Defined Benefits

A new study from Forbes surveyed 2,500 people from 25 major metropolitan U.S. cities (100 people per city) to find out which residents struggle the most with credit debt.

IBM has recently entered into a $6 billion pension risk transfer agreement with Prudential, as the retirement industry evolves from pension plans to 401(k) plans and PRTs firm allow firms to offoad the burdensome administration of allocating pension plans.

Overall access stabilized, and access to health, disability and retirement plans improved, new government figures show.

In the last year, Lockheed Martin, AT&T, Alcoa and GE have been sued by employees in class action lawsuits over the PRT deals made with Athene, alleging the firm "breached their fiduciary duty," says law firm Schlichter Bogard.

After replacing its pension plan with a cash-balance plan last year, IBM has now completed a PRT, transferring $6 billion in defined benefit pension plan obligations for 32,000 participants.

In a report released last month, the Government Accountability Office estimated that about 10 million borrowers – more than one-quarter of the total – were behind on payments as of the end of January.

Just like auto enrollment and the default selection of target-date funds, the adoption of auto portability was given a push by SECURE 2.0 and the upcoming Saver's Match Program will allow low-income workers to save even more for retirement.

The IBM lawsuit caught the attention of Labor Department, which claims the three-year deadline to bring a fiduciary claim doesn't apply because workers didn't have "actual knowledge" of the ERISA violation.