Fannie and Freddie are ordered to shut pension plans

Fannie Mae and Freddie Mac are scheduled to close their defined-benefit pension plans Dec. 31. Edward DeMarco, acting director of the Federal Housing Finance Agency, says the plans will be terminated "to conserve their assets on behalf of taxpayers, one of our main priorities as conservator." Participants will be allowed to convert to annuities or roll their balances over into individual retirement accounts or a 401(k) accounts.

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