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Defined Benefit Plans

Pension Plan Funding Levels Hit Record Low in 2011: Milliman

March 29, 2012
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The market value of pension plan assets increased by about $37 billion to about $1.246 trillion in 2011. But the value of plan liabilities leaped by about $133 billion to about $1.573 trillion.
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U.S. Senate Passes Pension Funding Relief in Highway Bill

March 16, 2012
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The U.S. Senate on March 14 approved allowing corporate defined benefit pension plans to base their contribution calculations on interest rates over a 25-year average rather than current interest rates, which have sent contribution payments soaring.
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Dreams of Comfortable Retirement Ebb Among Americans: EBRI

March 13, 2012
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Thirty percent of those surveyed have virtually no savings or investments, and 60 percent reported less than $25,000 in savings, excluding the value of their home or any defined benefit plans.
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Fortune 1000 Firms' Pension Plan Funding Falls to 78% in 2011

March 6, 2012
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The aggregate funding level of 422 pension plans offered by Fortune 1000 companies fell to 78 percent in 2011, down from 84 percent in 2010 and 81 percent in 2009, according to Towers Watson & Co. analysis.
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Northeastern Companies Reap Benefits of Healthy Habits

March 6, 2012
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Six winners of the New England Employee Benefits Council's Best Practice awards for 2011 include Ocean Spray's Moms at Work program and Staples' use of computer games to entice the office supply company's younger workers to save for retirement.
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Changes Necessary in Company Pension Plans

March 2, 2012
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In the January/February 1936 edition of The Personnel Journal, C.P. Cochrane from the Eastman Kodak Co. wrote about pension plans. He concluded that in spite of all the difficulties, private annuity plans should be continued where it is at all possible. Read the rest of Cochrane's article here.
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GM Pension Plan Underfunding Rises in 2011

February 28, 2012
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To reduce liability growth, GM will completely freeze defined benefit plans covering salaried employees, effective Oct. 1, completing a process it began several years ago.
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GM to Phase Out Salaried Pensions, Shift Workers to 401(k) Plan

February 15, 2012
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About 70 percent of General Motors' 26,000 salaried U.S. workers are enrolled in a defined benefit, or traditional, pension plan. Those workers will be shifted to a 401(k) plan starting on Oct. 1, said Cindy Brinkley, GM's vice president of global human resources.
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PBGC Updates Estimate of Funding Relief for American Airlines

February 6, 2012
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According to the Pension Benefit Guaranty Corp., American Airlines received specific funding relief in the Pension Protection Act of 2006 and an Iraq War spending bill in 2007 that allowed airlines to spread their unfunded liability in 2008 over 10 years instead of seven.
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