Defined Contribution

The U.S. Court of Appeals for the Second Circuit remanded a lawsuit against the company over how its pension benefits were calculated back to a district court.

The controversial law, which was passed after months of negotiations, increases employee contributions from 9 percent of salary to 10 percent and sets the retirement age for new hires at 62.

The suit claims Millers Health Systems and PBI Bank in 2007 approved a $40 million purchase of stock that was well in excess of its fair market value.

What lies ahead after this historic year?

Even with major pension system changes in in 2011 and 2012, the gap between anticipated revenues and commitments to employees through 2033 approaches $10.3 billion 11 percent larger than projected a year ago.

There is a missed opportunity for both the participant and plan sponsor that potentially yields a lower return on the employers investment, says a report.