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Survey: CFOs tire of strain, snip defined benefit plans.(Finance)(Chief Financial Officers)(Brief Article)
Crain's Cleveland Business, January, 2005 by Calio, Vince
Byline: VINCE CALIO Pensions & Investments Corporate defined benefit plans could be becoming more of a headache than they are worth. According to a December survey of 100 chief financial officers by SEI Investments, Oaks, Pa., 34% of respondents plan to close their pension plans to new members within the next year because they're too much of a burden on the company's balance sheet.
Each CFO surveyed oversees an average of $344 million in defined benefit or cash-balance assets. The survey is timely, as IBM Corp. recently became the latest large corporation to switch to a 401(k) plan. The survey was released after IBM announced the move. One of the biggest burdens is volatile contribution levels. About three-quarters of the CFOs - 76% - cited the...
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