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Pension contribution changes part of Philadelphia's deal with union

By: James Comtois, Pensions & Investments

Published August 25, 2014 - 4:23pm CST

Philadelphia reached a tentative seven-year contract agreement with the representatives from the city's largest municipal workers' union, AFSCME District Council 33.

CMS to launch Medicare set-aside calculator for prescription drug costs

By: Sheena Harrison

Published August 25, 2014 - 12:43pm CST

Online tool would allow workers compensation claim payers to determine how much money should be allocated for prescription drugs in Medicare set-aside accounts.

Judge strikes down Florida ban on same-sex marriage

By: Matt Dunning

Published August 22, 2014 - 12:13pm CST

A federal judge has struck down Florida's ban on same-sex marriage.

California governor decries Calpers vote on pensions

Published August 20, 2014 - 2:46pm CST

(Reuters) — California Gov. Jerry Brown decried a move by the state's giant public pension fund on Wednesday to include temporary pay hikes in the way pensions are calculated for newly hired workers.

Washington state high court rules pension benefit reductions constitutional

By: Rob Kozlowski, Pensions & Investments

Published August 20, 2014 - 10:11am CST

The Washington State Supreme Court upheld as constitutional two bills passed by the state Legislature in 2007 and 2011 that reduced benefits for some participants in several of the state's pension funds.

Calpers set to allow 100 extra pay types count toward pensions

Published August 20, 2014 - 9:14am CST

(Reuters) — The California Public Employees' Retirement System, America's largest public pension fund, is expected to approve nearly 100 types of extra pay on Wednesday.

Corporate pension plan funding inches down in July

By: Meaghan Kilroy, Pensions & Investments

Published August 18, 2014 - 10:08am CST

The funded status of the 100 largest U.S. corporate pension plans dropped to 85% in July, down from 85.3% in June, said the latest Milliman 100 Pension Funding index.

Kodak bucks trend and enhances pension plan while eliminating 401(k) match

By: Jerry Geisel

Published August 17, 2014 - 6:00am CST

Employers are expected to examine Eastman Kodak Co.'s counter-trend move to sweeten its defined benefit pension plan and eliminate its 401(k) plan match.

Cox Enterprises ordered to pay $13.9M to PBGC for News-Journal pension plan

By: Hazel Bradford, Pensions & Investments

Published August 14, 2014 - 8:40am CST

Cox Enterprises Inc. will have to give the Pension Benefit Guaranty Corp. $13.9 million to cover the unfunded pension liabilities of News-Journal Corp., a federal district judge in Florida ruled.

Stockton, Calif., amends bankruptcy plan, but pension issue hovers

Published August 13, 2014 - 9:41am CST

(Reuters) — The bankrupt city of Stockton, California, has submitted a revised plan to exit Chapter 9 that reflects a ruling over the value of a holdout creditor's collateral, but a question still looms over whether public pensions will be cut.

Archer Daniels Midland offers pension recipients lump-sum conversion

By: Jerry Geisel

Published August 07, 2014 - 4:59pm CST

Archer Daniels Midland Co. will offer the option to convert their monthly annuity to a cash lump sum to about 10,000 pension plan participants now receiving benefits.

Buck Consultants at Xerox to freeze pension plan at year-end

By: Jerry Geisel

Published August 06, 2014 - 3:04pm CST

Buck Consultants at Xerox on Wednesday said it will freeze its defined benefit pension plan at the end of 2014 and enhance its 401(k) plan.

Legal & General gets profit boost from company pension deals

Published August 06, 2014 - 9:44am CST

(Reuters) — British life insurance and pensions group Legal & General Group P.L.C. posted better-than-expected profit in the first half of the year, boosted by sales of high-margin pension services to companies.

R.J. Reynolds must prove 401(k) plan changes didn't hurt participants: Court

By: Matt Dunning

Published August 06, 2014 - 8:49am CST

A federal appeals court has ruled that R.J. Reynolds Tobacco Co. will have to present additional evidence to prove that its decision to liquidate two funds in its 401(k) retirement plan did not adversely impact participants.

Utah asks Supreme Court to rule on state's ban on same-sex marriages

By: Matt Dunning

Published August 05, 2014 - 3:14pm CST

Utah Attorney General Sean Reyes has asked the U.S. Supreme Court to determine whether Utah's law banning same-sex marriage violates the U.S. Constitution.

Funding of large companies' pension plans remained stable in July: Mercer

By: Jerry Geisel

Published August 05, 2014 - 10:31am CST

The average funded level of pension plans sponsored by large companies remained steady in July as rising interest rates, which reduced the value of plan liabilities, offset a drop in the equity markets, according to a Mercer L.L.C. survey released Tuesday.

U.S. Treasury to put public pensions under scrutiny

Published August 05, 2014 - 9:40am CST

(Reuters) — The Treasury Department's new office on state and local finance will scrutinize public pensions, appointing a specialist in the area and becoming a resource for retirement planning.

Adjustable pension plans offer a defined benefit alternative

By: Jerry Geisel

Published August 03, 2014 - 6:00am CST

A defined benefit pension plan design that reduces employer risk while assuring participants a guaranteed minimum lifetime benefit is attracting increased interest from certain business sectors.

Employers assess pension risk to reduce exposures

By: Matt Dunning

Published August 03, 2014 - 6:00am CST

Although there’s been a steady decline of traditional defined benefit pension plans during the past 15 years, a sizable percentage of employers remains committed to offering the benefit to their employees.

Kodak to sweeten cash balance plan, end 401(k) plan match

By: Jerry Geisel

Published August 01, 2014 - 4:39pm CST

Eastman Kodak Co. next year will move all employees still accruing benefits in its traditional pension plan to a cash balance pension plan, which it will sweeten, but it will eliminate its 401(k) plan matching contribution.

Senate passes House version of highway bill with eased pension funding

By: Rob Kozlowski, Pensions & Investments

Published August 01, 2014 - 1:11pm CST

The U.S. Senate approved on Thursday the House version of a highway funding bill that includes more generous pension funding calculations.

PBGC takes over pension plan sponsored by estate of Victor Posner

By: Jerry Geisel

Published July 29, 2014 - 12:18pm CST

The Pension Benefit Guaranty Corp. is taking over and terminating the underfunded pension plan sponsored by the estate of one-time businessman and corporate raider Victor Posner.

IronHealth offers Medicare set-aside liability policy

By: Kate Shepherd

Published July 29, 2014 - 12:04pm CST

IronHealth is offering a Medicare set-aside liability policy for self-insured employers and workers compensation insurers that choose not to seek approval from the U.S. Centers for Medicare & Medicaid Services for workers compensation Medicare set-aside arrangements.

Appeals court rules Virginia same-sex marriage ban invalid

By: Matt Dunning

Published July 28, 2014 - 4:49pm CST

A federal appeals court in Richmond, Virginia handed a significant legal victory to gay and lesbian couples seeking equal marriage rights and benefits on Monday by declaring that state's laws banning same-sex marriage invalid.

New actuary tables may be 'nail in the coffin' for DB plans

By: Meaghan Kilroy, Pensions & Investments

Published July 23, 2014 - 10:53am CST

The measured value of liabilities for most defined benefit plans will increase between 3% and 8% with the adoption of new mortality tables, said a report from Wilshire Consulting.

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