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Bristol-Myers announces $1.4 billion pension buyout
trueBristol-Myers Squibb Co. said it would settle $1.4 billion in pension obligations by purchasing a group annuity contract from Prudential Insurance Co. for approximately 8,000 retirees and beneficiaries.
Motorola wraps up pension buyout at light speed
trueMotorola Solutions Inc.'s pension buyout, the third largest in U.S. history, was the fastest by a mile, taking less than six months from start to finish.
Busy week for lump-sum offerings
trueWhile Motorola Solutions Inc.’s activity last week was the most notable, three other companies also announced lump-sum offers.
Motorola Solutions looks to shed $4.2 billion in liabilities in buyout, lump sums
trueMotorola Solutions Inc. entered into a pension buyout agreement with Prudential Insurance and will offer lump-sum payouts to terminated vested employees to reduce $4.2 billion in pension obligations.
Washington Post freezes DB plan, switches to cash balance
trueThe Washington Post’s parent company is freezing its defined benefit plan and transferring remaining participants to an existing cash balance plan, effective Jan. 1, 2015. The company is also offering a lump-sum option for all defined benefit participants.
PBGC proposes requirement for employers to disclose lump-sum offers
trueThe Pension Benefit Guaranty Corp. disclosed that it intends to require employers to report to the agency offers they make to pension fund participants to convert their monthly annuity to a cash lump-sum benefit.
Newell Rubbermaid proposes lump sums for terminated vested employees
trueNewell Rubbermaid Inc. announced in an SEC filing Tuesday it will offer a lump-sum payment to about 5,700 terminated vested participants in its frozen U.S. defined benefit plan.
Magnetek offers lump sum to 35% of DB participants
trueMagnetek Inc. announced Tuesday in an SEC filing that it is in the midst of offering a lump-sum payout offer to certain participants in its defined benefit plan.
American Axle & Manufacturing to make lump-sum offer
trueAmerican Axle & Manufacturing Holdings Inc. announced in an SEC filing Monday that it plans to offer a lump-sum payment to certain terminated vested participants in its U.S. pension funds.
Brink's offers lump-sum payment to former employees
trueThe Brink's Co., Richmond, Va., announced on Friday it has offered certain former employees who are vested in its U.S. defined benefit plan the option to accept a lump sum.
Interserve pension plan agrees to buy-in with Aviva
trueThe trustees of the Interserve Pension Scheme, Reading, England, have agreed to a buy-in with Aviva PLC to cover £300 million ($497.8 million) of pension liabilities, said a spokesman for the sponsoring employer, Interserve PLC.
PGL Pension Scheme conducts £900 million longevity swap
trueThe trustees of the PGL Pension Scheme, Birmingham, England, hedged the longevity risk of £900 million ($1.5 billion) of liabilities with Phoenix Life.
Vestey Group enters into pension buyout with Rothesay Life
trueVestey Group has conducted a £280 million ($464.4 million) bulk annuity deal with Rothesay Life for its pension fund, Western United Group Pension Scheme, London, said Ben Fowler, group head of reward and HR development for the firm.
Lehman Brothers agrees to fully fund U.K. pension plan for buyout
trueParticipants in the Lehman Brothers pension fund in the U.K. will receive their full retirement benefits, after an agreement to pay £184 million ($307.2 million) to fund a buyout was reached between relevant parties.
Miki Travel enters into pension buyout with PIC
trueMiki Travel Ltd. Pension & Assurance Scheme, London, entered into a pension buyout with Pension Insurance Corp., covering £45 million ($75.9 million) of liabilities.