Defined Benefits

The model pension plans funded status is a dramatic improvement from its 77 percent funded status at the end of 2012.

Assuming that Social Security benefits are not reduced, EBRI found that between 83 and 86 percent of workers with more than 30 years of eligibility in a voluntary enrollment 401(k) plan should have enough to replace at least 60 percent of the wages they were making at age 64.

The city of Houston is suing the union representing its firefighters in a bid to gain the right to negotiate changes to its pension system.The city, which…

Investment returns of 13.8 percent, raising the discount rate used to determine future liabilities, a company contribution of $201.9 million to the system and a four-year strategy of matching investments to liabilities all contributed to eliminating the deficit.

The money would be in addition to $330 million that nine foundations pledged through bankruptcy-court mediation to reduce city pension cuts and to shield Detroits art collection from a sale to pay $11.5 billion in unsecured debt.

The increase is due to an adjustment in the carriers assumptions on interest rates and a better-than-expected return on assets, Dallas-based AT&T said in a filing.