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Pension Reform

Pension Reform

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Illinois Pension Plans on Road to Ruin: Report

October 24, 2012
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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.
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Judge Rules Law Mandating State Employee Contributions Is Unconstitutional

March 7, 2012
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the law constitutes 'an unconstitutional impairment of plaintiffs' contract with the State of Florida, an unconstitutional taking of private property.'
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Fortune 1000 Firms' Pension Plan Funding Falls to 78% in 2011

March 6, 2012
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The aggregate funding level of 422 pension plans offered by Fortune 1000 companies fell to 78 percent in 2011, down from 84 percent in 2010 and 81 percent in 2009, according to Towers Watson & Co. analysis.
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GM to Phase Out Salaried Pensions, Shift Workers to 401(k) Plan

February 15, 2012
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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.
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EBSA Clarifies E-Disclosure of Investment, Benefit Information

December 9, 2011
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The revised technical release updates an interim e-disclosure policy issued in September allowing defined contribution plan administrators to provide fee-disclosure information to participants electronically.
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PBGC Boosts Maximum Benefit in 2012 to Nearly $56,000

November 27, 2011
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Changes in the maximum benefit guarantee, which will increase 3.4 percent next year, are linked to wage inflation.
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San Diego Public Employee Pension System Reform Going to Popular Vote in 2012

November 9, 2011
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The proposal would see traditional pension benefits for all new city hires—excluding police—eliminated in favor of a 401(k)-style retirement plan.
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Pension Funding Levels Improve, but Still Well Below 2011 Peak: Mercer

November 3, 2011
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The consultancy attributed the funding improvement to an 11 percent gain in equity values in October, partially offset by a decrease in corporate bond yields.
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Roth 401(k)s Are Slow to Gain Toehold Among Employee Portfolios

October 26, 2011
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A new survey from the Profit Sharing/401k Council of America shows that more employers are offering Roth 401(k) plans, but many employees aren't taking advantage of this tax strategy.
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Ford to Add, Retain 12,000 Jobs With New UAW Agreement

October 4, 2011
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The automaker plans to insource manufacturing work from Mexico, Japan and China. The 12,000 new or retained jobs include 5,000 previously announced positions, Ford said.
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