Panic over the viability of retirement plans is ebbing among British workers, as 9 percent fewer members asked what their payouts at retirement would be in the quarter ended June 30 than in the previous quarter.
At the same time, the company has been seeking approval to begin an incentive program that could pay $30.1 million in bonuses to top managers.
A pharmaceutical industry advertising campaign makes its case for reform. The industry’s lobby group, the Pharmaceutical Research and Manufacturers of America, will spend $150 million while Congress is on summer recess.
Cooper Tire & Rubber Co. will inject $39 million into its pension plan in an agreement with the Pension Benefit Guaranty Corp.
First-quarter contributions climbed slightly for both employers and employees.
Although Fidelity says it is seeing employers are stepping up communications around their 401(k) plans as a result of the recent market swing, many experts say they aren’t seeing that at all.
The Pension Benefit Guaranty Corp. took over the three pension plans of Proliance International Inc., according to a news release.
The funded status of the average U.S. corporate pension plan increased by only 0.1 percentage point to 79.2 percent last month.
The company contributed $3 billion to its pension plans in the quarter ended June 30 and plans to make an additional $600 million contribution by the end of the year.
Commentary: Employers are in favor of phasing in health care reform by implementing high-priority elements first and testing whether savings assumptions are correct.