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Delta to contribute additional $1 billion over five years to pension funds
Delta Air Lines Inc., Atlanta, plans to contribute an additional $1 billion to its defined benefit pension plans over the next five years, according to an 8-K filing with the Securities and Exchange Commission on Wednesday.
Contributions play key role in funded status winners
P&I's April 29 special report analyzed the largest U.S. corporate defined benefit pension plans. Over the past five years, the aggregate funding ratio declined 2.5 percentage points to 78.7%. However, there were significant differences between individual plan sponsors' funding ratios. Of the plans
Newell Rubbermaid adds $100 million to U.S. pension plan
Newell Rubbermaid Inc., Atlanta, made a $100 million contribution to the company's primary U.S. pension plan during the first quarter of 2013.
Oklahoma increases contributions to state firefighter pension plan
Oklahoma Gov. Mary Fallin signed a bill last week to increase employee and employer contributions for new hires in the $1.8 billion Oklahoma Firefighters Pension and Retirement System, Oklahoma City.
Stockton creditors to challenge CalPERS payments in bankruptcy court
The biggest U.S. city in bankruptcy, Stockton is preparing a plan for paying debt that may propose compensating some creditors less than the principal owed, setting up a likely court challenge from the creditors that the city's pension contributions be subject to cuts.
CalPERS approves accounting change that will boost employer contributions
CalPERS approved a proposal to change how it counts investment losses and gains aimed at filling $87 billion in unfunded obligations.
CalPERS contributions could rise 50% in plan to plug funding gap
California taxpayers might see the municipal pension contributions they fund for the $258.3 billion California Public Employees' Retirement System rise as much as 50% under a plan to fill $87 billion in unfunded obligations.
New York State Teachers endorses Cuomo's stable contribution proposal
New York State Teachers' Retirement System on Tuesday endorsed a state law that gives school districts and charter schools the option to make preset annual contributions to the pension system rather than actuarially required contributions.
Public pension funds face scrutiny from accounting updates
Public pension executives are facing a paperwork tsunami this year. Not only do new financial reporting rules from the Governmental Accounting Standards Board start going into effect this June, but Moody's Investors Service Inc. is implementing — starting this month — a new set of calculations that
Fujitsu to bulk up U.K. pension funds with £800 million contribution
Fujitsu Ltd. will contribute £800 million ($1.2 billion) to its U.K. pension funds this year, and an additional £20 million annually in an attempt to remove a £1.6 billion deficit by 2032, according to a spokesman.
Cuomo drops plan to curb pension costs under DiNapoli pressure
New York Gov. Andrew Cuomo, pressed by critics including Comptroller Thomas DiNapoli, dropped a plan meant to give pension-cost certainty to local officials that might have left the system unable to pay benefits
2 Connecticut pension funds selling investments to meet cash flow needs
The two largest public pension funds in the Connecticut Retirement Plans & Trust Funds, Hartford, will have to sell an estimated total of $427.8 million in investments by June 30 to offset a projected cash flow shortage, according to report by the state treasurer's office.
Corporate pension funded status not rising despite contributions
Corporations have added $1 trillion in assets to their defined benefit pension plans in the last four years, only to see their average funded status remain essentially static and their aggregate unfunded level grow 15% to an estimated $441 billion, according to a J.P. Morgan Asset Management Inc.
Kentucky lawmakers in stalemate over pension reforms
The Kentucky House of Representatives passed an amended pension reform bill Wednesday that would keep new state employees in a defined benefit plan in the $14 billion Kentucky Retirement Systems, Frankfort, but the Senate later rejected that measure.
New Jersey to contribute $1.676 billion to pension fund in 2014
New Jersey will contribute a record $1.676 billion to its pension system in fiscal year 2014, a $647 million increase from this year, Gov. Chris Christie said in his budget address.