Hybrid pension plans
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IRS hybrid plan transition rules criticized
trueSponsors of cash balance plans and other hybrid retirement plans welcomed final rules in September from the IRS but are now criticizing the agency’s proposed transition rules on market rates of return.
IRS, Treasury release final hybrid plan rules
trueThe Treasury Department and the IRS finalized regulations for hybrid retirement plans such as cash balance plans that have been pending since 2010.
Pension contribution changes part of Philadelphia's deal with union
truePhiladelphia reached a tentative seven-year contract agreement with the representatives from the city's largest municipal workers' union, AFSCME District Council 33, that will increase employee contributions to the pension fund and allow new employees the choice between a hybrid plan and the ...
Detroit pension plan participants approve bankruptcy exit plan
trueDetroit’s active and retired public workers approved the city’s plan to exit bankruptcy, which includes freezing the two public defined benefit plans and replacing them with hybrid plans.
Baltimore mayor proposes hybrid plan for new police, fire employees
trueNewly hired Baltimore police and fire employees would have a hybrid defined benefit/defined contribution plan under a proposal introduced by Mayor Stephanie Rawlings-Blake.
Canada proposes new hybrid retirement plan for certain employers
trueThe Canadian government on Thursday proposed a new voluntary hybrid pension plan for government-owned and federally regulated private companies such as banks and telecommunications firms.
EFI president develops new DB plan model
trueA new defined benefit pension plan design is being touted as not only a substitute for defined contribution plans, but as an opportunity to improve on the amount of benefits received in traditional DB plans.
Adjustable pension plan design begins to gain converts
trueA new pension plan design that allows employers to drastically reduce their risk while still providing lifetime income to participants is gaining support as an alternative to moving employees into a defined contribution plans.
Palm Beach taps sole consultant for town's retirement plans
truePalm Beach, Fla., hired Segal Rogerscasey as general consultant for its frozen $175 million defined benefit pension plan, its new hybrid plan and existing defined contribution plans.
California governor, Democratic legislators agree on pension changes
trueCalifornia Gov. Edmund G. Brown Jr. on Tuesday said he and Democratic state lawmakers agreed to a new pension reform plan that would cap the pension benefits for future public workers.
New California pension proposal shuns governor's hybrid plan
trueCalifornia Gov. Edmund G. Brown Jr.'s plan to create a hybrid pension plan for new state employees was rejected by state Democratic legislative leaders who instead plan to propose limiting pension benefits for future public employees.
Michigan panel to study closing school employees hybrid plan
trueThe Michigan Legislature will conduct an independent study on whether to close the $37.7 billion Michigan Public School Employee Retirement System's hybrid defined benefit plan to new hires and move them to a new defined contribution plan.
Put DB closure on hold, Michigan governor urges
trueMichigan's governor and state budget director are requesting state lawmakers table for now a proposal to close the defined benefit plan in the $37.7 billion Michigan Public School Employee Retirement System and to open a new defined contribution plan.
2 of 3 firms with DB plans to keep them open to new hires
trueMore than two-thirds of U.S. corporations that offer a defined benefit plan to new employees say they are committed to continue offering the plan to new hires, according to a survey from Towers Watson.
St. John's retirement plan scouts for consultant, administrator
trueSt. John's (Newfoundland) Employees Retirement Benefit Plan is searching for a consultant and a third-party administrator.