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Greenwich: Lump-sum buyouts to continue, despite slow start in 2013
The volume of lump-sum buyout offers has slowed dramatically so far in 2013 following a flurry of activity last year, but lump sums remain a forefront topic for corporate pension funds.
Six guidelines for pension cashout success
The news about Ford and GM making lump-sum offers last year led to a flurry of speculation that the DB cashout option would gain momentum as a risk-management strategy for many more companies.
GM, UAW in talks over lump-sum offer
General Motors Co. is in discussions with the United Auto Workers union on offering lump-sum pension payments, confirmed GM spokesman Dave Roman.
Senior American Airlines pilots seek to keep lump-sum payments
A group of senior pilots at American Airlines on Monday asked the judge overseeing parent AMR Corp's Chapter 11 bankruptcy case to withhold approval of a new labor agreement that would eliminate the option of lump-sum retirement payouts.
General Motors UK signs £230 million annuity contract with Rothesay Life
General Motors UK Ltd. entered into a £230 million ($371 million) pension buy-in annuity contract with Rothesay Life to secure the pension benefits of all participants in the General Motors UK Retirees Pension Plan.
Timken to contribute as prelude to partial pension buyout
Timken Co. plans to contribute about $100 million a year to its defined benefit pension plans in 2013 and 2014 as part of an overall effort to prepare the plans for a partial pension buyout.
Verizon retirees fail to halt pension annuity deal with Prudential
A U.S. District Court judge in Dallas on Friday denied issuing a preliminary injunction to block a pension annuity transaction by Verizon Communications Inc. with Prudential Insurance Co. of America.
GM's retiree acceptance of lump sum seen as solid response
The roughly 30% of eligible salaried retirees who have accepted General Motors Co.'s offer to convert their monthly annuity to a lump sum benefit is a solid response to the trailblazing approach that other companies are expected to follow, observers say.
30% of eligible retirees take GM lump-sum offer - Pensions & Investments
General Motors Co. reported Wednesday that about 30% of eligible salaried retirees accepted the automaker's lump-sum pension offer.
Verizon annuity deal adds to pressure on long bonds - Pensions & Investments
Verizon Communications Inc. purchased an annuity contract with Prudential Insurance Co. of America for about 25% of its pension liabilities just when demand in the high-quality corporate bond market is starting to supplant supply in a low interest-rate environment.
Kimberly-Clark offers lump sum to 10,000 former employees
Kimberly-Clark Corp., Dallas, is offering lump-sum payments to 10,000 former employees with deferred vested benefits from the company's frozen defined benefit plan, according to the company's third-quarter earnings statement released Wednesday.
Pension Rights Center asks for moratorium on lump-sum payments
The Pension Rights Center wants Congress to impose a moratorium on derisking moves by corporate defined benefit plans, including lump-sum buyouts and annuity contracts, while the impact on retirees is studied.
Verizon to close DB plan to new union employees along with buyout
Verizon Communications Inc., New York, will close its defined benefit plans for union employees to new hires and place them exclusively in the company's 401(k) plan, as part of tentative contracts with the Communication Workers of America and International Brotherhood of Electrical Workers unions.
Verizon transfers $7.5 billion to Prudential in partial pension buyout
Verizon Communications Inc., New York, will purchase a group annuity contract with Prudential Insurance Co. of America to transfer $7.5 billion in pension obligations, according to an 8-K filed Wednesday afternoon.
Table: Recent lump-sum payout offers
274.9 million Oct. 5 Notes: 1: as of Jan. 28, 2012; 2: as of June 30, 2012; 3: as of Dec. 31, 2010; 4: includes Canadian assets.