Defined Benefit Plans

Federal court imposes personal liability for multiemployer pension plan liabilities

by Paul Kasicky | Saul Ewing LLP on 5/14/2013

A recent case highlights the risk of personal liability for multiemployer and other defined benefit pension plan liabilities. Owners of closely held corporations that contribute to multiemployer or single employer defined...more

Second Circuit Further Curtails Duty of Prudence Claims in Saint Vincent Catholic Medical Centers v. Morgan Stanley

by Jennifer Clark, Angelo Savino | Cozen O'Connor on 5/8/2013

In a line of recent cases, the 2nd Circuit has limited ERISA plaintiffs’ claims for breach of the duty of prudence by holding that investments of benefit plan funds in employer securities pursuant to plans calling for such...more

PBGC Releases 4062(e) Enforcement Guidelines

by Justin Alex | Proskauer - ERISA Practice Center on 5/3/2013

ERISA section 4062(e) addresses situations in which an employer ceases operations at a facility in any location and, as a result, separates more than 20% of its employees who participate in the employer’s defined benefit...more

PBGC Seeks Involuntary Plan Termination before Plan Sponsor’s Proposed Share Sale

by Justin Alex | Proskauer - ERISA Practice Center on 4/29/2013

On April 18, 2013, PBGC filed a complaint (PBGC v. Saint-Gobain Corp. Benefits Comm., E.D. Pa. Case No. 13-02069) to involuntarily terminate a defined benefit plan sponsored by Saint-Gobain Containers, Inc. before Ardagh...more

PBGC Withdraws Two Territorial Coverage Opinion Letters Impacting Puerto Rican Plans

by Justin Alex | Proskauer - ERISA Practice Center on 4/26/2013

The status of PBGC coverage for Puerto Rico defined benefit plans is one that has been the subject of review and analysis by the PBGC for quite some time. Most recently, on April 19, 2013, the PBGC withdrew two older opinion...more

De-Risking On Trial? U.S. Verizon Litigation Still Active

by Carol Buckmann | Osler, Hoskin & Harcourt LLP on 4/12/2013

In our March 13 webinar on de-risking defined benefit pension plans, I stated that the U.S. litigation launched by a group of Verizon retirees challenging the annuitization of their pensions was not dead, even though a...more

Court Rewrites Plan to Increase Benefits

by King & Spalding on 3/29/2013

The Supreme Court’s 2011 CIGNA v. Amara decision suggested that an employer’s pension plan could be rewritten to remedy the employer’s failure to fulfill its disclosure obligations under the Employee Retirement Income...more

De-Risking U.S. Pensions Through Lump Sum Offers – What’s on the Front Burner for 2013?

by Carol Buckmann | Osler, Hoskin & Harcourt LLP on 2/27/2013

Does your defined benefit plan have a lump sum option? Nearly forty percent of U.S. employers who sponsor defined benefit pension plans are at least “somewhat likely” to offer lump sums to retirees and vested terminated...more

Court Rules Pension Plan Members Not Entitled to Indexing

by Mark Newton | Heenan Blaikie LLP on 2/27/2013

In a decision released this month, the Saskatchewan Court of Appeal ruled that members of the Saskatchewan public service pension plan are not entitled to indexed pension benefits, beyond what was already provided for in...more

Representations Of Future Tax Treatment To Induce Creation Of Pension Plan Are Not Actionable As A Matter Of Law

by Edwin Oster | Barger & Wolen on 2/18/2013

The California Fourth District Court of Appeal adopted the principle that it is inherently unreasonable for any person to rely on a prediction of future IRS enactment, enforcement, or non-enforcement of the law by someone...more

Indalex: What Are the Pension Implications?

by Lesha Van Der Bij | Osler, Hoskin & Harcourt LLP on 2/13/2013

On February 1, 2013, the Supreme Court of Canada released its much anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers, a case which pitted the claims of pensioners against those of secured creditors in...more

Union Friendly - Using Collectively Bargained Pension Plans to Maximize Employee Benefit Plan Contributions for Closely Held...

by Gerald Nowotny on 2/13/2013

Overview - In Part I of this series, I discussed the benefits of collective bargaining agreements for small business owners and professional corporations for qualified retirement planning. The ability to unionize...more

New Concerns for Bondholders, Lenders and Other Creditors Following SCC’s Indalex Decision

by Richard Orzy, Raj Sahni, Kevin Zych | Bennett Jones LLP on 2/13/2013

On February 1, 2013, the Supreme Court of Canada (SCC) released its much-awaited decision in the Indalex case. While the central issue in Indalex was the priority of wind-up deficiencies in defined benefit pension plans...more

Indalex: Supreme Court of Canada Decision Released

by Kenneth Kraft, John Salmas, Sara-Ann Van Allen | Heenan Blaikie LLP on 2/12/2013

The Supreme Court of Canada (“SCC”) recently released its much-anticipated decision in the Indalex Limited (“Indalex”) proceedings under the Companies’ Creditors Arrangement Act (the “CCAA Proceedings”). The decision is...more

Monthly Benefits Update - January 2013

by Daniel R. Salemi | Franczek Radelet P.C. on 2/4/2013

In This Issue: - Health & Welfare Plans ..Health Care Reform: IRS Issues Proposed “Pay or Play” Regulations ..Health Care Reform: IRS Issues FAQs on Various ACA Issues ..HHS Issues Final HIPAA Regulations...more

IRS Announces Cost of Living Adjustment (COLA) Limits for 2013 Applicable to Retirement Plans

by Pullman & Comley, LLC on 1/25/2013

The Internal Revenue Service has announced cost of living adjustments (COLA) applicable to dollar limitations for retirement plans for 2013. Employers should make sure that the individuals in charge of their payroll...more

2013 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

by King & Spalding on 1/9/2013

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

Legal Alert: The Fix Is In: IRS Updates Retirement Plan Correction Programs

by Margaret C. Barker, Adam Cohen, Carol McClarnon, Jamey Medlin, Alice Murtos, Joanna Myers, Vanessa Scott, W. Mark Smith, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 1/8/2013

The Internal Revenue Service (IRS) provided some alternative entertainment on New Year’s Eve by releasing the long-awaited updated Employee Plans Compliance Resolution System (EPCRS) revenue procedure on December 31, 2012....more

Retirement and Pensions Update - Janurary 2, 2013

by David Leiter, Abby Matousek | Mintz Levin - Employment, Labor & Benefits on 1/3/2013

In This Update: Fiscal Cliff Deal Includes Provisions on Charitable Contributions and Roth Roll Overs; PBGC Testifies in Subcommittee Hearing on Multiemployer Plans; IRS Updates Retirement Plan Rules for Hurricane...more

The Family Pension Plan - An Innovative Strategy to Minimize the Impact of Tax Hikes

by Gerald Nowotny on 12/28/2012

Overview - Most of us are about ready to fall off the Fiscal cliff. Is there an 11th hour idea that can make some impact in the taxpayer’s situation. The situation may be even worse for a W2 employee. The following idea...more

Re Northern Sawmills Inc. – Court Considers Post-Indalex Pension Claims in Receivership

by Ian McSweeney | Osler, Hoskin & Harcourt LLP on 12/19/2012

This is another post-Indalex pension deficit priority case. Due to factual differences from Indalex, however, the pension claims were largely rejected. In the fall of 2008, Northern Sawmills Inc. idled its operations and laid...more

Re Amcor Packaging: Court Corrects Plan Amendment Made in Error

by Anthony Devir | Osler, Hoskin & Harcourt LLP on 12/17/2012

After finding that an erroneous amendment to its pension plan had the unintended effect of increasing benefits payable under the plan to deferred vested members who elected to retire before their normal retirement date, Amcor...more

Pension Plan Restructuring (Part IV) – Plan Amendments

by James Fera | Osler, Hoskin & Harcourt LLP on 12/17/2012

There are other ways to restructure your defined benefit plan to decrease future costs that are typically less drastic than the conversion to defined contribution or plan wind-up options discussed in my previous posts....more

FASB Approves Changes to GAAP, Enhancing Disclosures of Participation in Multiemployer Defined Benefit Pension Plans

by Proskauer Rose LLP on 7/28/2011

The Financial Accounting Standards Board (the “FASB”) announced July 27, 2011 the approval of a revised accounting standard enhancing disclosures in financial statements regarding employers’ participation in multiemployer...more

FASB Modifies Proposed Multiemployer Plan Participation Disclosures

by Morgan Lewis on 6/13/2011

At its meeting on May 31, the Financial Accounting Standards Board (FASB) tentatively agreed that it will not require employers to disclose an estimate of withdrawal liability for each material multiemployer defined benefit...more

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