Plan termination

Do you now or have you ever participated in a “defined benefit” pension plan–the kind where a private sector employer promises a set monthly check based on your salary, years of service and retirement age? Are you now retired and receiving a monthly pension check?

After Ford Motor Co. and General Motors Co. announced earlier this year that they would offer some retired and former employees a one-time opportunity to take lump-sum distributions, pension rights advocates were surprised at how quickly other large employers appeared to follow suit.

And some companies are exploring other ways of shedding their pension obligations. They call it "de-risking."

Spinning off pension liabilities may help investors, but hurt retirees.