Defined Benefits

Hovensa LLC, an oil refinery that operated in the U.S. Virgin Islands, is abandoning its pension plan after shuttering operations in 2012.

Higher premiums have spurred some large plan sponsors to buy group annuities to off-load, or de-risk, their pension liabilities.

That amount represents about $1 of every $4 invested in hedge funds, the Alternative Investment Management Association says.

United Parcel Service Inc. forecast 2015 earnings growth that will be short of a long-term goal as it faces higher pension contributions and a stronger dollar.

Earnings on pension fund investments skyrocketed 311.9 percent, from $93.1 billion in 2012 to $383.3 billion in 2013.

Beyond settling with the Justice Department, S&P also reached a $125 million settlement with the California Public Employees Retirement System.