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Plan termination

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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What happens when a pension is transferred to an insurance company?

Publication

In 2012, General Motors and Verizon entered into arrangements with Prudential Insurance Company to pay the pensions of certain groups of their salaried retirees.

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Got a pension? Act now to save it

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If you were among the 15.7 million private-sector workers with a traditional defined benefit pension plan in the U.S. in 2012, now might be good time to stop counting your blessings.

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President Expected to Sign Spending Bill Addressing Multiemployer Plans, 4062(e)

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President Barack Obama was expected to sign into law a $1.1 trillion U.S. government spending bill that includes elements designed to boost the nation's troubled multiemployer pension plan system and provisions addressing several other employee-benefits-related areas.

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Landmark ERISA pension reform law sees mixed results 40 years after implementation

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Forty years after President Gerald Ford signed the first comprehensive pension reform bill into law, the Employee Retirement Income Security Act has produced successes and failures.

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Why more companies want pensions off their books

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Verizon has done it. General Motors has done it. And so have Ford and, recently, ketchup kingpin Heinz. These brand-name companies have all moved part of their pension obligations off their books and into annuities run by insurance companies.

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IRS Private Letter Rulings Add Fuel to Fire On Lump-Sum Offers, De-Risking Debate

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Five recent Internal Revenue Service private letter rulings allowing defined benefit plans to offer lump-sum benefit distributions to participants already receiving benefits are likely to encourage more employers to jump on the de-risking bandwagon, especially at a time when many employers are expressing interest in decreasing the impact of plan risks on their balance sheets.

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The Great Pension Sell-Off: Should you take a lump sum or an insurer's annuity?

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Carl Monheit's former employer reliably mailed his monthly check to him for 17 years. A year and a half ago things changed. The Hackensack, New Jersey, resident, along with thousands of other retired managers, learned he would no longer be part of Verizon's pension plan. Instead, the telecommunications giant bought them an annuity.

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Your Company Just Tossed a Pension Hot Potato in Your Lap. What Do You Do?

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If you're lucky enough to have a claim on the $3 trillion-plus sitting in old-fashioned corporate pension plans, your retirement planning may soon get more complicated.

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