On the day before Thanksgiving, the IRS announced that it is extending the deadline for adopting plan amendments for funding-related benefit restrictions under defined benefit plans. For most calendar year plans, the new deadline is December 31, 2013. (Our list of upcoming benefits and compensation related deadlines is available here
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lump sums
What Happens When You Offer Retirees Lump Sums? GM Announces a 30% Take-Rate
By Robert Newman on
Posted in Defined Benefit Plans
Last June, GM offered 44,000 retirees the option of converting their on-going pension benefits into a lump sum payment. Yesterday, GM announced in a filing with the SEC that 30 percent of its retirees accepted the lump-sum offer. As we previously discussed in this blog, GM’s offer was made in…
Continue Reading What Happens When You Offer Retirees Lump Sums? GM Announces a 30% Take-Rate