Cash balance plans
IBM replacing its 401(k) match with a cash balance component in its previously frozen defined benefit plan may encourage other plan sponsors to follow suit.
IBM revealed to employees details of a cash balance component called a retirement benefit account that will replace the corporate match in its 401(k) plan.
Hub International acquired the insurance brokerage and investment advisory businesses of both Quintes Financial Services and Quintes Administrative and Insurance Services.
Memphis announced a plan to reopen its defined benefit plan to public safety employees hired since July 1, 2016.
PricewaterhouseCoopers agreed to pay $267 million to settle a lawsuit by pension plan participants who said their lump-sum payments were wrong.
A participant sued IBM, alleging that retirees are being shortchanged by the use of outdated mortality tables to calculate pension benefits.
A lawsuit against BP charging it with misleading employees over earlier changes to its primary U.S. retirement program will go to trial.
The U.S. Supreme Court denied PricewaterhouseCoopers' petition to reverse a 2019 decision regarding a lawsuit over its cash balance plan.
A bill passed in the Texas Senate would enroll new state employees in a cash balance plan rather than a traditional pension plan.
