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In 2010, Xerox acquired ACS for $6.4 billion. Buck Consultants was later rebranded as "Buck Consultants at Xerox". [7] At the beginning of 2017, Conduent was spun off from Xerox. Buck Consultants, which was one of the businesses spun off, was renamed Conduent HR Services. [8]
Xerox Corp. Retirement Plan, decided that the lump sum calculation for workers terminating service prior to retirement who were covered by the defendant cash balance pension plan cannot violate the rules for defined-benefit plans, [3] and in a district court in Illinois in Cooper vs. IBM Personal Pension Plan, decided that the very design of ...
Affiliated Computer Services, Inc. (ACS) was founded by Darwin Deason and Charles M. Young, both former MTech Communications executives, in 1988. [6] Deason had served as CEO at MTech and decided to launch another data processing firm after a management buyout bid of him and other executives had lost to another bid in 1988.
ERISA was created to protect workers by overseeing retirement accounts like traditional pension plans and eventually 401(k) and most 403(b) plans, but it only safeguards some of us.
Military pensions often provide a source of retirement income for military veterans. Service members who have served for a certain number of years, usually 20, are eligible for retirement pay .
The firm was founded in 1944 by H. Charles "Chick" Kwasha and Maurice Lipton. [citation needed] Kwasha Lipton is best known for creating a type of defined benefit pension plan called a cash balance plan (CBP), which it designed for the employees of Bank of America in 1985.
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
In 2001 another of the early large pension outsourcing arrangements occurred when Xerox hired General Motors Asset Management (GMAM) to manage its $4 billion defined benefit pension plan. This move was prompted, in part, by the departure of two senior Xerox professionals to run other investment plans.