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Unions file lawsuit challenging constitutionality of Chicago pension reform law
trueFour labor unions, along with active and retired city workers, filed a lawsuit Tuesday that argues a Chicago pension reform law violates Illinois' constitutional clause that pension benefits should not be “diminished or impaired.”
TRW Automotive Holdings agrees to annuity buyout with MetLife for U.S. retirees
trueTRW Automotive Holdings Inc., Livonia, Mich., purchased a group annuity contract from MetLife Inc. in a $440 million transaction to provide pension benefits to more than 7,000 TRW retirees and beneficiaries.
U.K. pension funding shortfall balloons in November
trueThe aggregate deficit of occupational pension funds in the U.K. Pension Protection Fund’s 7800 index increased 34% to £221.1 billion ($346.7 billion) in November.
Milliman: Funded status inches lower for 100 largest corporate pension plans
trueThe funded status of the 100 largest U.S. corporate defined benefit plans fell slightly in November as liabilities rose more than assets, the Milliman 100 Pension Funding index shows.
Corporate pension funding relatively flat in November — 3 reports
trueThe funded status of U.S. corporate defined benefit plans was relatively unchanged in November, said monthly reports from BNY Mellon Investment Management, Mercer and Wilshire Consulting.
U.K. corporate DB funded status takes hit over past 12 months
trueDeficits at U.K. corporate defined benefit plans increased 29.3% over the year ended Nov. 30, to £212 billion ($332.3 billion), as persistently low interest rates continued to increase liabilities.
New GASB rules result in New Jersey's funded status plummeting to 44%
trueNew Governmental Accounting Standards Board regulations have led to a big dip to an already-low funded status for the New Jersey Pension Fund.
Judge rules Illinois pension reform law is unconstitutional
trueA Sangamon County Circuit Court judge ruled Friday that Illinois' pension reform law passed last year is unconstitutional.
Moody's finds decline in public pension liabilities in fiscal year 2013
trueState public pension funds saw a decline in liabilities in fiscal year 2013, thanks to favorable investment performance and higher contribution levels, said Moody’s Investors Service.
PBGC multiemployer program deficit offsets single-employer improvement
trueMultiemployer pension funds caused a record deficit for the Pension Benefit Guaranty Corp., its annual report shows.
State pension funds' combined underfunding rises to $4.7 trillion — report
trueState employee retirement systems are underfunded by a total of $4.7 trillion for a funding ratio of 36%, said a report from State Budget Solutions, a non-profit organization advocating state budget reform.
Multiemployer plans in construction industry improving, but still struggling
trueMultiemployer defined benefit plans in the construction industry saw some improvement in funding levels in the past 10 years, but continue to struggle with shifting demographics, said a new report by the Mechanical Contractors Association of America and Horizon Actuarial Services.
Milliman: Lower rates sink corporate funding ratios again
trueThe funded status of the 100 largest U.S. corporate defined benefit plans fell to 84.8% in October, down 30 basis points from the previous month, said the Milliman 100 Pension Funding index.
U.K. pension funding deficit jumps 14.3% in October
trueThe aggregate deficit of occupational pension funds in the U.K. Pension Protection Fund’s 7800 index increased 14.3% to £164.9 billion ($261.3 billion) in October.
Kentucky Teachers' Retirement sued for not addressing 'dire' funded status
trueA high school teacher in Louisville, Ky., filed a lawsuit against the Kentucky Teachers' Retirement System, charging the Frankfort-based system with failing to adequately address its “dire” funded status.