Pension plan terminations
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Is PBGC a better trustee?
When 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
Walt 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.
Chicago Park Employees pension fund seeks infrastructure, risk-parity managers
Chicago Park Employees' Annuity & Benefit Fund is searching for managers to run $20 million each in infrastructure and risk-parity strategies.
Aon Hewitt: Corporate plans eyeing jump through lump-sum window
More than one-third of corporate defined benefit plan sponsors are considering lump-sum payouts this year for retirees and vested former employees, up from 7% last year, according to a new survey by Aon Hewitt.
NAPF survey: Corporate U.K. DB plans closing at faster pace
U.K. corporate defined benefit pension plans are closing at the fastest pace since 2005, with only 13% of DB funds open to new employees in 2012 compared to 19% the previous year, according to an annual survey published by the National Association of Pension Funds.
AMR seeks court approval to ground lump-sum benefit option
American Airlines Inc. parent AMR Corp. has asked a federal bankruptcy court in New York for permission to allow the airline to amend its frozen pilots' pension plan so that retiring pilots cannot receive their accrued benefits as a lump sum.
Bakers' union pension fund asks for Chapter 11 trustee in Hostess case
A Hostess Brands union and a pension fund asked the judge overseeing the company's bankruptcy to appoint a Chapter 11 trustee to take control of the wind-down of the maker of Twinkies and Wonder Bread.
Poll results: Did you stockpile Twinkies or other Hostess products after the company's liquidation announcement?
About 18% of respondents to a P&I Online survey last week wanted to stockpile Twinkies and other Hostess Brands Inc. products as a result of the company's liquidation announcement.
Hostess Brands to terminate pension plan as part of liquidation
Hostess Brands Inc. will terminate its defined benefit plan, and the Pension Benefit Guaranty Corp. will assume its liabilities.
30% of eligible retirees take GM lump-sum offer - Pensions & Investments
General Motors Co. reported Wednesday that about 30% of eligible salaried retirees accepted the automaker's lump-sum pension offer.
Yum! Brands serves up lump sums to some former employees
Yum! Brands Inc. on Tuesday announced it will offer a lump-sum payout to “certain former employees” participating in its U.S. defined benefit pension plans, according to an 8-K filing with the SEC.
Ex-Chrysler executives can continue with age-bias retirement suit
A group of former Chrysler LLC executives who lost all or most of their supplemental retirement benefits when the automaker went bankrupt in 2009 won a court ruling that lets them proceed with age-bias claims.
PBGC takes over pension plan of Jewish advocacy group
The PBGC is taking over and terminating a pension plan sponsored by B'Nai B'rith International, a Washington-based Jewish advocacy organization.
Hawker Beechcraft to terminate 2 DB plans, freeze 1
Hawker Beechcraft Inc. will terminate its two non-union pension plans and freeze the defined benefit pension plan for machinists union workers as part of its bankruptcy process.
PBGC undervalued pension assets for terminated United Airlines plans
The PBGC on Wednesday said it undervalued United Airlines' pension assets by 0.75%, or $58 million.