First Data Corporation Pension Plan

First Data Corporation Pension Plan

First Data Corporation established this noncontributory defined benefit plan for its U.S. employees, predating the company's 2019 acquisition by Fiserv for $22 billion. The plan covers a closed population of legacy First Data employees and retirees, offering traditional pension benefits calculated on years of service and final average pay. Since the merger, the plan operates as a subsidiary pension within the broader Fiserv benefits ecosystem, with its assets ring-fenced for the exclusive benefit of First Data participants. The plan allocates across public equities, fixed income, and alternatives — including private equity, real estate, and hedge funds — through a mix of separate accounts and commingled funds. Its liability-driven investing framework weights long-duration bonds heavily to match the duration of its pension obligations. Geographic focus is predominantly U.S.-centric, consistent with the domestic workforce it covers. The plan files annually with the Department of Labor, reporting its funded status and service providers. Since the Fiserv merger, the plan has not been a source of news, operating quietly as a closed, maturing obligation without active participant accruals. Structurally, this plan is a legacy pension vehicle — closed, frozen, and managed for runoff — a common posture among large U.S. corporations that have shifted to defined contribution plans for active employees. Its longest-duration liability tail, combined with no new participant growth, creates a unique investment problem: generating sufficient return to close funding gaps without taking excessive risk that could jeopardize benefit guarantees.