By John Crawley; Reuters ~ Nov 17, 2008
The U.S. agency that ensures corporate pensions reported on Monday a nearly $3 billion drop in its annual deficit, but said it stepped up the monitoring of struggling U.S. companies, including automakers. The PBGC said its deficit for the 2008 fiscal year that ended September 30, was nearly $11.2 billion, compared with a $14 billion shortfall in the previous year.
Traditional pensions: Are they at risk?
By Kathleen Connell. The Christian Science Monitor ~ Nov 17, 2008
Many defined-benefit plans are underfunded. Here's how to keep track of your benefits.
New rule could change pension payouts for some new retirees
By Robert Powell; MarketWatch ~ Nov. 13, 2008
A growing number of defined-benefit pension plans, especially small- to-mid-sized plans, could be in trouble this year because of the struggling stock market combined with a little-known provision in the Pension Protection Act of 2006...
Business groups want lawmakers to relax requirements on pensions
By Silla Brush; The Hill ~ Nov 11, 2008
Businesses and trade associations feeling the effects of the financial meltdown are lobbying lawmakers to relax requirements in a 2006 law requiring that companies meet new pension funding levels...
U.S. Pension Plan Funding Status Plunges in October
Press Release: The Bank of New York Mellon; MarketWatch ~ Nov 06, 2008
Funding ratios at the typical U.S. corporate pension plan fell 3.7 percentage points in October as stocks had their worst month since 1987, according to BNY Mellon Asset Management. For the year to date, funding ratios for typical plans have declined approximately 7.7 percent...
Should Feds Rescue Retirement System, Too?
By Philip Moeller; US News & World Report ~ Oct 31, 2008
Even before the recent collapse of investment values, the paltry sums in private retirement accounts caused concern if not alarm among pension and retirement experts. Now, the wolf is not only at the door but in the room, and is devouring what little remains of the financial future of millions of Americans.
PBGC Announces Maximum Insurance Benefit for 2009
PBGC News Release - Nov. 3, 2008
The Pension Benefit Guaranty Corporation (PBGC) today announced that the maximum insurance benefit for participants in underfunded pension plans terminating in 2009 is $54,000 per year for those who retire at age 65, up from $51,750 for 2008. The amount is higher for those who retire later and lower for those who retire earlier or elect survivor benefits. Read more...
Business Groups Seek Break on Pensions
By Darrell A. Hughes, DJN: SmartMoney ~ Nov 03, 2008
A coalition of business groups have told Congress numerous companies may have to freeze or suspend their employee pension programs unless lawmakers ease fair-value accounting requirements enacted in a 2006 update of federal pension laws. Read more...
Where does your pension stand?
By David Pitt, AP; Contra Costa Times ~ Nov 03, 2008
With the market seesawing daily, you may have seen your retirement savings — that money you've been counting on, and expecting to grow — shrink to disturbing levels in recent months. Here are some questions and answers about how the stock market affects your retirement savings...