Pensions

News & Analysis as of

Get ready for the new Ontario Retirement Pension Plan

Now that the 2014-2015 Ontario budget has been passed by the Ontario legislature, Ontario employers should think about how the new Ontario Retirement Pension Plan (ORPP) could affect them. The ORPP is part of the...more

Australia Welcomes Changes to the Australian Managed Investment Fund Regime for Foreign Pension Funds

Following its announcement in November 2013, the Australian Government has released draft legislation to enable foreign pension funds to access concessional withholding tax rates under Australia's Managed Investment Trust...more

PBGC Supports Lifetime Income

The Pension Benefit Guaranty Corporation (PBGC) recently issued a proposed regulation designed to encourage participants in defined contribution plans (e.g., 401(k) plans) to roll over their account balances to their...more

Draft of the Amendment to the Investment Ordinance - Effects on Fund Investments

The Federal Ministry of Finance (BMF) issued a draft ordinance for the amendment of the Investment Ordinance (Anlageverordnung – AnlV) and the Pension Fund Capital Investment Ordinance for consultation (“Amendment Ordinance”)...more

The Mistaken Fiduciary: Can You Correct Overpayments to U.S. Retirees?

Even the best run pension plans occasionally pay retirees the wrong amount due to errors in employee classification, or calculating participant service or compensation. Correcting underpayments is easy enough – though it is...more

Sharply Divided Illinois Supreme Court Narrows Circuit Court Jurisdiction Over Pension Board Decisions

In its second significant decision on public employee pensions of the morning, the Illinois Supreme Court has reversed the Appellate Court in The People ex rel. Madigan v. Burge. In an opinion by Justice Anne M. Burke, joined...more

Illinois Supreme Court Adopts Broad Construction of Constitutional Pension Clause

The Illinois Supreme Court has issued its much-anticipated opinion in Kanerva v. Weems. Kanerva represents the Court’s first opportunity to address the state Constitution’s Pension Protection Clause since the Illinois General...more

Big Day Tomorrow - Two Public Pension Opinions Coming From the Illinois Supreme Court

The Illinois Supreme Court has announced that opinions in two cases addressing public employee pensions, Kanerva v. Weems and People ex rel. Madigan v. Burge, will be filed tomorrow morning at 9:00 a.m. With the Governor...more

Foreign Tax-Exempt Organizations Exempt from Withholding Tax

Investment funds, including private equity funds, often receive capital contributions from tax-exempt organizations. These tax-exempt institutions may include U.S. and foreign pension funds, as well as U.S. and foreign...more

Money purchase deconstructed: Working with the new definition – a checklist for trustees and administrators

The definition of money purchase benefits is changing, and with it the rules on how schemes are required to deal with any benefit which becomes classified as ‘non-money purchase’. More information about these affected...more

Various Changes To The Law On Occupational Pensions

Yesterday an act has entered into force which makes various changes to the legal framework of occupational pensions for employees, self-employed individuals and self-employed company leaders. You will need to assess...more

Pension Reform Update

As June 30 approaches, the likelihood of an on-time balanced budget remains a question. And while there are many factors contributing to the commonwealth’s grim fiscal situation, there has been a lot of talk as of late about...more

SEC Announces First Investment Adviser ‘Pay-to-Play’ Enforcement Action

The U.S. Securities and Exchange Commission (SEC) announced its first enforcement action under "pay-to-play" rules for investment advisers since those rules were adopted nearly four years ago. TL Ventures Inc., a...more

Compulsory Pension Provision in the UK: Some Tricky Issues

Shedding light on some complex issues that can arise with UK auto-enrolment. In the UK, The Pensions Regulator (TPR) recently published its first report on enforcement action it has taken against an employer for...more

From Second and State: Capitol Wrap

House and Senate members were told this week to not make any plans for the first part of July as the leaders and the governor continue to work on a budget deal. This week, Gov. Tom Corbett’s spokesperson Jay Pagni told the...more

Supreme Court Rules Inherited IRAs Available to Creditors in Bankruptcy

On June 12, 2014 the United States Supreme Court issued its opinion in Clark v. Rameker, 13-299, ruling that inherited IRA accounts are available to creditors in bankruptcy. At issue was a Bankruptcy Code provision that...more

From Second and State: The Week Ahead – June 16-20, 2014

The House and Senate will be back in session Monday, June 16 at 1:00 p.m. As June – otherwise dubbed “budget month” – ticks away, both chambers have four session days scheduled next week, and the House Appropriations...more

Commissioner Rings Pension Fund Tocsin

In a speech given late last month, SEC Commissioner Daniel M. Gallagher warned that “for years, state and local governments have used lax governmental accounting standards to hide the yawning chasm in their balance sheets.” ...more

Discriminatory Defined Benefit Plans: Finding Retirement Gold in the Least Likely of Places

We live in politically charged times. Congress seems unable to reach a consensus on anything, including where to have the annual congressional Christmas ball! Years of political crossfire over the Affordable Care Act have...more

Good Faith And Employee Communications: Landmark ruling in IBM UK Holdings Ltd and IBM UK Ltd v Dalgleish and others

Employers undertaking pension scheme benefit change processes need to give careful consideration not only to the detail of member communications, but also to the overall impression they give and to member expectations which...more

Ninth Circuit Takes Narrow View of ERISA Surcharge Remedy

In Gabriel v. Alaska Electrical Pension Fund, the Ninth Circuit ruled that a pension plan participant could not be “made whole” by using the equitable remedy of surcharge to recover pension benefits he was erroneously told he...more

VAT recovery and pension schemes: Where are we now?

HMRC’s policy on reclaiming VAT on investment management and other costs remains under review in the light of two recent decisions from the Court of Justice of the European Union. The first of these cases, PPG...more

Full disclosure: A practical guide for the HR professional when preparing the retirement plan portions of a proxy statement

In 2006, the SEC adopted rules which created the Pension Benefits Table and Nonqualified Deferred Compensation Table to supplement the Summary Compensation Table. The tables mandate certain specific disclosures with respect...more

A Grand Bargain? Detroit Defends Restructuring Plan

Over the Memorial Day weekend, while many around the country were enjoying beautiful weather, the lawyers for the city of Detroit were busy filing a lengthy defense to their proposed restructuring plan, which is slated to be...more

Religious Institutions Update - Lex Est Sanctio Sancta

"Church plans" are pension plans (including defined benefit or defined contribution plans) exempt (without an irrevocable election) from many of the legal requirements of the Employee Retirement Income Security Act (ERISA)...more

297 Results
|
View per page
Page: of 12