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Articles by Jerry Geisel

Verizon to Transfer $7.5B in Pension Benefits Through Annuity Purchase

October 18, 2012
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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.
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Guidance on Health Reform Law's Transitional Reinsurance Program Requested

October 15, 2012
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Many questions remain unanswered about the Transitional Reinsurance Program, the Washington-based benefits lobbying group noted in a letter sent this month to the U.S. Department of Health and Human Services, which will enforce the program.
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California Law Gives Transit Agencies Authority to Require Bay Area Employers to Offer Commuter Benefits

October 9, 2012
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Under the measure, S.B. 1339, employers in nine Bay Area counties would have six months after the two agencies — the Metropolitan Transit Commission and the Bay Area Air Quality Management District — adopt such a mandate to offer the programs.
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Lack of Health Care Reform Guidance Hampers State Lawmakers: Letter

October 9, 2012
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For employers, final regulatory guidance has yet to come in a number of areas, including whether employers will be assessed a penalty of $2,000 per full-time employee if they do not offer coverage to all full-time employees, and how much they will have to pay to fund a three-year health care reform law program that will partially reimburse health insurers writing policies for individuals with high health care costs.
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More Employers Adding Automatic Enrollment to Defined Contribution Plans: Survey

October 4, 2012
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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.
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Group Health Care Plan Costs to Rise 6.3 Percent in 2013: Aon Hewitt

October 4, 2012
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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.
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Fewer Employers Offering Defined Benefit Pension Plans to New Salaried Employees

October 3, 2012
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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.
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Equifax to Offer Lump-Sum Pension Conversions to Eligible Former Employees

October 2, 2012
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The offer is being extended to those individuals who terminated employment prior to Jan. 1, 2012, but have not yet started to receive benefits.
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Pension Plans' Funded Status Up on Stronger Equity Market: Mercer

October 2, 2012
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The average funding level of pension plans sponsored by companies in the S&P 1500 rose to 73 percent in September, up from 72 percent in August and the record-low funded ratio of 70 percent set in July.
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NFL to Freeze Referees' Pension Plan Under Labor Agreement

September 27, 2012
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Retirement benefits will be provided through a defined contribution plan to new referees immediately and for all officials beginning in 2017.
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