Defined Benefits

The decade-long dispute between former members of Owens-Illinois defined benefit plan and the Ohio-based global manufacturer of glass containers is finally settled.

The firm has also offered payments to clients to give up some retirement products it sold in prior periods in an effort to limit future obligations.

Theres very little thats defined about defined contribution plans, leaving employees to their own devices and too often with little or no money saved for retirement, one of the governments top regulators said Tuesday.

The agreement means Fidelity will serve 120,000 combined participants with total plan assets worth approximately $14 billion for at least the next five years.

White Rose intends to abandon the pension plan, the Third Amended and Restated Di Giorgio Retirement Plan, which ended Oct. 27.

U.S. institutional investors say their top concern is funding status, with a majority of pensions saying they intend to improve it.

Congress mandated the increase, which will not be retroactively applied to plans terminated before 2015.

Keck, who has more than 30 years of experience in the employee benefits industry, will serve a one-year term.