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Pension contribution changes part of Philadelphia's deal with union
truePhiladelphia reached a tentative seven-year contract agreement with the representatives from the city's largest municipal workers' union, AFSCME District Council 33, that will increase employee contributions to the pension fund and allow new employees the choice between a hybrid plan and the ...
Financial services companies have best pension funding ratio — report
trueFinancial services companies have the best funded defined benefit plans compared to other business sectors, said a report from BNY Mellon's investment strategy and solutions group.
Start putting together those Eddy Award entries
trueSummer is almost over, so it's time to think about applying for the annual Eddy Awards sponsored by Pensions & Investments.
U.K. accounting changes could slash pensions on balance sheets
trueProposed changes to pensions accounting standards could wipe more than £25 billion ($42 billion) from FTSE 350 company balance sheets
Report: Scranton commuter tax to ease underfunding
trueA commuter tax enacted by Scranton, Pa., and earmarked for the city’s three retirement plans will raise a projected $5.1 million annually and “chip away” at the city’s $150.2 million in unfunded pension liabilities.
FTSE 100 companies decrease cash contributions to plans in 2013
trueFTSE 100 companies provided additional security to their pension funds via promises of non-cash contributions during 2013 at the expense of cash contributions, with 38 firms reporting this kind of measure to bolster their arrangements.
Ontario utility pension funds unstable, government report says
trueOntario’s four government-run energy-sector pension plans with a combined C$15.8 billion (US$14.5 billion) in assets are unstable and don’t have strategies to handle future deficits if they underperform actuarial assumptions, said an Ontario Finance Ministry report.
Church-plan status under increased scrutiny
trueA growing number of lawsuits and some key court rulings are making it harder for church-affiliated defined benefit plans to be exempt from the Employee Retirement Income Security Act.
Senate passes House version of highway bill
trueThe U.S. Senate approved on Thursday the House version of a highway funding bill that includes more generous pension funding calculations.
American Airlines to contribute additional $600 million to pension plans
trueAmerican Airlines Group Inc. expects to contribute an additional $600 million to its defined benefit plans in 2014, said the company's second-quarter earnings report filed Thursday.
New actuary tables may be 'nail in the coffin' for DB plans
trueThe measured value of liabilities for most defined benefit plans will increase between 3% and 8% with the adoption of new mortality tables, said a report from Wilshire Consulting.
The Daily Show takes on pension smoothing
trueJon Stewart, on his “The Daily Show” on Comedy Central, discussed pension smoothing and how it helps the federal government raise tax revenue, Mr. Stewart concluded this is the first time he's heard smoothing used as a euphemism for sex.
Moody's: Highway bill pension changes could mean $51 billion less in contributions
trueSponsors of defined benefit pension plans will be allowed to defer $51 billion in pension contributions under legislation approved July 15 by the House as part of the bill extending the Highway Trust Fund, according to an analysis by Moody's Investors Service.
FedEx to contribute $580 million to U.S. pension plans in 2015
trueFedEx Corp. said it expects to contribute $580 million to its U.S. pension plans in 2015.
Pension smoothing part of Highway Trust Fund deal
trueThe House Ways and Means Committee late Tuesday proposed pension smoothing as part of a funding package for the Highway Trust Fund, which is projected to run out of money within weeks.