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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.

Benefit costs, regulations remain top HR concerns: Gallagher survey

By: Matt Dunning

Published July 21, 2014 - 2:21pm CST

Rising health care costs and evolving regulations continue to be the top human resources challenge facing employers, and many companies are struggling to effectively meet that challenge, according to a new survey.

Public pension plans reap benefits from Citigroup settlement

By: Rob Kozlowski, Pensions & Investments

Published July 21, 2014 - 12:59pm CST

State pension funds in California and Illinois are among the recipients of Citigroup Inc.'s $7 billion in fines to resolve government claims that it misled investors about mortgage-backed bonds sold before the financial crisis.

Many employers keep or expand benefits to domestic partners to retain talent

By: Matt Dunning

Published July 20, 2014 - 6:00am CST

As marriage equality gains momentum in courts and legislatures nationwide, it remains to be seen how the changes will affect employers' long-term benefit strategies for same-sex and opposite-sex domestic partners.

Ohio Transit Authority extends benefits to promote inclusiveness

By: Matt Dunning

Published July 20, 2014 - 6:00am CST

Achieving greater inclusiveness and competing for talent were among the primary motivations for the Southwest Ohio Regional Transit Authority's recent extension of health and dental benefits to same-sex and opposite-sex domestic partners.

U.S. appeals court rules for same-sex marriage in Oklahoma

By: Matt Dunning

Published July 18, 2014 - 1:00pm CST

The 10th U.S. Circuit Court of Appeals in Denver has ruled in favor of same-sex couples seeking the right to legally marry in the state of Oklahoma.

Amending Illinois Constitution a tough path for pension reform

By: Paul Merrion, Crain's Chicago Business

Published July 18, 2014 - 10:12am CST

If Illinois' new pension law is found unconstitutional, which looks more likely in light of a recent Illinois Supreme Court decision, one obvious remedy is to amend the constitution.

S&P 500 company pension deficit drops 50% in 2013

Published July 17, 2014 - 10:38am CST

S&P 500 pension plan underfunding was cut in half to $224 billion in fiscal year 2013, down from $452 billion in 2012, said research by S&P Dow Jones Indices.

Rail authority to resume talks with Long Island Rail Road workers over benefits

By: Matt Dunning

Published July 16, 2014 - 3:38pm CST

Hoping to avert a labor strike scheduled to begin this weekend, mass transit officials and union representatives in New York City agreed Wednesday to resume negotiations in an ongoing dispute over employee health insurance and pension contributions.

Appeals court revives BP retirement-plan lawsuit

Published July 16, 2014 - 10:40am CST

(Reuters) — A U.S. appeals court on Tuesday revived a lawsuit in which participants in four BP p.l.c. employee retirement savings plans claimed they were deceived into buying and holding BP stock before and after the 2010 Deepwater Horizon disaster.

Former Anheuser-Busch workers win enhanced pension benefits after subsidiary sale

By: Matt Dunning

Published July 15, 2014 - 2:51pm CST

Hundreds of former Anheuser-Busch Companies Inc. employees are owed enhanced retirement benefits under the terms of the company's pension plan, a federal appeals court ruled last week.

Rock-Tenn offering lump-sum pension benefit to 9,000 former employees

By: Jerry Geisel

Published July 11, 2014 - 3:14pm CST

Packaging company Rock-Tenn Co. is offering to about 9,000 former employees who are eligible for but not yet receiving monthly pension benefits the opportunity to convert their future annuity to a lump-sum benefit.

PBGC chief Gotbaum resigning from agency

By: Jerry Geisel

Published July 11, 2014 - 3:09pm CST

Pension Benefit Guaranty Corp. Director Joshua Gotbaum disclosed Friday that he is stepping down next month after four years as head of the federal pension insurance agency.

Insured losses from Texas hailstorm expected to reach $400M

By: Mark A. Hofmann

Published July 11, 2014 - 1:17pm CST

A hailstorm that struck Abilene, Texas, on June 12 is expected to cause $400 million in insured losses, the Insurance Council of Texas said Friday.

Utah will ask Supreme Court to rule on gay marriage ban

By: Matt Dunning

Published July 10, 2014 - 3:32pm CST

State officials in Utah will ask the U.S. Supreme Court to determine whether gay and lesbian couples have a constitutional right to state-level marriage rights and benefits.

Funded status of largest pension plans up in June: Milliman

By: Jerry Geisel

Published July 10, 2014 - 11:42am CST

The funded status of very large pension plans sponsored by publicly held companies rose in June, largely due to higher interest rates and investment gains, according to a Milliman Inc. survey.

PBGC puts reportable changes program on hold

By: Hazel Bradford, Pensions & Investments

Published July 08, 2014 - 3:37pm CST

The Pension Benefit Guaranty Corp. declared a six-month moratorium Tuesday on a program that required employers to guarantee more pension assets in the event of major operational changes.

U.K.'s BT Pension Scheme strikes record longevity risk transfer deal

By: Sophie Baker, Pensions & Investments

Published July 07, 2014 - 11:23am CST

BT Pension Scheme, London, has entered into the biggest longevity risk transfer deal to date, covering 16 billion ($27.46 billion) of liabilities in an arrangement that also saw the fund set up a wholly owned insurance company.

Pension plan funding up slightly in June: Mercer

By: Jerry Geisel

Published July 07, 2014 - 11:04am CST

Helped by small gains in the equities markets and higher interest rates, the funded status of pension plans sponsored by large companies rose slightly in June, according to a Mercer L.L.C. survey released Monday.

Illinois high court rules state constitution protects health benefits

Published July 03, 2014 - 9:24am CST

(Reuters) — The Illinois Supreme Court decided Thursday that healthcare for retired state workers is a constitutionally protected pension benefit, a ruling with implications for pension reform legislation passed by the state legislature earlier this year.

Corporate pension plan funded status flat for quarter, up in June: Reports

By: Meaghan Kilroy, Pensions & Investments

Published July 02, 2014 - 3:51pm CST

The funded status of a typical U.S. corporate defined benefit pension plan remained relatively unchanged at slightly less than 90% in the second quarter, said Legal & General Investment Management America’s quarterly Pension Fiscal Fitness Monitor.

Lockheed to completely freeze pension plan by 2020

By: Jerry Geisel

Published July 01, 2014 - 2:14pm CST

Aerospace giant Lockheed Martin Corp. will completely freeze its defined benefit pension plan for salaried employees, completing a process it began in 2006.

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