October 25, 2013 (From PLANSPONSOR.com): Federal mortgage giants Fannie Mae and Freddie Mac are terminating their pension plans at the end of the year.
Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco released a statement saying the agency directed the organizations to terminate their defined-benefit pension plans as of Dec. 31, 2013. “Terminating the defined-benefit retirement plans eliminates risk to Fannie Mae and Freddie Mac and helps to conserve their assets on behalf of taxpayers, one of our main priorities as conservator,” he said.
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