July 2019 Duration: 7 Years 15 Years 7 Years 15 Years Range Rate: 2.28% – 2.65% 2.59% – 2.95% Average Rate: 2.46% 2.77% The first quarter of 2019 shows a noticeable drop in annuity purchase interest rates. The second quarter has continued the trend as rates fell again in July. Our experiences during 2019… Read More
On June 28, 2019, the Supreme Court granted certiorari in Thole v. U.S. Bank, agreeing to review whether a plan participant can bring an ERISA claim against a defined benefit plan sponsor-fiduciary where the plan is overfunded. The case is important because a Supreme Court decision in favor of plaintiffs could lead to expanded DB fiduciary… Read More
Pension finances improved in June, as stock market gains overcame lower interest rates. Both model plans we track[1] gained ground last month: Plan A improved close to 2%, ending the first half of 2019 basically flat, while Plan B added close to 1% and is now up less than 1% through the first six months… Read More
June 2019 Duration: 7 Years 15 Years 7 Years 15 Years Range Rate: 2.27% – 2.79% 2.64% – 2.95% Average Rate: 2.61% 2.85% The first quarter of 2019 shows a noticeable drop in annuity purchase interest rates. The second quarter has continued the trend as rates fell again in June. Our experiences during 2019… Read More
Pension finances got clobbered in May, due to falling stock markets and lower interest rates, giving back gains enjoyed earlier in the year. Both model plans we track[1]lost ground last month: Plan A lost 6% and is now down almost 2% for the year, while Plan B lost close to 2% and is now basically… Read More
In this legislative update we review House of Representatives passage, on May 23, 2019, of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (H.R. 1994) by a 417-3 vote. We then briefly review other legislative developments, including the re-introduction of Portman-Cardin legislation, considered part of the next round of bipartisan retirement policy… Read More
May 2019 Duration: 7 Years 15 Years 7 Years 15 Years Range Rate: 2.67% – 3.65% 3.02% – 3.60% Average Rate: 3.00% 3.20% The first quarter of 2019 shows a noticeable drop in annuity purchase interest rates. The second quarter may show a different trend as rates rose in May. Our experiences during the… Read More
It looks like many sponsors that are currently taking advantage of defined benefit plan minimum funding relief will, beginning in the next five years (or so), have to start paying down plan underfunding. In the interim, the primary incentive for plan funding is Pension Benefit Guaranty Corporation variable-rate premiums. In this article we review, first,… Read More
As we have discussed, when a sponsor terminates a defined benefit plan, the cost of the plan termination will typically exceed the book value of plan liabilities by 15%-35% for non-retirees and 5%-10% for retirees. This write-up of liabilities reflects the cost of buying annuities, attributable to annuity carrier regulatory (and business) overhead and profit margin,… Read More
Pension finances bounced back in April due to higher stock prices and higher interest rates. Both model plans we track gained ground last month: Plan A added more than 2% and is now up almost 5% for the year, while Plan B gained close to 1% and is now up 2% through the first four… Read More
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