Judge Gina R. Russo of the Franklin County Court of Common Pleas recently issued a decision awarding three Ohio public school districts $42 million, plus interest, based on the Ohio Department of Education (ODE)’s unlawful...more
Defined benefit pension plans can be troublesome for sponsoring employers to maintain. The long-term liability for funding pension benefits coupled with unpredictable investment returns creates volatility. Companies...more
The Situation: Litigation funding is a major driver of Australian class actions. Challenges to common fund orders were mounted in the Federal Court and Supreme Court of New South Wales by defendants. The Decision: After a...more
One de-risking tool for employers with defined benefit pension liabilities is to allow participants to receive lump-sum distributions. Although lump sums result in a short-term cash drain, they reduce the plan’s long-term...more
Pension plan sponsors have been looking for opportunities to manage their growing pension liabilities for many years now. In 2015, the Internal Revenue Service (IRS) closed the door on sponsors who were considering offering...more
• The U.S. Department of Transportation (DOT) has issued a Notice of Funding Opportunity (NOFO) for the $1.5 billion in surface transportation grants provided by the FY 2018 Omnibus Appropriations legislation. • This...more
A Third Circuit decision, Sikora v. UPMC, 876 F.3d 110 (3d Cir. 2017), deepens a circuit split over whether a participant’s bargaining power is relevant to determining whether a plan qualifies for “top hat” status under...more
The Washington Post last week reported a leaked White House document that revealed a far-reaching set of proposals to streamline the environmental review process for infrastructure projects. The 23-page document included more...more
Governor Cuomo’s 2018-2019 school aid proposal calls for an increase of about 3 percent or $769 million in total school aid. This is significantly lower than the $1.6 billion increase recommended by the Board of Regents. Many...more
The Arkansas Department of Environmental Quality (“ADEQ”) issued, pursuant to its Arkansas Asbestos Abatement Grant Program (“Program”), a Procedures and Applicant Guide (“Guide”). ADEQ is soliciting comments on the Guide...more
Determining the difference between debt and equity is a problem that has bedeviled taxpayers and tax administrators for decades. Taxpayers, recognizing that there are tax advantages to financing a corporation with debt (e.g.,...more
The Internal Revenue Service (IRS) recently issued two significant notices for employers that sponsor defined benefit pension plans, particularly those considering lump-sum windows as a “de-risking” option for their plans....more
CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps - On August 19, The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments to existing rules relating...more