Business Services Industry
Defined benefit system gets a welcome boost.(Opinions)(Viewpoint essay)
Business Insurance, February, 2007
WHILE THREE LARGE employers taking similar actions hardly constitute a trend, we think the decision of those organizations to stay in the defined benefit plan system is significant. SunTrust Banks Inc. is converting its traditional pension plan to a cash balance plan, a step MeadWestvaco Corp.
took last year, while Phoenix Cos. Inc., a big player in the annuity market, is moving to a pension equity plan, another type of defined benefit plan. The actions of these employers is a contrast to the pension storyline of the last couple of years in which one employer after another announced that it was phasing out its defined benefit plan, typically in favor of an enhanced 401(k) plan. Certainly, there are good reasons for employers to wind down defined benefit...
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