Tag: JP Morgan

Group of white paper plane in one direction and one red paper plane pointing in different way on blue background

IBM announced last November that it would no longer contribute a traditional company match and instead reopen the cash balance component of its previously frozen defined benefit plan.  The question is, what other companies might follow suit?  The answer is mainly big banks, but let me provide a little background. Starting in January 2024, IBM ended its…

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Enthusiasm seems to be growing to reopen – or at least to stop closing and freezing – defined benefit retirement plans.  The impetus comes from a more benign regulatory environment and the improved funded status of these plans, even before the recent rise in interest rates.  Reopening plans allows employers to use surplus assets…