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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.
IRS issues testing relief for closed DB plans
trueCorporations that sponsor defined benefit plans closed to new employees got some good news Friday from the Internal Revenue Service, which granted relief from non-discrimination testing rules through 2015.
Philadelphia Archdiocese freezes pension plan
trueArchdiocese of Philadelphia has decided to freeze its $478 million Lay Employees' Retirement Plan, and will start a defined contribution plan.
American Honda closing U.S. defined benefit plan in 2014
trueAmerican Honda Motor Co. Inc. is closing its U.S. defined benefit plan to employees hired on or after Jan. 1, 2014.
Unum contributes $50 million in Q2, plans to freeze U.S. pension plan
trueUnum Group, Chattanooga, Tenn., contributed $50 million to its U.S. defined benefit pension plan in the second quarter as part of the company's efforts to freeze the plan at the end of 2013.
Clewiston, Fla., goes with Securian as bundled provider
trueClewiston, Fla., hired Securian Financial Group as bundled provider of its $7 million defined benefit plan and new 401(a) plan.
Detroit pension executives begin talks on benefit cuts
trueRepresentatives from Detroit's two retirement funds began face-to-face talks with deputies of Kevyn Orr, the city's emergency fiscal manager, over his plan to cut pension benefits, which union leaders say is illegal.
Chrysler to freeze U.S. pension plans for salaried employees
trueChrysler Group LLC will freeze its U.S. defined benefit pension plans for salaried employees effective Dec. 31.