Pension Reform

News & Analysis as of

UK Financial Regulatory Developments - April 2016 #23

PSR reviews competition in the payments sector - Carole Begent, PSR Head of Legal, has given a review of competition in the payments sector. She discussed the three ways in which concurrency can be approached, namely the...more

Illinois Supreme Court Strikes Down City of Chicago Pension Reform Legislation

Late last week, in Jones et al v. Municipal Employees’ Annuity and Benefit Fund of Chicago et al (“Jones”), the Illinois Supreme Court struck down Public Act 98-641, which aimed to shore up two ailing Chicago pension funds. ...more

Legal Trends: Pensions & Employee Benefits

The newly elected federal Liberal government is committed to exploring enhancements to the Canada Pension Plan (CPP). At the same time, the Government of Ontario is progressing with the implementation of the Ontario...more

Reacting to Our Failure to Effect Sound Retirement Policy

Ever since ERISA was first promulgated, and notwithstanding consequential economic, societal and demographic changes, efforts at improving the nation’s employer-based retirement structure have had fits and starts mostly due...more

Commons committee reports on pensions

In its first report of the session, the Work and Pensions Committee has reported that the “freedom to choose” reforms to pensions introduced in April 2015 are insufficient....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

IRS Issues Guidance on Participant Voting Requirement for Benefit Suspensions under MPRA

Earlier this week, the Internal Revenue Service (IRS) issued proposed and temporary regulations (collectively, the Guidance) under the Multiemployer Pension Reform Act of 2014 (MPRA). As discussed in an earlier WorkCite...more

News from Second and State

Month two of the budget impasse is upon us, with no real developments to report this week. Some back and forth in the press between the House Republicans and House Democrats brought speculation of a possible budget bill veto...more

Illinois Court Strikes Down Chicago Pension Reforms, Deepening City's Financial Crisis

On July 24, 2015, Judge Rita M. Novak of the Circuit Court of Cook County, Illinois struck down recently enacted legislation designed to shore up two of the City of Chicago’s severely underfunded pension plans by, among other...more

Agency Guidance Issued on the Multiemployer Pension Reform Act (MPRA)

In June, the Department of Treasury and the PBGC issued guidance that clarifies how multiemployer pension plans at risk of insolvency can implement the various provisions of the Multiemployer Pension Reform Act of 2014...more

2015 Florida Legislative Post-Session Report

Carlton Fields Jorden Burt’s Government Law and Consulting Practice Group released its 2015 Florida Legislative Post-Session Report detailing significant bills that passed during the 2015 Regular Session of the Florida...more

News from Second and State

Monday marked one month until a state budget must be passed. While it’s hard to say whether we’re any closer to enactment of a balanced state spending plan, there was some budget-related activity in the state legislature this...more

Pensions News - April 2015

In This Issue: - Budget 2014 reforms - The Pensions Regulator - Legislation - Case Law - Public Service Pension Schemes - Other News - On the Horizon - Excerpt from...more

Teamster Plan to Cut Pensions Presents Significant Issues for Manufacturers

In April, the Teamsters Central States Pension Fund (“Central States”) announced its intention to cut the benefits of retired workers under the recently enacted 2014 Multiemployer Pension Reform Act (“MEPRA”). I previously...more

A Looming Crisis: Illinois Supreme Court Strikes Down Statute Reducing Benefits

On May 8, 2015, the Supreme Court of the State of Illinois struck down recently enacted state public pension reform legislation on the grounds that the legislation violated the “pension protection clause” of the Illinois...more

Illinois Supreme Court Rules Pension Reform Unconstitutional

On Friday, the Illinois Supreme Court ruled that pension reform legislation passed in 2013, commonly referred to as Senate Bill 1, violates the pension protection clause of the Illinois Constitution. The Court upheld a...more

Unanimous Illinois Supreme Court Strikes Down State Public Pension Reform Act

As we predicted, the Illinois Supreme Court has unanimously struck down the state Public Pension Reform Act. The Court’s opinion was written by Justice Lloyd Karmeier....more

Multiemployer Pension Reform

Too Little, Too Late? - Employers and unions locked into failing multiemployer pension plans received an 11th-hour reprieve in late December when Congress passed legislation revising laws that had hobbled these plans...more

2015 Federal Budget Provisions Affecting Pensions and Other Retirement Savings Plans

In its discussion of proposals to enhance investment in infrastructure, the federal government stated that it will undertake a public consultation on the usefulness of the rule in Schedule III to the federal Pension Benefits...more

Pensions News - March 2015

In This Issue: - Budget 2014 reforms - Budget 2015 - The Pensions Regulator - Legislation - DC Charges and Governance - Case Law - HMRC - Public Service Pension Schemes - Other News - On the...more

Pension News - March 2015

In This Issue: - Budget Reforms - DC Charges and Governance - Department for Work and Pensions - Legislation - Public Service Pension Schemes - Other News - On the Horizon - Excerpt from...more

Illinois Supreme Court Likely Poised to Strike Down Pension Reform Act

9684675705_4dda20b9d4_zThis afternoon, the Illinois Supreme Court heard oral argument on the biggest case on its civil docket, In re Pension Reform Litigation. In re Pension Reform Litigation involves the question of whether...more

Illinois Supreme Court Denies All Ten Amici Requests in Support of State in Pension Appeal

Over four days in mid-January, no fewer than ten entities – public entities, charitable institutions and individuals – filed motions for leave to file amicus briefs in support of the State’s defense of the public pension...more

Nossaman Comment on Recent Court of Appeal Decision re Constitutionality of PEPRA

Much has been made of the recent Court of Appeal decision resolving a challenge to the Public Employees' Pension Reform Act of 2013 (PEPRA), Deputy Sheriffs' Assn. of San Diego County v. County of San Diego (Jan. 22, 2015,...more

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