Break from the Grind December 4, 2018

Company Holiday Parties a Way to Get Ahead?

Two-thirds (66%) of respondents say networking at holiday parties helps them get ahead in their career, and 90% say the event creates a stronger culture in their organization.
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Company holiday parties are not only a strong way to bring cheer to employees, they are a way to help them get ahead, according to survey of professionals by Korn Ferry.

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Two-thirds (66%) of respondents say networking at holiday parties helps them get ahead in their career. Aside from getting ahead, 90% say the event creates a stronger culture in their organization.

The vast majority of respondents (83%) say they look forward to their holiday party. While more than one-third (36%) say their company is not hosting a holiday party this year, 77% say that if there is one, they will attend.

The survey also found 34% of respondents say their organization has found a way to incorporate employees who don’t work in the office into the holiday festivities, and 25% say their company will change the event to a more family-friendly time or venue.

Eighty-three percent believe the parties are a good use of budget and resources.

The survey was conducted in November and garnered 644 responses.
Administration December 4, 2018

Bristol-Myers Squibb Announces Pension Risk Transfer

The firm is terminating its pension plan via a combination of lump-sum distributions and an annuity purchase.

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Bristol-Myers Squibb Company will transfer $3.8 billion of U.S. pension obligations through a full termination of its plan. The obligations will be distributed through a combination of lump sum payments to those participants who elect them, with the remaining money being used to purchase a group annuity contract from Athene Annuity and Life Company.

The company froze its pension plan in 2009, and since then, has continued to de-risk the plan. Bristol-Myers Squibb says the latest action will reduce its future risk and administrative costs while entrusting its funds to a highly rated financial institution.

There are 4,800 active participants in the plan, 1,400 retirees and their beneficiaries receiving benefits and 18,000 prior Bristol-Myers Squibb employees who have not yet initiated their benefits.

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The plan will terminate on February 1, 2019, lump sums will be distributed the following July and the transfer to Athene is expected to occur in August.

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