In the United States, plans sponsored by employers in the S&P 1500 were on average 73 percent funded as of Sept. 30, down from 75 percent as of Dec. 31, while funding for plans sponsored by Canadian employers in the S&P/TSX fell to 83 percent, down from 87 percent as of the end of 2011.
GM announced on June 1 it would offer 42,000 salaried retirees a lump-sum offer. Another 76,000 salaried retirees, along with those who declined the lump sum, will receive annuity payments from Prudential.Read More
The data suggest that more retirees are taking their money and bailing from their plan even sooner after they stop working than used to be the case.Read More
Pension costs are projected to take up 25 percent of the state's budget in fiscal year 2015, up from 8 percent in 2008 and 20 percent in 2012.Read More
Participants will have until Nov. 21 to make the election. The lump sum payments will be funded from plan assets and will be made by the end of 2012.Read More
New York-based Verizon became the second major employer in recent months to announce such a pension plan risk-reduction strategy.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
Under the arrangement, Verizon will transfer about $7.5 billion in pension plan obligations to Prudential Insurance Co. of America by purchasing the annuity. The agreement covers plan participants who retired and began receiving pension benefits before Jan. 1, 2010.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.