PBGC, Alcoa Reach Agreement to Shore Up Pensions
$150 million in pension contributions will go to the company’s two largest pension plans.
Employees will be defaulted at 3% of salary into “a personal retirement plan, with the option to opt out or change contributions at any time.”
A court ordered the investment manager to pay losses to the plan as well as pay back investment management fees.
Plaintiffs in a newly filed lawsuit argue inaccurate liability valuations have resulted in costly pension plan management mistakes.