Pension plan terminations
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PBGC assumes Hovensa pension plan
trueThe Pension Benefit Guaranty Corp. is assuming the defined benefit plan of Hovensa LLC, which is headquartered on St. Croix in the U.S. Virgin Islands and also owns a former oil refinery and an oil storage terminal there.
Barnes & Noble plans another lump-sum offer as part of terminating DB plan
trueBarnes & Noble Inc., New York, will offer a lump sum to the remaining 2,350 active and terminated vested participants in its terminated defined benefit plan.
Evaluating plan hibernation vs. plan termination
trueFor the nearly 50% of corporate pension plans that are either closed or frozen, the choice to terminate the plan is essentially a timing decision, because it is unlikely that a sponsor would elect to manage the plan until the last benefit is paid to the last surviving participant.
PBGC to take over James River Coal pension fund
trueThe PBGC will take over the defined benefit plan of James River Coal Co., the agency announced Wednesday.
Wilshire: S&P 500 funded status dips in August
trueThe aggregate funding ratio for U.S. corporate defined benefit plans fell to 85.5% in August, down from 86.1% the previous month, said a monthly report from Wilshire Consulting.
Japan's GPIF reduces bond allocation, increases equities in quarter
trueJapan’s Government Pension Investment Fund on Friday announced that the value of its investment portfolio was 127.3 trillion yen (US$1.23 trillion) as of the June 30 close of its fiscal first quarter.
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.