Hybrid pension plans
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Adjustable pension plan design begins to gain converts
A 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
Palm 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
California 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
California 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
The 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
Michigan'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
More 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
St. John's (Newfoundland) Employees Retirement Benefit Plan is searching for a consultant and a third-party administrator.
Virginia Assembly OKs hybrid retirement plan, contribution hikes
The Virginia General Assembly on Wednesday approved a pension reform package that creates a hybrid plan and increases employee contributions to the pension plans under the umbrella of the Virginia Retirement System.
Texas County & District Retirement commits $200 million
Texas County & District Retirement System committed $200 million to two private equity funds and one credit opportunity fund.
Rhode Island State Investment Commission narrows list to 2 for DC plan administrator
Rhode Island State Investment Commission named Great-West Life & Annuity Insurance and TIAA-CREF as finalists in its search for an administrator for the state's new defined contribution program.
CalPERS: California hybrid proposal would save little, increase risk
California Gov. Jerry Brown's proposal to implement a hybrid pension plan for new state and local employees would lead to insignificant savings for the state and in some cases, “cost increases for some plans may offset cost savings,” according to an actuarial cost analysis conducted by CalPERS ...
University of Missouri to introduce hybrid retirement plan
The University of Missouri System will offer a hybrid retirement plan combining defined benefit and defined contribution components for employees hired starting Oct. 1, 2012.
Brown’s Rx for California pension woes: ‘Castor oil’
California Gov. Jerry Brown, likening his plan to curb public employee pension costs to swallowing “castor oil,” said his proposal is the one most likely to win approval from lawmakers.
Rhode Island legislators OK hybrid retirement plan
The Rhode Island General Assembly late Thursday passed sweeping pension reform legislation that would create a hybrid plan for members of the $7 billion Rhode Island Employees' Retirement System, Providence.