2 04, 2015

Kraft-Heinz would create $13-billion retirement behemoth

2015-04-02T23:19:09-07:00April 2nd, 2015|Categories: 401(k), Defined Benefit Plans|Tags: , |

If shareholders sign off on the merger between H.G. Heinz Co. and Kraft Foods Group, it would mean the union of more than $13 billion in defined benefit and defined contribution retirement assets. Kraft has the larger retirement plans of the two, by far. As of the end of 2014, Kraft, which has 22,000 employees, projected its defined benefit pension obligation to be $8.3 billion. Its plans held about $7.2 billion in assets, making for a $1.1 billion unfunded [...]

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 [...]

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