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.Read More
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. Read More
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.Read More
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. Read More
Observers find proposals to be well intended, but add that workers have a lot to learn on annuities.
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.Read More
The Chicago-based company contributed $500 million to its pension plans in 2011.Read More
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.Read More