosed that it intends to require employers to report to the agency offers they make to pension plan participants to convert their monthly annuity to a cash lump sum benefit.

Newell Rubbermaid to offer lump-sum pension benefits to 5,700 participants

By: Jerry Geisel

Published September 24, 2014 - 7:18am CST

Newell Rubbermaid Inc. will offer about 5,700 former vested employees not yet receiving pension benefits the opportunity to convert their future monthly annuity to a cash lump-sum benefit.

Private health insurance exchanges expected to boom

By: Jerry Geisel

Published September 23, 2014 - 4:00pm CST

Private health insurance exchanges are poised for rapid growth, according to a new analysis.

Voluntary benefits could hold key to health care reform excise tax

By: Matt Dunning

Published September 23, 2014 - 3:04pm CST

NATIONAL HARBOR, Maryland. — Some U.S. employers are beginning to use voluntary medical benefit plans to minimize the prospects of sharp health care cost increases in the coming years as a result of health care reform.

American Benefits Council asks Washington for simplified retirement approach

By: Hazel Bradford, Pensions & Investments

Published September 23, 2014 - 1:44pm CST

Employers need more flexibility and simplicity in providing retirement and other benefits, officials with the American Benefits Council said Tuesday as they unveiled a strategic plan for where employee benefits should be in 2020.

Magnetek offers pension plan participants lump sum conversion option

By: Jerry Geisel

Published September 23, 2014 - 1:13pm CST

Magnetek Inc. disclosed Tuesday that it is offering to 35% of its 8,000 defined benefit pension plan participants the option to convert their monthly annuity benefit to a cash lump sum benefit.

American Axle to offer lump-sum pension payments to 6,000 former employees

By: Jerry Geisel

Published September 23, 2014 - 10:19am CST

Auto parts manufacturer American Axle & Manufacturing Holdings Inc. says it will offer up to about 6,000 former employees the opportunity to convert their monthly annuity benefit to a cash lump sum benefit.

IRS bumps up maximum interest rate for cash balance plans

By: Jerry Geisel

Published September 19, 2014 - 2:00pm CST

Final Internal Revenue Service regulations will allow cash balance pension plan sponsors to use slightly higher rates when crediting interest to employees’ account balances.

Marietta, Georgia, extends pension benefits to married same-sex couples

By: Matt Dunning

Published September 12, 2014 - 2:25pm CST

The city of Marietta, Georgia, has extended spousal benefits under its pension plan to legally wed same-sex couples.

State, local pension funding stabilizes in 2013

By: Hazel Bradford, Pensions & Investments

Published September 11, 2014 - 9:24am CST

Pension funding at both the state and local levels appears to be stabilizing, according to the 12th annual public pension funding review announced Wednesday by Loop Capital Markets.

Standard Life to freeze its pension plan in 2016

By: Sophie Baker, Pensions & Investments

Published September 09, 2014 - 3:21pm CST

Standard Life P.L.C., Edinburgh, is freezing its U.K. defined benefit plan in April 2016 to mitigate risk and increasing costs associated with running the pension fund in the future.

U.K. pension funding deficit doubles in August

Published September 09, 2014 - 11:24am CST

(Reuters) — A funding shortfall in Britain's private-sector defined benefit pension plans has more than doubled over the past year to reach 170.6 billion ($278.54 billion) at the end of August.

Pension funding drops in August for largest public companies

By: Jerry Geisel

Published September 08, 2014 - 2:41pm CST

The funded status of very large pension plans sponsored by publicly held companies slipped in August as falling interest rates, which increased the value of plan liabilities, more than offset investment gains.

Appeals court upholds gay marriage rights in Indiana, Wisconsin

By: Matt Dunning

Published September 04, 2014 - 5:16pm CST

The 7th U.S. Circuit Court of Appeals in Chicago ruled unanimously Thursday in favor of gay and lesbian couples seeking equal marriage rights and benefits in Indiana and Wisconsin.

Large firms continue moving away from defined benefit plans: Survey

By: Jerry Geisel

Published September 04, 2014 - 8:18am CST

The number of defined benefit pension plans sponsored by the nation's largest corporations continues to dwindle.

Some pension plans in danger, others need flexibility: PBGC chief

By: Jerry Geisel

Published September 03, 2014 - 2:56pm CST

In his last day as director of the Pension Benefit Guaranty Corp., Joshua Gotbaum warned of dire consequences unless Congress acts to shore up financially ailing multiemployer pension plans.

Pension rules should be updated: Senate Finance Committee chairman

By: Jerry Geisel

Published September 03, 2014 - 12:18pm CST

The chairman of the Senate Finance Committee says it is time to update pension plan rules to ensure greater retirement income security for employees.

Congress faces pressure to resolve multiemployer pension woes

By: Jerry Geisel

Published August 31, 2014 - 6:00am CST

When federal lawmakers passed the Employee Retirement Income Security Act in 1974, they put aside a key issue affecting a big slice of the pension universe: multiemployer plans.

Landmark ERISA pension reform law sees mixed results 40 years after implementation

By: Jerry Geisel

Published August 31, 2014 - 6:00am CST

Forty years after President Gerald Ford signed the first comprehensive pension reform bill into law, the Employee Retirement Income Security Act has produced successes and failures.

GALLERY: ERISA timeline

Published August 31, 2014 - 6:00am CST

Since ERISA was enacted 40 years ago, lawmakers have made numerous changes to the statute. This slideshow chronicles some key revisions and amendments.

More »