WASHINGTON—The Pension Benefit Guaranty Corp. has taken over and terminated Delta Air Lines Inc.’s massively underfunded pension plan covering the airline’s pilots. The Delta plan, which covers about 13,000 active and retired pilots, is underfunded by about $3 billion, with $1.7 billion in assets...
Jerry Geisel (mailto:jgeisel@BusinessInsurance.com)
VALLEY FORGE, Pa.—Ann Combs, the Bush administration’s top pension regulator for more than five years, is joining a new unit of mutual fund giant Vanguard Group Inc. Ms. Combs, who served as head of the Employee Benefits Security Administration from 2001 until her resignation last year, will lead a...
MONTPELIER, Vt.—The Vermont Department of Banking, Insurance, Securities and Health Administration licensed 37 captives in 2006, as new captive formation held steady in the nation’s largest domicile. Last year’s 37 formations is the same as in 2005, while 43 captives were licensed in 2004. Of the...
WASHINGTON—Larry Smith, vp-risk management services in Columbia, Md., for MedStar Health Inc., has been elected chairman of the American Risk Retention Coalition. Mr. Smith said a key goal of ARRC, which was organized last year, is to convince federal legislators to allow risk retention groups...
ARLINGTON, Va.—Watson Wyatt Worldwide intends to acquire Watson Wyatt Brans & Co., a Dutch actuarial consultant. The two firms have maintained a close relationship for many years. In 1999, the Netherlands office of Watson Wyatt merged with Brans & Co., to create Watson Wyatt Brans & Co. Since...
AKRON, Ohio—Goodyear Tire & Rubber Co. said a recently ratified agreement with the United Steel Workers union to transfer retiree health care obligations to a trust will reduce retiree health care expenses by more than $100 million annually. Under the agreement, Goodyear will transfer all USW...
