News & Analysis as of

British Columbia: A guide to B.C.’s new pension legislation for HR professionals

On September 30, 2015, British Columbia’s new Pension Benefits Standards Act (PBSA) and Regulation came into effect. The PBSA has wide-ranging implications for HR Professionals who oversee BC-registered pension plans and...more

Pensions Alert: Survivors' Benefits: Court of Appeal Judgment

The Court of Appeal issued a judgment this week in a case concerning the provision of survivors' benefits to civil partners and same sex spouses by occupational pension schemes. In this Pensions Alert we report on the Court's...more

Central States Pension Fund Submits ‘Rescue Plan’ Seeking Approval to Reduce Benefits

On September 25, the Central States Pension Fund (one of the largest multiemployer/union pension funds in the country) submitted to the U.S. Department of Treasury a proposed “rescue plan,” which would allow the fund to...more

Scheme funding: The Pensions Regulator is always watching

The seemingly Sisyphean task of paying off the defined benefit pension schemes' funding deficits grinds on. The scheme-specific funding regime provides for trustees and employers to agree a recovery plan to clear any deficit...more

Central States Pension Fund Submits Plan for Reducing Benefits

On Sept. 25, 2015, the Central States, Southeast and Southwest Areas Pension Plan (Central States), submitted to the Department of the Treasury a plan for reducing benefits under the Multiemployer Pension Reform Act of 2014...more

The Ninth Circuit Hammers Out A New Successorship Liability Test Under The MPPAA

The Ninth Circuit, in Resilient Floor Covering Pension Trust Fund Board of Trustees v. Michael’s Floor Covering, Inc., Case No. 12-17675 (9th Cir. Sept. 11, 2015), joined the Seventh Circuit in finding that an asset...more

D.M. 19 Giugno 2015: Il Decreto Sul Credito D'imposta Per - Enti E Fondi Previdenziali

La presente newsletter analizza il Decreto del Ministro dell'Economia e delle Finanze 19 giugno 2015 (pubblicato in Gazzetta Ufficiale n. 175 del 30 luglio 2015) (di seguito, il "Decreto") concernente condizioni, termini e...more

Civil Unions in NJ – What you Need to Know.

Same-sex couples now have the right to marry, and neither the federal nor any state government can deny anyone that right. On June 26, 2013 – a watershed moment in the history of the law and our nation – the U.S. Supreme...more

Do Public Pension Funds Breach Their Fiduciary Duties By Pursuing Social Issue Proposals?

Yesterday, UCLA Law School Professor Stephen Bainbridge noted the publication of a recent study that reaches some devastating conclusions for public pension funds.  The study by Professor Tracie Woidtke at the University of...more

Employee Benefits Developments - September 2015

IRS Issues New Draft Form 1095-C and Instructions. On August 6, 2015, the IRS published its most recent updates to Form 1095-C and the instructions for Forms 1094-C and 1095-C. Beginning in early 2016, applicable large...more

Employer liability relating to fees in employer-sponsored retirement and savings plans

Employers who sponsor retirement and savings plans for their employees should ensure that the fees paid by their employees within the plans are reasonable and adequately disclosed.  Lawsuits in the U.S., and a recent...more

PBGC Report Shows Modest Improvements in Agency’s Long-Term Solvency

The Pension Benefit Guaranty Corporation (PBGC) recently released its annual projections report showing that its insurance programs, which back both multiemployer pension plans and single-employer pension plans, have...more

It’s the End of the Determination Letter Program -- As We Know It

With Announcement 2015-19, the Internal Revenue Service has effectively ended the determination letter program for individually designed qualified plans as of January 1, 2017. Individually designed plans can still obtain...more

Pension Benefit Guaranty Corporation Issues Final Regulations on Reportable Events

Earlier this month, the Pension Benefit Guaranty Corporation (PBGC) issued final regulations on reportable events under ERISA in connection with defined benefit pension plans and their sponsors (the Final Regulations). The...more

EMIR pension funds transitional in OJEU

The Delegated Regulation confirming the extension until 16 August 2017 of the exemption from the European Market Infrastructure Regulation (EMIR) clearing obligation for pension funds has been published...more

FCA reports on pension freedoms

FCA has published its report on the pensions and retirement income market. In July FCA asked for information on: - consumer access to the pension freedoms; - financial advice requirements and the treatment of...more

Pensions News - August 2015 Vol 2

Welcome to DLA Piper’s Pensions News publication in which we report on developments in pension legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming months. This...more

Pensions News - August 2015

Welcome to DLA Piper’s Pensions News publication in which we report on developments in pension legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming months. This...more

Guidance Prompts Changes to PBGC Reportable Event Rules and Electronic Filing Requirements for Multiemployer Plans

The Pension Benefit Guaranty Corporation (PBGC) recently issued two important pieces of guidance that change certain of the PBGC’s notice requirements for both single-employer and multiemployer pension plans....more

IRS to Prohibit Lump-Sum Cashout Windows for Pension Plan Retirees

As described in a prior alert, the IRS issued Notice 2015-49, which abruptly announces the IRS’s intention to prohibit lump-sum cashout windows for pension plan retirees already in pay status. The IRS intends to prohibit...more

PBGC Proposes Changes to Plan Reporting Requirements

Section 4010 of ERISA requires reporting to the Pension Benefit Guaranty Corporation (PBGC) of actuarial and financial information by plan sponsors of certain underfunded single-employer defined benefit pension plans. The...more

Updated Static Mortality Tables Issued for Defined Benefit Pension Plans

In Notice 2015-53, the IRS provided updated static mortality tables for use by defined benefit pension plans under Section 430(h)(3)(A) of the Internal Revenue Code. The new tables apply for purposes of calculating the...more

Abolition of Short Service Refunds for DC Members

On 1 October 2015 the legislation about how schemes deal with those who leave pensionable service after a short period of DC membership will change. Trustees of occupational pension schemes with DC members will therefore need...more

More Ways to be Hit With Withdrawal Liability

I have blogged in the past about situations where employers unexpectedly found themselves liable for withdrawal liability imposed by a multiemployer plan. We can add a recent case from the Seventh Circuit Court of Appeals to...more

Delaware Chancery Court Rejects Allegations Assailing Independence Of VC Directors In Dismissing Derivative Suit

A recent Delaware Chancery Court decision dismissing derivative fiduciary duty claims has significance for public companies with board members who are associated with venture capital firms. ...more

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