Defined contribution plan and defined benefit plan

• Darnell Jackson: First Vice President, Morgan Stanley

In 2002 [Darnell D. Jackson] was selected by Dollar and Sense magazine as a 21st Century America Best and Brightest Financial Advisor, and he has also been featured in numerous national Merrill Lynch advertising campaigns. Publications and magazines include The Wall Street Journal, Business Week, Barron's, Fortune, Forbes, Detroit Free Press, On Wall Street, Merrill Lynch Advisor magazine, Conde Nast Traveler magazine, Architectural Digest magazine, Vanity Fair magazine, the Michigan Chronicle and more. As a media trained advisor, Jackson has been nationally featured on DBS broadcasts (internal television network) discussing "niche marketing." He has been featured in radio, print and television. He recently made an appearance on WDIV Channel 4 Morning News to discuss "Alternative Giftin...

... has extensive public and private retirement plan experience, customized defined benefit plan constrruction and defined contribution plan asset management, which includes administrati...

• Michigan Chronicle
• October 08, 2009

• 26 CFR 1.415-7 - Limitation in case of defined benefit and defined contribution plan for same employee.

• Code of Federal Regulations - Title 26: Internal Revenue

• Pension Defrosted

Facing cost pressures in 1993, the Aerospace Corp closed its defined-benefit pension plan to new employees and replaced it with a defined-contribution plan. Twelve years later, it reopened the defined-benefit plan under pressure from employees and the realities of the labor market. On the surface, the Aerospace Corp, based in El Segundo, CA, is an unlikely candidate for the role of pension rebel. It is a government-funded research corporation with a mandate to support the space program through research and development. To further encourage employees to remain with the company and work longer before retiring, the company began a phased retirement program that allows employees at retirement age to structure a flexible work schedule to serve as mentors and transfer knowledge to younger emp...

• Workforce Management
• August 06, 2009

• The Times Are 'a-Changing' Towards a Living Statute Jurisprudence in Erisa

When Congress enacted ERISA in 1974, Congress could not foresee either the Enron-type debacle with respect to 401(k) plans, the movement by employers from defined benefit plans to defined contribution plans, or the current economic crisis and its impact on retirement accounts. [...] in this rapidly changing and unpredictable area of employee benefits law, plan participants may appreciate a measure of judicial activism by the Court.

• University of Memphis Law Review, The
• Vol. 40 Nbr. 1, October 2009

• Playing Hardball On 401(K)S

Two weeks ago, aerospace giant Lockheed Martin Corp. made a decision that is getting all too common: The company replaced its traditional defined-benefit pension plan with a 401(k) defined-contribution plan for any new and rehired employees who begin work in 2006. Five steps that companies with 401(k) plans should take to help works get ready for retirement are: 1. Automatically enroll every employee in the company's 401(k) plan. 2. Enroll every participant in a 7.5% contribution level. 3. Make sure that every participant is mapped into a diversified, age-based investment. 4. Make sure that every participant gets a 2.5% auto-deferral increase annually. 5. See that every participant has a professional investment advisor available for retirement.

• Workforce Management
• August 05, 2009

• Sandra Hensley; John Wiest, Jr.; Donna Hohnstein; Linda Onheiber, on Behalf of Themselves and all Others Similarly Situated, Plaintiffs-Appellees, v. Northwest Permanente P.C. Retirement Plan & Trust, a Defined Contribution Pension Plan; Northwest Permanente P.C., an Oregon Corporation; Retirement Plans Committee of the Northwest Permanente P.C. Retirement Plan & Trust, an Unincorporated Association; Permanente Physicians Retirement Plan for Northwest Permanente P.C., a Defined Benefit Plan; Administrative Committee of Permanente Physicians Retirement Plan for Northwest Permanente P.C., an Unincorporated Association, Defendants-Appellants. Sandra Hensley; John Wiest, Jr.; Donna Hohnstein; Linda Onheiber, on Behalf of Themselves and all Others Similarly Situated, Plaintiffs-Appellants, v. Northwest Permanente P.C. Retirement Plan & Trust, a Defined Contribution Pension Plan; Northwest Permanente P.C., an Oregon Corporation; Retirement Plans Committee of the Northwest Permanente P.C. Retirement ..., 258 F.3d 986 (9th Cir. 2001)

Counsel John V. Acosta, James N. Westwood and Scott E. Crawford, Stoel Rives Llp, Portland, Oregon, for the defendants-appellants-cross-appellees. Ka...

• Federal Circuits

• Pension Plan Merger Faces Critics Today

Today some Augusta commissioners will try to stop a plan to merge three city employee pension plans, a move they say could cost taxpayers millions for years to come. A proposal to merge two defined-benefit plans and one defined- contribution plan into one defined-benefit plan was approved last week by the city commission's Administrative Services Committee and goes before the full board today.

• Augusta Chronicle, The
• March 07, 2007

• Time to Protect Taxpayers, Too, Teachers Retirement has Hurt West Virginians Long Enough

WEST Virginia's elected officials ran up a $3 billion unfunded liability in the defined-benefit pension plan for the state's teachers. It wasn't hard to do; it's a lucrative benefit formula. In 1991, freaked out by the implications of a 40-year plan to fill a $3 billion hole, state officials closed the defined-benefit plan and directed new school employees to a defined-contribution plan.

• Charleston Daily Mail
• February 16, 2008

• West Virginia Wins On Pension Vote

On June 3, to a chorus of cheers, the results of the teacher pension transfer vote were announced. With more than 78 percent of the eligible participants selecting to transfer from a defined contribution pension plan to a defined benefit pension plan, more than 15,000 teachers and school service employees will be moving into a bona fide retirement plan. For my members, many of whom have to work two jobs just to make ends meet, this is a signature moment in their working lives. Let us also recognize that this is a win for West Virginia. On a human level, the result of this vote means that we have finally corrected an injustice to the thousands of employees who were placed in a flawed retirement plan, one doomed to fail from the start. For these employees, retirement is now no longer a pi...

• Sunday Gazette-Mail
• July 08, 2008

• Managing Longevity Risk in U.S. Retirement Plans Through Mandatory Annuitization

Over the past 20 years, the United States has experienced a profound shift in the way that employment-based retirement benefits are delivered to workers. The traditional life annuity from a defined benefit (DB) plan has been largely replaced by lump sums from defined contribution (DC) plans. Along with investment risk, American workers are bearing a larger share of the longevity risk inherent in all retirement systems. As Americans benefit from longer lives, they are facing a harsh reality: will their retirement assets last long enough? Workers have embraced the flexibility offered by the widely available, and very popular, 401(k) plan. Often described as a do-it-yourself retirement program, these plans have allowed workers to accumulate significant levels of retirement savings. Employe...

• North American Actuarial Journal
• Vol. 10 Nbr. 3, July 2006