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De-risking

DuPont pension choice: 'The company has scared everybody'

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The DuPont Co. has told 18,000 former workers they have from Sept. 12 until Oct. 21 to trade their future pensions -- for up-front cash, or for an earlier but smaller monthly annuity -- instead of waiting until they reach retirement age to collect traditional pension checks.

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Heard Off the Street: PPG passing on pensions

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The Pittsburgh-based paint and coatings maker announced Monday that it will unload $1.6 billion in pension obligations it owes to about 13,400 current U.S. salaried and non-union hourly retirees by purchasing group annuity contracts from Massachusetts Mutual Life and MetLife. 

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Verizon participants petition SCOTUS on right to sue over de-risking deal

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The Supreme Court is being petitioned to review a claim that could clarify when participants in defined benefit pension plans have a right to sue sponsors under the Employee Retirement Income Security Act.

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De-Risking and Rescue Plan Petitions Expected to Rise

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The de-risking of single-employer defined benefit pension plans and the suspension of benefits by multiemployer plans are poised to be two of the primary issues facing pension plan sponsors and participants in 2016.
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1 Million Affected by De-Risking in 5 Years, PBGC Says

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More than a million defined benefit plan participants in larger plans were affected by pension de-risking activities from 2009 through 2013, and more than half of those were involved in 2012 transactions, the Pension Benefit Guaranty Corporation said in a report.

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Companies that have transferred pensions to insurance companies

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Below is a list of employers that have transferred their pension obligations for certain retirees and former employees to insurance companies by purchasing annuities.

(Note: this is not a comprehensive list. These are only the changes that we are aware of, based on corporate press releases, news reports, and other sources.)

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Retirees brace for hardship as multi-employer pension cuts loom

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Of all the negative financial surprises that can hit in retirement, learning a "guaranteed" pension could be severely cut is among the worst.

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Rising costs usher in pension ‘de-risking’ cycle

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Many Connecticut workers probably think of a pension as something their parents had, or something they'll never get. Indeed, as companies have frozen or curtailed their pensions or "defined-benefit" plans, the number of Connecticut private-sector workers and retirees with a single-employer pension (519,000) has plummeted 42 percent over the last decade, federal data shows.

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IRS and Treasury say no more lump-sum offers

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The Internal Revenue Service and the Treasury have done a wonderful thing. They announced last month that they intend to amend regulations in order to prohibit companies from “de-risking” their defined benefit plans by offering a lump-sum option for retirees already receiving benefits.

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IRS deepens focus on lifetime income with lump-sum ban

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The Internal Revenue Service's unexpected decision July 9 to ban lump-sum payments to retirees has plan sponsors keeping one eye open for further regulation but still considering those payouts for other plan participants.

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