Pension Plan Amendments

News & Analysis as of

Sixth Circuit: ERISA Exhaustion Not Required in Plan Amendment Suit

The Sixth Circuit held that retirement plan participants were not required to exhaust their administrative remedies prior to bringing a claim alleging that a plan amendment violated ERISA....more

Last Day of Remedial Amendment Period for 403(b) Plans is March 31, 2020

Eligible employers sponsoring Code Section 403(b) retirement plans have until March 31, 2020 to self-correct any defects as to the written form of those plans. In recently issued Revenue Procedure 2017-18, the IRS fixed March...more

Important Changes to the IRS Determination Letter Program for Retirement Plans

The Internal Revenue Service (“IRS”) has modified procedures governing favorable determination letters for individually designed qualified retirement plans, including 401(k), profit sharing, defined benefit, and cash balance...more

Final IRS Regulations Simplify Pension Plan Requirements for Partial Annuity Distributions

The Department of Treasury and Internal Revenue Service issued final regulations addressing the minimum present value requirements for pension benefits payable partly as an annuity and partly in an accelerated form, usually a...more

CPP Reform – And the ORPP is Almost (Undeniably and Reliably) Dead

On June 20, 2016, the federal Minister of Finance Bill Morneau, together with eight of the 10 provincial finance ministers, agreed in principle to expand the Canada Pension Plan (CPP). All provinces except Quebec and Manitoba...more

What Constitutes “Reasonable Efforts” to Inform Plan Participants of Plan Amendments, Which Include a Forum Selection Clause?

You know that many Plans have forum selection clauses. Are they enforceable? YES When a Plan participant claims they “did not know of a plan amendment,” how do you prove the Participant received notice of the...more

Two Adverse Decisions against Church Plans Reached at Appellate Court Level

In Depth - Since 2013, there have been more than 10 lawsuits filed against various health care systems across the country that maintain and operate defined benefit pension church plans. These suits allege that the...more

Treasury Department and IRS Publish Final Hybrid Plan Regulations and Announce Extension of Required Amendment Date for Certain...

The Treasury Department and the IRS recently issued final regulations (the “2015 Final Regulations”) relating to hybrid retirement plans, including cash balance pension plans. The 2015 Final Regulations provide...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

Fifth Circuit Affirms Dismissal of Claims Involving De-risking of Pension Assets

In October 2012, a defined benefit plan sponsor amended its plan to provide that, effective Dec. 7, 2012, the plan would purchase an annuity to cover the plan’s obligations to make payments to the roughly 41,000 participants...more

The IRS Tosses Plan Sponsors a Curveball: New Guidance Throws Out One Method of Pension Plan De-Risking

In recent guidance, the IRS surprised plan sponsors with its plan to prevent them from using one means of “de-risking” their defined benefit pension plans to reduce their pension plan liabilities. In Notice 2015-49, the IRS...more

IRS Flip Flops DeRisking Pension Plan Options

The volatility and unpredictability of an employer's obligations under a defined benefit pension plan can have a significant impact on its bottom line. This is especially true of plans with liabilities for pension benefits...more

IRS Issues 2014 Cumulative List of Plan Changes

Plan sponsors that are scheduled to file determination letter applications with the IRS for their qualified retirement plans between February 1, 2015 and January 31, 2016, (Cycle E sponsors), should be aware that the IRS...more

New IRS Rules on Same Sex Marriages and How the Rules Affect Employer-Sponsored Retirement Plans

In the U. S. Supreme Court's decision in United States v. Windsor (Windsor), the Court held that, for federal purposes, Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional. Although the dispute in the Windsor...more

IRS Issues Additional Guidance On The Treatment Of Same-Sex Spouses For Retirement Plan Purposes

IRS Notice 2014-19 provides long-awaited guidance on the application of the decision in United States v. Windsor to retirement plans qualified under Internal Revenue Code (“IRC”) Section 401(a). For tax-qualification...more

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