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Why is IBM transferring billions to an annuity? The surge in pension risk transfers, explained

By Lynn Cavanaugh

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.

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IBM completes $6B pension risk transfer to Prudential in group annuity buyout

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.

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September 03, 2024

DOL backs IBM retirees, urges lower court to reopen firm's ERISA pension plan lawsuit

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.

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August 21, 2024

TIAA's 'high-fee products push' lawsuit: Best practices for all retirement plan sponsors

Companies need to fully understand what the plan fees are so they can be "fully transparent" with their workers, said law firm Schlichter Bogard, which is representing plaintiffs suing TIAA for steering them into high-fee investments.

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August 14, 2024

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Collaborate with your HR and workplace experience teams to gather feedback on the financial benefits that matter most to your employees and ideal candidates, and start implementing the benefits that will best support them.

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Top Defined Benefits Stories

Why is IBM transferring billions to an annuity? The surge in pension risk transfers, explained

Best and worst areas for retiree health benefits access in 2024

Surge in pension risk transfer lawsuits, as private equity pursues annuity assets

Recommended Just For You

Defined Benefits Stories

IBM completes $6B pension risk transfer to Prudential in group annuity buyout

Student debt delinquencies threaten credit access for millions

After 50 years of milestones, the retirement industry is bracing for yet more innovation

DOL backs IBM retirees, urges lower court to reopen firm's ERISA pension plan lawsuit

TIAA's 'high-fee products push' lawsuit: Best practices for all retirement plan sponsors

Three reasons it's critical to help workers manage their finances

How much does a retiree need to save for health care expenses?