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On Jan. 1, IBM put the brakes on its dollar-for-dollar 5% employee match in its 401(k) plan and began providing most of its US workers a portable "retirement benefit account."
In late 2023, IBM announced a shift in its retirement benefits package, effective Jan. 1, 2024. The established method was a 401(k) match -- a 5% match and a 1% automatic contribution. With the...
Under the deal, nearly $6 billion of IBM's defined benefit pension obligations will be transferred to Prudential Insurance Company of America. A defined benefit plan guarantees a specific payout ...
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 ...
For example, a defined benefit plan must pay a married participant's pension as a "joint-and-survivor annuity" that provides continuing benefits to the surviving spouse unless both the participant and the spouse waive the survivor coverage. The Pension Benefit Guaranty Corporation was established by ERISA to provide coverage in the event that a ...
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental ...
Shares of Delta could take off, and major changes are coming to retirement benefit programs at three of the nation's biggest companies. Those stories and more are what's in Monday's Market Minute.
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...