FedEx to Shift $6 Billion in Pension Obligations to MetLife

Via American Journal of Transportation, By Mary Schlangenstein and Katherine Chiglinsky FedEx Corp. is transferring $6 billion in U.S. pension obligations to MetLife Inc. to reduce administrative costs. The deal covers the pension benefits of 41,000 retirees and beneficiaries who currently receive a monthly payout and meet certain conditions, the courier said in a statement Tuesday. FedEx, which said it would take a non-cash charge related … Continue reading FedEx to Shift $6 Billion in Pension Obligations to MetLife

Chattanooga Pension Fund Sues Wells Fargo for Alleged Fraud Over Revenue Sharing

Via Pensions&Investments, By Rob Kozlowski Chattanooga (Tenn.) Fire and Police Pension Fund has filed a lawsuit in Tennessee court against Wells Fargo, its custodian and trustee, alleging potential fraud and overcharging in its role as trustee, The suit, filed Tuesday in the Chancery Court of Hamilton County, alleges that Wells Fargo has not provided any disclosures regarding “significant compensation from third-party mutual funds and potentially … Continue reading Chattanooga Pension Fund Sues Wells Fargo for Alleged Fraud Over Revenue Sharing

Sweet Taste of Victory for Peeps Union Workers as Judges Rule Against Candymaker

Via SFGATE By Damian Paletta, The Washington Post When they went on strike in 2016, members in the union for marshmallow makers chanted, “No justice, no Peeps!” And on Thursday, a federal appeals court said the Peeps workers had a point. The U.S. Court of Appeals for the Fourth Circuit ruled that Just Born Quality Confections, the firm in Bethlehem, Pennsylvania, that makes the candy … Continue reading Sweet Taste of Victory for Peeps Union Workers as Judges Rule Against Candymaker

5 Tips for Boosting Your Retirement Savings

Via Dayton Daily News By Kara Driscoll The concept of retirement is quickly evolving for Americans, who are no longer ending their work lives in their late 50s and early 60s. Now, workers are extending their careers for a multitude of reasons: financial hardship, Social Security and pension changes, household dynamics and a need for a purpose. By 2022, more than 27 percent of Ohio’s … Continue reading 5 Tips for Boosting Your Retirement Savings

Court rejects challenge to TVA pension changes

Via Times Free Press By Dave Flessner A federal appellate court has affirmed the legality of cost-of-living cuts and other changes made in 2009 by the Tennessee Valley Authority and its retirement system board to one of the South’s biggest pension plans. The Sixth Circuit Court of Appeals last week rejected a legal challenge to the pension reductions by beneficiaries of the TVA retirement plan. … Continue reading Court rejects challenge to TVA pension changes

7th Circuit orders closer scrutiny in union pension fund suit

Via The Indiana Lawyer By Dave Stafford A federal judge in Indianapolis has been ordered to take a closer look at whether a successor company can be held liable for money allegedly taken from a union pension benefit fund. The 7th Circuit Court of Appeals remanded for a second time a ruling in favor of Indianapolis-based ManWeb Services, Inc., the defendant in a suit brought by … Continue reading 7th Circuit orders closer scrutiny in union pension fund suit

State hones in on ‘underfunded’ pension and health care plans, including 7 in mid-Michigan

Via Lansing State Journal By Beth LeBlanc March 7, 2018 Seven Lansing-area public employee retirement plans have come under scrutiny from the state for their unfunded liabilities. The Michigan Department of Treasury contacted pension plan administrators last week to inform them that reports they submitted to the state in January had triggered a preliminary review of the policies’ “underfunded status.” Read the full article. Continue reading State hones in on ‘underfunded’ pension and health care plans, including 7 in mid-Michigan