Best Practices for Plan Fiduciaries: The New 408(b)(2) Service Provider Disclosure Regulation by Ballard Spahr LLP on 5/23/2012 Employers that sponsor section 401(k), 403(b), and other types of retirement plans rely on third parties to conduct the day-to-day administrative functions of these plans. Investment managers, record-keepers, consultants, and...more
Court Issues $35M Award Against Plan Fiduciaries for Excessive Fees by Reed Smith on 5/23/2012 A recent decision, Tussey v. ABB, Inc., 2012 WL 1113291 (W.D. Mo. 3/31/2012), has drawn much attention in the retirement plan community. In Tussey, a U.S. District Court found that ABB, Inc., along with several of the...more
Retiree Benefit System that Disproportionately Benefits Men is Not Necessarily a Violation of Title VII by Barger & Wolen on 5/21/2012 In Wood v. City of San Diego, Janet Wood brought suit under Title VII of the Civil Rights Act of 1964, alleging the surviving spouse benefit provided by the City of San Diego to retired employees discriminated on the basis of...more
Task Force Releases Guidance on Disclosure of Pension Funding Obligations in Disclosure Documents by Saul Ewing LLP on 5/18/2012 On May 17, 2012, the Public Pension Disclosure Task Force, convened by the National Association of Bond Lawyers, released its report which offers guidance for municipal bond issuers (and those who assist such issuers) in...more
The End is Nigh? MLB and Fairness in Administration of a FCPA Compliance Program by Thomas Fox on 5/18/2012 Less than three months after he ruled against Major League Baseball (MLB) in the Ryan Braun suspension, Arbitrator Shyman Das was fired by MLB. He had been an approved arbitrator under the MLB Collective Bargaining Agreement...more
Breaking the Code of ERISA Fiduciaries: A Plan Sponsor’s Guide by The Rosenbaum Law Firm P.C. on 5/17/2012 When you are purchasing a home computer these days, it can often be confusing if you are not well versed in the jargon. While selecting between a Mac and a PC or a laptop vs. a desktop is easy, the other details can be...more
9th Circuit: Equitable Remedies Post-Amara — Mere Violations of Law Do Not Establish “Harm” Justifying Equitable Remedies by Lane Powell PC - ERISA Law on 5/17/2012 What equitable remedies are available to plan participants? As you probably know, CIGNA v. Amara, 131 S.Ct. 1866, 1878-80 (2011) contains dicta that can be viewed as expanding the range of “equitable relief” available to...more
The Value in Conducting Thorough Background Checks on Executives by Thomas Fox on 5/17/2012 Internet giant Yahoo! has now been forced to undertake another extensive search for a Chief Executive Officer to help salvage its underperforming business. Today it was announced that Scott Thompson would be stepping down...more
Ontario Releases More Draft Pension Regulations: Disclosure Requirements by Osler, Hoskin & Harcourt LLP on 5/16/2012 Late last week, the Ontario government released another round of draft regulations. This time the focus is on disclosure of plan related documents to plan members, former members, retired members, and their spouses, as well...more
Legal Alert: DOL Provides Guidance on Participant-Level Disclosure Regulation by Ford & Harrison LLP on 5/16/2012 Executive Summary: The Department of Labor (DOL) has published a Bulletin providing guidance on some of the most frequently asked questions relating to the participant-level disclosure regulation published in 2010. This...more
The “Bigger Brazil” Industrial Plan Grows Again by Jennifer Jones by King & Spalding on 5/16/2012 In a continuing effort to boost Brazilian manufacturing, the Government of Brazil announced another $35 billion in stimulus measures on April 3. This second phase of the Brasil Maior (“Bigger Brazil”) Industrial Plan...more
Final Disclosure Requirements – FAQs Issued by Warner Norcross & Judd - Michigan Employment... on 5/16/2012 The Department of Labor (DOL) has issued the long-awaited Field Assistance Bulletin (FAB) 2012-02, which concerns fee disclosure guidance. The FAB sheds light on uncertainties in the impending final DOL regulations on...more
Recent Case Highlights Split of Authority on Whether Corporate Agreements Can Amend Employee Benefit Plans by McDermott Will & Emery on 5/15/2012 The U.S. Court of Appeals for the Fifth Circuit recently held that a paragraph in an asset purchase agreement qualified as an amendment to an employee benefit plan, highlighting a split between circuits of the U.S. Courts of...more
Recent Case Emphasizes Importance of Fiduciary Decision-Making Process by Poyner Spruill LLP on 5/15/2012 The decision-making process of a retirement plan fiduciary has always been important. However, the recent district court decision in Tussey v. ABB, Inc., which levied a $35.2 million judgment against the employer-fiduciary...more
Tax: Recent News Highlights - Montenegro by Karanovic & Nikolic Law Office on 5/14/2012 I. Amendments to the Law on Corporate Income Tax (page 2) The duration of the tax exemption period for investment in underdeveloped regions has been extended (page 2) — Certificates of tax residency finally introduced...more