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Defined Benefit Plans

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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American Airlines Wants to Terminate Pension Plans

February 1, 2012
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The termination, if approved, would shift billions of dollars of promised but unfunded benefits to the Pension Benefit Guaranty Corp., resulting in the biggest loss ever for the agency.
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The Rise and Fall of Employer-Sponsored Pension Plans

January 24, 2012
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To celebrate Workforce Management's 90th anniversary, we're running a series of articles looking at important workforce-related issues with a then-and-now theme. This installment examines the history of employer-sponsored pension (defined benefit) plans with a focus on the turbulent 1930s, what's happening with those plans today, and what the future of employer-sponsored retirement looks like. Next month, we look at the 1940s and the return of veterans into the workforce.
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Ford Focus on Retirement

January 24, 2012
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A ‘Father's' Wisdom: An Interview With Ted Benna

January 20, 2012
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As part of our 90th anniversary, Workforce Management is talking to some of the people and organizations that helped influence today's workplace. In this installment, Workforce Management contributor Patty Kujawa speaks with Ted Benna, the "father" of the 401(k). In the early 1980s, Benna, a benefits consultant saw an opportunity in the tax code that ultimately made 401(k) plans flourish. It earned him the "father" title. Benna says at the time there wasn't a strong incentive for employees to contribute. So in 1981 he asked the Internal Revenue Service to change certain rules, which led to today's 401(k)s. Benna is currently the president of the 401(k) Association and chief operating officer at Malvern Benefits Corp.
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The Rising Price of a Cheap Retirement Plan

January 18, 2012
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For about 20 years, employers could erode the quality of their retirement benefits without paying much of a price. Those days are over. And wise employers are seeing greater retirement security for workers as a goal that helps both employees and the organization.
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