J.C. Penney's straightforward 401(k) plan communications get best results

By: Joanne Wojcik

Published June 16, 2013 - 6:00am CST

Although a segmentation study showed J.C. Penney Co. Inc. how to tailor 401(k) communications to different demographics, the straightforward approach the Plano, Texas-based retailer had used historically achieved the best results.

J.C. Penney employees access all benefits with Web-based portal

By: Joanne Wojcik

Published June 16, 2013 - 6:00am CST

J.C. Penney Co. Inc. provides one-stop shopping for employees with questions about any of their company benefits.

PERSPECTIVES: Prepare your employees for retirement

By: Robyn Credico

Published June 16, 2013 - 6:00am CST

The financial implications of workers who stay at a company because they cannot afford retirement are real. Employers should analyze their defined contribution plans, says Robyn Credico, defined contribution plan practice leader, North America, for Towers Watson & Co.

Penalties increase worker participation in J.C. Penney's health assessments

By: Joanne Wojcik

Published June 16, 2013 - 6:00am CST

J.C. Penney Co. Inc. doubled health risk assessment participation by switching from the carrot to the stick.

Matthew Harmon named 2013 Benefit Manager of the Year®

By: Joanne Wojcik

Published June 16, 2013 - 6:00am CST

J.C. Penney Co. Inc.'s aging employee population was taking a toll on its benefits budget, exacerbating the impact that sluggish post-recession sales were having on the retailer's bottom line.

Consumer-driven health plans reverse J.C. Penney's employee health costs trend

By: Joanne Wojcik

Published June 16, 2013 - 6:00am CST

When most U.S. employers were only dabbling in the consumer-driven health plan concept, J.C. Penney Co. Inc. decided in 2010 to “pull off the Band-Aid.”

J.C. Penney moves toward total absence management program

By: Joanne Wojcik

Published June 16, 2013 - 6:00am CST

If J.C. Penney Co. Inc. employees are unable to come to work for any reason — illness, injury, a death in the family — they soon will be able to notify Sedgwick Claims Management Services Inc.

Chrysler completely freezes pension plan for salaried employees

By: Jerry Geisel

Published June 14, 2013 - 12:54pm CST

Chrysler Group L.L.C. will completely freeze its defined benefit pension plan for salaried employees at the end of this year, completing a process it began nearly a decade ago, the automaker said Friday.

PBGC assumes Landmark Medical Center pension plans

By: Hazel Bradford, Pensions & Investments

Published June 07, 2013 - 4:12pm CST

The Pension Benefit Guaranty Corp. will take over the pension plan of Landmark Medical Center, Woonsocket, R.I., the agency announced Friday.

Pension plan funding levels soar in May: Milliman

By: Jerry Geisel

Published June 06, 2013 - 2:45pm CST

Fueled by higher interest rates that reduced the value of plan liabilities, funding levels of pension plans sponsored by large publicly held U.S. employers soared in May, Milliman Inc. said Thursday.

Defense contractor to freeze salaried employees' pension plan in 2016

By: Jerry Geisel

Published June 06, 2013 - 12:12pm CST

Exelis Inc. will completely freeze its defined benefit pension plan covering salaried employees at the end of 2016 to complete a process it began in 2011, the McLean, Va.-based defense contractor said.

Bill would accelerate retirement plan distributions

By: Jerry Geisel

Published June 05, 2013 - 1:37pm CST

Distributions from retirement plans, such as 401(k) plans, generally would have to be made to designated beneficiaries within five years after the death of the account holder under legislation the U.S. Senate could take up this week.

Employees can sue for performance of company stock within pension plan

By: Judy Greenwald

Published June 05, 2013 - 1:10pm CST

The 9th U.S. Circuit Court of Appeals has reversed a lower court ruling and held that employees of a biopharmaceutical company can bring a class action suit against the company and pension plan fiduciaries for the performance of company stock within their plans.

Large-employer pension funded status reaches two-year high: Mercer

By: Jerry Geisel

Published June 04, 2013 - 10:51am CST

The funded status of pension plans sponsored by large employers improved sharply in May, climbing on strong investment gains in the equities market and rising interest rates to its highest point in nearly two years, according to a Mercer L.L.C. analysis released Tuesday.

$2.5 billion in unpaid early retiree health program claims: GAO

By: Jerry Geisel

Published May 31, 2013 - 10:52am CST

Employers and other early retiree health care plan sponsors awaiting government payment from a health care reform law program are likely to be paid only a fraction of the $2.5 billion they have filed in claims.

Fewer employers plan to offer retiree prescription drug plans: Survey

By: Matt Dunning

Published May 30, 2013 - 2:39pm CST

The percentage of employers that plan to continue offering prescription drug plans to Medicare-eligible retirees has dropped dramatically in the past two years, according to a study released Wednesday by Buck Consultants L.L.C.

Bankrupt Patriot Coal can reject collective bargaining: Court

Published May 30, 2013 - 12:00pm CST

(Reuters) — Bankrupt Patriot Coal Corp. can reject collective bargaining agreements, cease pension contributions, and convert retiree health care to an outside fund as part of its plan to save $150 million a year in labor costs, a court ruled on Wednesday.

EFI president develops new defined benefit plan model

By: Kevin Olsen

Published May 30, 2013 - 9:19am CST

A new defined benefit pension plan design is being touted as not only a substitute for defined contribution plans, but as an opportunity to improve on the amount of benefits received in traditional defined benefit plans.

PBGC to take over pension plan sponsored by charity KidsPeace

By: Jerry Geisel

Published May 28, 2013 - 12:00pm CST

The Pension Benefit Guaranty Corp. is taking over a pension plan sponsored by KidsPeace Corp., a private charity dedicated to serving the behavioral and mental health needs of children, families and communities.

Employees' 401(k) balances hit record in first quarter: Fidelity

By: Jerry Geisel

Published May 23, 2013 - 12:24pm CST

Aided by a strong equities market, employees' 401(k) plan account balances hit a record average of $80,900 at the end of the first quarter, according to Fidelity Investments.

Defined benefit beat defined contribution plans' returns: Analysis

By: Jerry Geisel

Published May 22, 2013 - 8:46am CST

Defined benefit pension plans have consistently earned higher rates of return than defined contribution plans — predominately 401(k) plans, according to an analysis released Wednesday.

Morgan Stanley sued in 'pay-to-play' retirement plan case

Published May 20, 2013 - 2:00pm CST

(Reuters) — Morgan Stanley has been sued by an Alabama medical laboratory that claims it steered retirement plan business to ING U.S. Inc. and others in exchange for extra fees in an illegal "pay-to-play" scheme.

Arkansas Best Corp. freezes pension plan for nonunion employees

By: Jerry Geisel

Published May 20, 2013 - 1:25pm CST

Trucking company Arkansas Best Corp. is freezing its pension plan for nonunion employees, completing a process it began in 2006.

Technology firm Rogers to freeze pension plans

By: Jerry Geisel

Published May 17, 2013 - 3:12pm CST

Rogers, Conn.-based technology company Rogers Corp. will freeze two pension plans starting next month, completing a process it began in 2008.