Almost half of employers, 46 percent, said they would consider dropping their plans under the 28 percent tax credit scenario, while one-third would do so in the event of a limited tax exclusion or under the 20-20 proposal.Read More
The pilots' approval clears the way for parent company AMR Corp., Fort Worth, Texas, to continue its Chapter 11 bankruptcy proceedings. The pension proposal is contingent on the resolution of the bankruptcy proceedings.Read More
Philip R. Langham was named director of the Pension Benefit Guaranty Corp.'s benefits and payments department.Read More
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.
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.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
U.S. Labor Department rules spelling out permissible scenarios for giving investment advice to 401(k) and IRA participants without violating prohibited transaction rules are now final.
The U.S. Postal Service would get back $6.9 billion in pension overpayments and use some of that money to encourage at least 100,000 employees to retire early, according to a proposal announced Nov. 2 by a bipartisan group of senators.Read More