Hostess suspended payments to the 42 multiemployer pension plans to which it contributes in August 2011. The company's IBC Defined Benefit Plan had about $56 million in assets and $111 million in liabilities as of April 30, according to the PBGC.Read More
California's new state-administered retirement savings program for certain private-sector workers could serve as a model for other states.
In January, American said it would seek bankruptcy court approval to terminate the plans, which have about 130,000 participants.Read More
Philip R. Langham was named director of the Pension Benefit Guaranty Corp.'s benefits and payments department.Read More
The maximum contribution that can be made to 401(k) plans will increase next year, as will the maximum benefit that can be funded through defined benefit plans, the Internal Revenue Service announced Oct. 18.Read More
When defined benefit plan participants take a lump sum, they move out of the plan. That means plan sponsors that cash out participants have a smaller plan with tighter variables—including contribution rates.
As part of our 90th anniversary, Workforce is talking to some of the people and organizations that helped influence today's workplace. In this installment, writer Patty Kujawa speaks with David Wray, the retired president of the Plan Sponsor Council of America, on his thoughts about the evolution of defined contribution plans.Read More
In 2012, 65 percent of employers surveyed by Towers Watson & Co. offered an automatic enrollment feature, up from 57 percent in 2011 and 51 percent in 2010.Read More
The average group health care plan cost per employee is projected to rise to $11,188 per employee next year, according to an analysis released Oct. 3 by Lincolnshire, Illinois-based Aon Hewitt.Read More
Just 11 Fortune 100 companies offered a traditional defined benefit plan to new salaried employees as of June 30, down from 14 in 2011, 17 in 2010 and 19 in 2009.Read More