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Insurer Zurich proposes freezing its U.K. pension plans
trueZurich Insurance Group Ltd. is proposing to harmonize pension benefits for all U.K. employees by freezing its defined benefit plan to future accruals, with the aim of safeguarding the sponsor against the ongoing effects of longevity and low interest rates.
Boeing offers lump-sum, immediate annuity options to 40,000 former employees
trueBoeing Co., Chicago, is offering an option of a lump-sum payout or an annuity to 40,000 former employees who have not yet retired, the first time the company has offered such choices from its existing defined benefit plans.
Longboat Key, Fla. looking for DB plan administrator before merging 3 plans
trueLongboat Key, Fla., is searching for a third-party administrator for its three defined benefit plans, which the town plans to merge into one plan.
CONSOL Energy freezes DB plan for certain employees
trueCONSOL Energy Inc. is freezing its $778 million defined benefit plan for certain employees, according to documents issued to plan participants and obtained by Pensions & Investments.
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.
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.
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.
Kodak moves all employees to single cash balance plan benefit formula
trueEastman Kodak Co., Rochester, N.Y., is moving all of its U.S. employees to a cash balance plan with a single pension benefit formula, effective Jan. 1.
Buck Consultants to freeze pension plan at year-end
trueBuck Consultants at Xerox, New York, on Wednesday said it will freeze its defined benefit plan at the end of 2014 and enhance its 401(k) plan.
Lockheed Martin to freeze pension plan in 2016
trueLockheed Martin Corp., Bethesda, Md., will freeze its defined benefit pension plan in early 2016 and start shifting active salaried workers to an enhanced defined contribution program, the company announced Tuesday.
Boeing to freeze pension fund for non-union employees, executives in 2016
trueBoeing Co. will freeze a pension fund for 68,000 non-union employees and executives, shifting contributions to a defined contribution plan as it works to cut costs.
Wilshire: Funded status of frozen corporate pension funds down in January
trueThe funded status of a typical closed and frozen corporate defined benefit pension fund decreased 4.2 percentage points in January to 89.3%, according to a report from Wilshire Associates.
Goodyear freezes U.S. hourly pension plans, vulcanizes DB plans with $1.15 billion
trueGoodyear Tire & Rubber Co. announced on Thursday it has contributed $1.15 billion to its U.S. defined benefit pension plans since the beginning of 2014 and will freeze its U.S. hourly pension plans on April 30.
Alaska Airlines freezes DB plan for non-union salaried employees
trueAlaska Airlines Inc. froze its defined benefit pension plan for non-union salaried employees on Jan. 1.