Administration April 24, 2019

Avery Dennison Settles DB Plan Liabilities With Annuity Purchase

The firm has transferred $750 million in pension obligations to American General Life Insurance Company, part of AIG’s life and retirement business.

Reported by

Lee Barney

Avery Dennison Corporation has signed an agreement to transfer $750 million in pension obligations to American General Life Insurance Company, part of AIG’s life and retirement business. The deal covers 8,500 retirees, beneficiaries and deferred and active members.

Avery Dennison is conducting the pension risk transfer by purchasing AIG annuities, with AIG assuming the future annuity payments to the 8,500 in Avery Dennison’s plan, commencing April 1. This settlement resulted in $447 million of pretax charges, partially offset by related tax benefits of $180 million.

“We are pleased Avery Dennison selected AIG to manage the retirement security of its retirees, and we are committed to providing them with a smooth transition,” says Ali Vaseghi, chief operating officer, institutional markets. “AIG established its pension risk transfer business over 35 years ago and serves as a trusted partner to plan sponsors as they navigate the complex plan termination process.”

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Break from the Grind April 23, 2019

Women Find More Fault With Their Jobs Than Men Do

A majority of office workers grade their job a B-, but women scored their office jobs a full letter grade lower than their male counterparts in topics like potential for internal growth, company morale and benefits, a survey found.

Reported by

Rebecca Moore

A majority of office workers grade their job a B-, according to new research commissioned by Kforce, a staffing services and solutions firm.

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Workers grade their jobs as deserving a B (85%) in terms of their day-to-day tasks. Respondents also voted a B- (81%) in work-life balance, and similarly a B- (81%) in company morale and a B- (81%) in their benefits package.

However, the survey found that women scored their office jobs a full letter grade lower than their male counterparts in topics like potential for internal growth, company morale and benefits. And, 58% of men say they love their job, compared to 47% of women.

The biggest weaknesses of the average office job, according to respondents, are communication (31%), employee retention (31%) and staff diversity/inclusion (28%).

Two-thirds (67%) of Americans polled believe it’s very important to love their job, and nearly half would take a pay cut to pursue a job that matched their passion. Among those who would take a pay cut, they are willing to leave as much as 29% of their salary to take a job they love. However, 40% of job seekers claim that the biggest hold-up in pursuing a job they love is available opportunities.

The survey was conducted by OnePoll among 2,000 full-time office workers across all industries.

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