The company expects the actions will reduce the overall size of its pension obligations by approximately $1.77 billion.
Tag: Actuarial issues
A UPMC hospital system subsidiary in Altoona, Pennsylvania, filed a lawsuit claiming plan service provider CBIZ Benefits & Insurance Services made costly actuarial errors in projecting pension liabilities.
The updated tables apply for purposes of calculating the funding target and other items for valuation dates occurring during calendar year 2017.
They are also more anxious about inflation.
While they work to fund their plans, however, uncertainties make it more difficult to calculate liabilities and returns over the long term.
Borrowing to fund pension deficits provides plan sponsors with a way to replace variable and potentially volatile debt obligation with a known, certain amount of debt at a fixed funding cost, says Rohit Mathur from Prudential.
The final rules modify waivers and information requirements to better balance the burden of reporting with PBGC’s need for information.
Plan advisers should encourage their plan sponsors to revisit the purpose of the DC plan.
Comments are due to the FASB by April 26.
DB plan sponsors are freezing their plans and changing accounting methods; what can be done about ballooning costs for these plans?
Clients with pension plans undergoing distress or involuntary termination should know the agency issued a new table for determining expected retirement ages for participants.
One career actuary tells PLANADVISER unrelenting increases in PGGC premiums belie a lack of forward-thinking policy and are more likely to harm than help overall U.S. retirement readiness.
The Bipartisan Budget Act of 2015 includes some good news about funding calculations and mortality tables, but there is some bad news in it too.
It’s happened before and it will happen again—a hike in PBGC premiums and shifting SOA mortality projections have materially raised the cost of running a pension plan.
The features of cash balance plans that make them easier to understand and make costs more predictable also create opportunity for advisers with skill structuring DB investments.
Society of Actuaries says the update will ensure pension plan actuaries have the most up-to-date information available.
The guidance also contains final excise tax regulations applicable to both single-employer and multiemployer defined benefit plans.
The complexity of pension “hibernation” and other liability mitigation strategies gives financial advisers a great opportunity to showcase their skills and win promising client engagements.
A survey of North American defined benefit (DB) pension plan professionals conducted by Clear Path Analysis found 23% are still considering transferring plan liabilities to a third-party insurer in 2015.
Transamerica Retirement Solutions has adopted RiskFirst’s real-time analytics and reporting platform, PFaroe, for use in coordination with plan sponsor clients and its advisory partners.