While corporate pension funds “bit the bullet” on funding their pension plan obligations, public plans and unions could be in jeopardy of “going broke.”

An additional $574 billion in unfunded liabilities — in addition to the previously estimated $3 trillion in unfunded liabilities — from pension plans at the city and county levels, which may affect operational abilities of state and local governments in the future, according to a new report by the Kellogg School.

Five industry groups have co-authored a letter to Washington, D.C., urging congressional leadership to reconsider a provision in the new health reform reconciliation package that would enact a 3.8% Medicare contribution tax on annuities.

The U.S. Labor Department has refused requests for exceptions to its rule requiring all businesses with a pension plan and/or a 401(k) to file certain forms electronically, according to a pension consultant, who warns that plan sponsors may choose to terminate their existing plans.

Multi-employer pension plans are facing substantial shortages in funding, according to a survey by an employee benefits organization, which is pointing its finger at “the economic crisis” as the catalyst.

The Internal Revenue Service announced cost-of-living adjustments for pension plans for the 2010 tax year, although the limitation on annual benefits for defined benefit and defined contributions remains unchanged.

Government reform of pension plan regulations should guarantee participants that disclosures will be “relevant, timely and succinct,” according to Prudential Financial.

Companies with frozen pension plans intend to change their investment strategy in the near future, reduce corporate pension expense volatility and place themselves one step closer to plan termination, a …  Read →

CIGNA Corp. plans to freeze its pension plan, effective July 1, while boosting its 401(k) plan benefits for all of its employees.

The Philadelphia-based insurer’s pension plan freeze should save about …  Read →