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IRS allows use of annuities in target-date fund series

By: Robert Steyer, Pensions & Investments

Published October 24, 2014 - 3:33pm CST

The Internal Revenue Service on Friday said defined contribution plans’ use of a target-date fund series containing deferred annuities won’t violate IRS rules against DC plans discriminating in favor of higher paid employees, as long as other IRS guidelines are followed.

Daughters of Charity Health System church plan challenged

By: Hazel Bradford, Pensions & Investments

Published October 24, 2014 - 2:39pm CST

Another church-affiliated hospital system is being sued by employees challenging its defined benefit plan’s exemption from federal pension law.

IRS announces maximum 401(k) plan contribution limits for 2015

By: Jerry Geisel

Published October 23, 2014 - 9:55am CST

The maximum contribution that can be made to 401(k) plans in 2015 will rise to $18,000, up from the current $17,500 limit, the Internal Revenue Service announced Thursday.

Ryder latest firm to offer lump-sum cash conversion from annuity

By: Jerry Geisel

Published October 23, 2014 - 9:50am CST

Ryder System Inc. is offering to about 11,000 former employees the opportunity to convert their monthly annuity benefit to a cash lump-sum benefit.

New Orleans mayor creates pension reform group to sustain firefighters plan

By: Rob Kozlowski, Pensions & Investments

Published October 22, 2014 - 12:48pm CST

New Orleans Mayor Mitch Landrieu signed an executive order establishing a pension reform working group to recommend changes to the New Orleans Fire Fighters Pension & Relief Fund.

Lockheed Martin to forgo pension contributions in 2015 through 2017

By: Rob Kozlowski, Pensions & Investments

Published October 22, 2014 - 9:48am CST

Lockheed Martin Corp. announced Tuesday it has contributed $1 billion in contributions to its defined benefit plans thus far in 2014 out of an expected $2 billion and does not expect to make further contributions for at least three more years.

Colorado high court upholds COLA reduction for state pension fund

By: Meaghan Kilroy, Pensions & Investments

Published October 21, 2014 - 10:09am CST

The Colorado Supreme Court ruled Monday that the reduction to cost-of-living adjustments for Colorado Public Employees Retirement Association members approved under earlier legislation was constitutional, court documents show.

PBGC taking over underfunded plan of manufacturer that filed for bankruptcy

By: Jerry Geisel

Published October 17, 2014 - 10:12am CST

The Pension Benefit Guaranty Corp. said Friday that it is taking over the underfunded pension plan of Reichhold Inc., a Durham, North Carolina-based resin manufacturer that filed for bankruptcy last month.

Cincinnati health care system freezing pension plans, sweetening 401(k)

By: Jerry Geisel

Published October 16, 2014 - 10:57am CST

TriHealth, a Cincinnati-based health care system, is freezing its three defined benefit pension plans and beefing up its 401(k) plans.

'Gendernomics' leads to less retirement savings for women

By: Joanne Wojcik

Published October 15, 2014 - 12:51pm CST

Because of the “wage gap,” women accrue smaller 401(k) balances on average than their male counterparts even though they typically invest a higher percentage of their salaries.

Succession search begins as Oil CEO announces retirement

By: Mark A. Hofmann

Published October 15, 2014 - 11:45am CST

Robert Stauffer will retire as president and CEO of Oil Insurance Ltd. at the beginning of 2016, Hamilton, Bermuda-based Oil announced Tuesday.

Notre Dame offering married same-sex couples health, retirement benefits

By: Matt Dunning

Published October 15, 2014 - 11:33am CST

The University of Notre Dame has announced that it will extend spousal benefits to married same-sex couples under its employee health care and retirement plans.

Pension-related cases being heard by the Supreme Court

By: Hazel Bradford, Pensions & Investments

Published October 13, 2014 - 4:23pm CST

The Supreme Court's new term includes cases challenging investors' burden of proof in securities litigation and whether 401(k) plan fiduciaries can be sued for investment choices made years earlier.

About 250 firms plan to offer health benefits next year via Mercer's health exchange

By: Matt Dunning

Published October 13, 2014 - 4:00pm CST

Nearly 250 employers will offer health care benefits to current and retired employees through Mercer L.L.C.'s “Marketplace” private health insurance exchange in 2015.

Same-sex marriage bans in Idaho, Nevada ruled unconstitutional

By: Matt Dunning

Published October 08, 2014 - 10:13am CST

A federal appeals court has dealt yet another blow to same-sex marriage opponents by ruling in favor of gay and lesbian couples seeking equal marriage rights in Idaho and Nevada.

Aon Hewitt's private health exchanges poised to grow in 2015

By: Jerry Geisel

Published October 08, 2014 - 8:06am CST

The number of employers participating in two Aon Hewitt private health insurance exchanges will jump next year.

Funding of large employer pension plans up slightly in September: Milliman

By: Jerry Geisel

Published October 07, 2014 - 2:12pm CST

The funded status of very large pension plans sponsored by publicly held companies edged up in September as rising interest rates, which decreased the value of plan liabilities, more than offset investment losses.

CONSOL Energy freezes DB plan for certain employees

By: James Comtois, Pensions & Investments

Published October 06, 2014 - 9:26am CST

CONSOL Energy Inc., Canonsburg, Pennsylvania, is freezing its $778 million defined benefit plan for certain employees, according to documents issued to plan participants and obtained by Pensions & Investments.

Trump loses bid to end pension payments at Atlantic City casino

Published October 03, 2014 - 1:28pm CST

(Reuters) — The Trump Taj Mahal casino failed on Friday to get immediate court approval to end its union pension obligations, a key condition for a $100 million rescue plan backed by billionaire investor Carl Icahn.

Ohio PERS shifting 145,000 retirees to private health insurance exchange

By: Jerry Geisel

Published October 02, 2014 - 2:22pm CST

The Ohio Public Employees Retirement System is shifting health care coverage for 145,000 Medicare-eligible retirees and spouses to a private insurance exchange, the Columbus-based public pension fund announced.

U.S. high court to weigh pension management lawsuit against utility Edison

Published October 02, 2014 - 10:05am CST

(Reuters) — The U.S. Supreme Court on Thursday agreed to weigh whether to revive certain claims made in a class action lawsuit filed by employees against utility Edison International over its pension plan management.

Bristol-Myers Squibb signs $1.4 billion pension buyout deal

By: Jerry Geisel

Published October 01, 2014 - 9:37am CST

Bristol-Myers Squibb Co. said Tuesday that it is buying a group annuity to provide pension benefits to about 8,000 retirees and their beneficiaries.

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.

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