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Wilshire: S&P 500 company pension plans' funding ratio jumps to nearly 90% in 2013
trueThe funding ratio of U.S. corporate defined benefit plans improved significantly in 2013 as a result of a strong global equity market and higher discount rates, according to an annual report from Wilshire Consulting.
Los Angeles needs Warren Buffett model for pension plans, panel says
trueLos Angeles should emulate Berkshire Hathaway Chairman Warren Buffett to curb a sixfold increase in city pension costs since 2003, a panel led by former U.S. Commerce Secretary Mickey Cantor recommended.
Chicago pension reform measure passes Illinois Legislature
trueThe Illinois Senate passed a pension reform bill aimed at improving the funding of two Chicago retirement funds for laborers and municipal workers.
Illinois House approves measure to repair Chicago pension plans
trueChicago's effort to stabilize two of its pension funds won approval in the Illinois House of Representatives.
Maryland budget reduces pension catch-up contributions
trueMaryland lawmakers approved a fiscal 2015 budget that trims pension contributions aimed at improving the funded status of the $44 billion Maryland State Retirement & Pension System.
Illinois governor outlines pension contribution increases in budget address
trueIllinois' five state retirement systems would receive more than $6 billion in state contributions combined in the next fiscal year, beginning July 1, up 4.3% from the current fiscal year, according to a budget proposal released Wednesday by Gov. Pat Quinn.
Maryland Senate OKs reduction in pension contribution plan
trueThe Maryland Senate on Wednesday approved a fiscal 2015 budget that significantly reduces pension contributions aimed at improving the funded status of the $44 billion Maryland State Retirement & Pension System.
Illinois Supreme Court orders consolidation of suits challenging pension reform law
trueThe Illinois Supreme Court ruled Monday that four lawsuits challenging the constitutionality of Illinois' recent pension reform law should be consolidated.
Upping the ante on implementation of derisking process
trueMany ERISA pension plans are now implementing specific formulas called “glidepaths” to automatically shift funds to fixed income from growth assets as the plan's funded status increases. The goal, of course, is to reduce funded status risk — i.e., to decrease the chance plan sponsors will face ...
17 companies set pension contributions totaling $10 billion for 2014
trueSeventeen companies have announced projected contributions to their defined benefit plans totaling more than $10 billion since Feb. 14, according to 10-K filings with the Securities and Exchange Commission.
Verizon to dial up $1.4 billion for DB plans in 2014
trueVerizon Communications Inc., New York, will contribute approximately $1.2 billion to its qualified defined benefit plans and about $200 million to its nonqualified plans in 2014.
Cigna slates $100 million pension contribution for year
trueCigna Corp., Bloomfield, Conn., plans to make about $100 million in pension contributions this year, according to its 10-K filing.
Merck to inject $250 million into pension funds this year
trueMerck & Co., Whitehouse Station, N.J., plans to contribute about $250 million to its defined benefit pension funds worldwide in 2014, according to its 10-K filed Thursday with the Securities and Exchange Commission.
GE to contribute $1.33 billion to pension plans in 2014
trueGeneral Electric Co., Stamford, Conn., plans to contribute a total of $1.33 billion to its pension plans in 2014, according to its 10-k filed Feb. 27.
Exxon Mobil fueling pension funds with $2.2 billion in 2014
trueExxon Mobil Corp., Irving, Texas, plans to contribute $1.4 billion to its U.S. defined benefit pension funds and $800 million to its non-U.S. plans in 2014.