Defined Benefits

The plan violates the Illinois constitutions guarantee that benefits of any state pension or retirement system shall not be diminished or impaired, according to a complaint filed yesterday in state court in Springfield, Illinois.

The drain on company cash is easing after rising rates and surging stock prices helped increase the pension funding levels to 93 percent last year for 418 large companies with U.S. plans.

The settlement comes as as a result of the companys residential mortgage securitization activities in the state, the attorney general announced.

Fiat SpA secured full ownership of Chrysler Group LLC in a $4.35 billion agreement that will conserve the Italian companys cash while creating a global carmaker with better scale to take on General Motors Co.

The aggregate pension funded status is estimated to be 93 percent at the end of 2013, a sharp jump from 77 percent at the end of 2012.

Our columnist shares the second batch of 401(k) news stories he believes were the most compelling in the past year.