Defined Benefits

A bankruptcy expert hired by the state to stop Detroit's fiscal free-fall made the Chapter 9 filing Thursday in federal bankruptcy court.

The Cooperative and Small Employer Charity Pension Flexibility Act would make permanent temporary legislation exempting these groups from the Pension Protection Act of 2006.

Funded status has come roaring back thus far in 2013, standing at 86 percent at the end of May.

The proposed legislation is receiving support from the insurance industry, but consumer advocates and union reps are already voicing concern.

The Dietrich Pension Risk Transfer Index, which tracks the relative appeal of annuitizing pension liabilities, increased from Junes value of 88.92 to 93.54 as of July 1.

The rise in benchmark corporate bond interest rates, used to value pension liabilities, allowed the 100 companies in the Milliman index to lower their obligations by $47 billion.