Pension plan terminations
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Cox Enterprises ordered to pay $13.9 million to PBGC for News-Journal plan
trueCox Enterprises Inc. will have to give the Pension Benefit Guaranty Corp. $13.9 million to cover the unfunded pension liabilities of News-Journal Corp.
Iowa regents boost commitment to Neuberger Berman fund
trueState of Iowa Board of Regents raised its commitment to NB Crossroads Fund XX to $12.5 million for the $375 million University of Iowa endowment fund.
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.
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.
Pension buyouts priciest in U.K., index shows
trueThe U.K. is the most expensive country for pension buyouts, according to a new buyout cost index created by Mercer.
PBGC eyes little-used tool for plan insolvencies
truePBGC management hopes to take greater advantage of a little-used tool for restructuring multiemployer pension plans, as the number of candidates likely to seek the agency's help grows.
Discount airline Ryanair winds up Irish defined benefit plan
trueRyanair Ltd. has wound up its Irish Defined Benefit Pension Scheme, eliminating an almost €10 million ($13.6 million) deficit from its balance sheet, confirmed a spokeswoman for the Dublin-based airline.
Herman Miller folds up cash balance plan
trueHerman Miller Inc., Zeeland, Mich., has completed the termination of its cash balance plan following a group annuity buyout.
Stroh's calls closing time on defined benefit plan
trueStroh Cos. Inc. has asked the Pension Benefit Guaranty Corp. to take over its defined benefit plan.
Fannie and Freddie told to terminate DB plans
trueThe Federal Housing Finance Agency announced on Friday it has directed Fannie Mae and Freddie Mac to terminate their defined benefit pension plans.
New York State Common commits to 2 European private equity funds
trueNew York State Common Retirement Fund, Albany, committed €250 million ($329.4 million) to CVC European Equity Partners VI, managed by CVC Capital Partners, confirmed Eric Sumberg, a spokesman for Thomas DiNapoli, the New York state comptroller and sole trustee of the $158.7 billion pension fund.
Georgia's Thomasville Employees seeks actuary
trueThomasville (Ga.) Employees' Retirement System is searching for an actuary.
PBGC to take over Butzel Long pension fund
trueThe PBGC will take over the defined benefit pension fund of Butzel Long, a Detroit-based law firm.
Is PBGC a better trustee?
trueWhen a company is in bankruptcy or facing financial hardship, at some point it might have to face the question of whether to terminate its defined benefit pension plans. This is a difficult decision, and hard as a plan sponsor tries, termination might turn out to be the only option.
Disney shareholders rebuff pension funds' efforts to split chairman/CEO role
trueWalt Disney Co. investors turned back calls for a future split of the two top jobs held by Chairman and CEO Robert Iger, rejecting the demands of three state pension funds.