Pension plan terminations
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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.
Chicago Park Employees pension fund seeks infrastructure, risk-parity managers
trueChicago 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
trueMore 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
trueU.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
trueAmerican 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.