Cash balance plans
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Kodak moves all employees to single cash balance plan benefit formula
trueEastman Kodak Co., Rochester, N.Y., is moving all of its U.S. employees to a cash balance plan with a single pension benefit formula, effective Jan. 1.
Herman Miller folds up cash balance plan
trueHerman Miller Inc., Zeeland, Mich., has completed the termination of its cash balance plan following a group annuity buyout.
Allstate's cash balance changes cause retirement rush, costing up to $125 million in Q4
trueAllstate Corp. is expected to report a fourth-quarter settlement charge of $100 million to $125 million from increasing unrecognized pension benefit costs.
Louisiana Supreme Court: Cash balance plan law unconstitutional
trueThe Louisiana Supreme Court struck down as unconstitutional a recent law establishing a cash balance plan for some employees of three of the state's pension plans.
Cash balance plans challenge 401(k) plans but require intelligent investing
trueCash balance plans are the fastest growing of the defined benefit pension plan universe and could become as numerous as 401(k) plans within the next few years. But while the benefits of plan portability, reduced longevity and investment risks, and improved legal clarification are deservedly ...
Kentucky lawmakers approve pension reform bill
trueThe Kentucky Legislature passed a comprehensive pension reform bill Tuesday night that will create a cash balance plan for members of the $14 billion Kentucky Retirement Systems hired after Jan. 1, 2014.
Louisiana court rules cash balance plan is unconstitutional
trueA Louisiana district court judge on Thursday struck down as unconstitutional a recent law establishing a cash balance plan for some employees in three of the state’s pension funds.
Investing for cash balance plans
trueAs cash balance plans have experienced a rise in popularity, the search for optimal investment allocations has continued.
Libbey to freeze U.S. salaried employees' cash balance plan
trueLibbey Inc. will freeze its cash balance pension plan for U.S. salaried employees, effective Jan. 1, as part of a series of benefits changes to address rising pension costs.
State group challenges constitutionality of new Louisiana cash balance plan
trueThe Louisiana Retired State Employees Association filed a lawsuit against the state of Louisiana, Louisiana Gov. Bobby Jindal and Louisiana State Treasurer John Neely Kennedy, claiming a new cash balance plan for state employees is unconstitutional.
Report shows 21% increase in cash balance plans in 2010
trueCash balance plans continue to grow at a pace higher than other sectors of the retirement plan market, with a 21% increase in the number of plans in 2010, according to a report from Kravitz Inc., a firm that designs and administers cash balance plans.
KeyCorp pension plan locks in 4 managers
trueKeyCorp hired Pacific Investment Management Co., Harding Loevner, Lighthouse Partners and Mesirow Financial as managers for its $900 million cash balance pension plan.
Cash-balance plans foil longevity risk
trueThe White House Council of Economic Advisors in a recent report, “Supporting Retirement for American Families,” expressed concern that the shift to defined contribution plans from traditional defined benefit plans diminished the prevalence of lifetime income benefits and increased the risk that ...
Louisiana law adds cash balance plan to state pension funds
trueSelected Louisiana teachers and other state employees hired after July 1, 2013, will be able to participate in a new cash balance pension plan under legislation signed by Gov. Bobby Jindal this week.
Cash balance plans gain favor as option among public pension funds
truePublic pension funds are showing increased interest in cash balance and other hybrid plans for new employees as the unfunded liabilities of traditional defined benefit plans continue to grow.