24 04, 2014

Heinz ‘derisks’ pension plan

2014-04-24T21:08:01-07:00April 24th, 2014|Categories: Defined Benefit Plans|Tags: , , |

Arnold Waldo is boycotting products made by the H.J. Heinz Co. The Carrick resident who is near his 83rd birthday knows that losing his business is probably not going to make or break the Pittsburgh-based food company that reports billions in sales annually. But for him the symbolism is strong. Mr. Waldo started work for Heinz in 1951 and — except for a stint in the military — worked there until his retirement in 1985. He had several aunts who also worked for the [...]

19 03, 2014

Companies Prepare To Dump Pension Plans In 2014

2014-03-19T21:42:05-07:00March 19th, 2014|Categories: Defined Benefit Plans|Tags: , , |

Will your defined benefit pension be the next to be “derisked” and then dumped? Clorox froze its defined benefit pension plan in 2011, and now it’s taking steps to prep the plan in case the fiduciary committee decides to offload it onto an insurer, according to a Clorox executive who spoke at a recent Mercer webcast on pension derisking. What does pension derisking mean for workers? Employers might offer to pay current retirees and former employees lump sums in lieu [...]

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