Pensions

News & Analysis as of

Neue Anlageverordnung verabschiedet

Am 25. Februar 2015 hat das Bundeskabinett eine Verordnung zur Änderung der Anlageverordnung und der Pensionsfonds-Kapitalanlageverordnung verabschiedet. Nachdem am 22. Juli 2013 das Kapitalanlagegesetzbuch in Kraft getreten...more

If My Company Sponsors a DC Pension Plan, Will We Need to Participate in the ORPP?

We assumed the answer was no. Now it’s not so clear. What is the ORPP? - The Ontario Retirement Pension Plan (ORPP) is an unprecedented, Ontario-only, mandatory provincial pension plan intended to provide pension...more

Client Alert: IRS Announcement on February 9, 2015, Requires Review of Charter Schools Tax Status

On November 8, 2011, the IRS and Treasury Department published an Advance Notice of Proposed Rulemaking (“2011 Advance Notice”) that posed a threat to charter school participation in public pension plan systems. The 2011...more

Will we see a trend for direct pension fund investment in US greenfields infrastructure?

Although historically the investment profile for pension funds has focused on established brownfields assets, the Canadian Pension Plan Investment Board (CPPIB) has recently invested $525 million AUD into the greenfields...more

DOL Issues Final Rules on Annual Funding Notice for Defined Benefit Plans

The Department of Labor recently issued final regulations implementing the annual funding notice that defined benefit plans are required to provide under Section 101(f) of ERISA. The final regulations are similar to the...more

Additional Two-Year Clearing Reprieve for European Pension Schemes

The European Commission (EC) has proposed a further two-year extension beyond the three-year exemption from mandatory clearing of over-the-counter derivatives granted to qualifying pension scheme arrangements (PSAs) under...more

Financial Regulatory Developments Focus - February 2015 #2

In this issue: - US Financial Stability Oversight Council Adopts Supplemental Procedures for Nonbank Financial Company Designations - UK Government to Proceed with Giving Financial Policy Committee Powers for...more

Pensions at the Constitutional Convention, Part II: The Clause is Introduced

Although there were several reasons for the 1970 Illinois Constitutional Convention, public pensions became a major subject of discussion in the weeks before the delegates gathered. Elmer Getz, the Chair of the Convention’s...more

Bankruptcy Court Decides That The Bankruptcy Code Preempts California State Pension Laws

In a February 4, 2015 opinion, the bankruptcy judge presiding over Stockton, California's Chapter 9 municipal bankruptcy case approved Stockton's bankruptcy plan of adjustment. In re City of Stockton, 2015 Bankr....more

Update: Multiemployer Pension Plans

In This Issue: - Recent Developments for Multiemployer Pension Plans - Q & A - More Polsinelli MPRA Intelligence - MPRA Counseling Services - Follow On Twitter and LinkedIn - For More...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

Ex-Husband Fails in Attempt to Use Texas Law to Impose Constructive Trust on Former Spouse’s Survivor Annuity

A former husband’s attempt to use Texas law to deprive his first wife of a survivor annuity under his pension plan has been firmly rejected by the U. S. Court of Appeals for the District of Columbia. Vanderkam v. Vanderkam,...more

Lehman Brothers Pension Scheme - The treatment of pensions claims in a UK insolvency process

When the Lehman Brothers group imploded in September 2008, the impact of events on the Lehman Brothers UK pension scheme (the "Scheme") was not seen as a key concern for anyone other than the members themselves. Yet as time...more

Significant Multiemployer and Single Employer Benefit Rule Changes Take Effect

On December 16, 2014, President Obama signed into law the $1.1 trillion Consolidated and Further Continuing Appropriations Act of 2015 (Appropriations Act), which includes some significant changes to the rules governing...more

New Comprehensive Federal Spending Bill Includes Extensive Pension Related Provisions

Both houses of Congress recently passed, and President Obama recently signed, comprehensive spending legislation that includes an amendment with the provisions of the Multiemployer Pension Reform Act of 2014 (MPRA) along with...more

Pension News - December 2014

In This Issue: - Budget Reforms - Pension Protection Fund - Department for Work and Pensions - Legislation - Case Law - HMRC - Public service pension schemes - On the Horizon - Excerpt from...more

SEC Finds Loan to Investment Adviser’s CEO a Conflict of Interest

Consulting Services Group, LLC, or CSG, was a registered investment adviser whose business included providing consulting services to public pension funds. These consulting services included recommending third-party investment...more

PBGC Wants Reporting on Lump-Sum Pension Cash-Outs and Annuity Purchases

With pension buyouts continuing apace, the Pension Benefit Guaranty Corporation (PBGC) has asked the Office of Management and Budget (OMB) for approval to modify the PBGC’s 2015 premium payment forms to require reporting of...more

Proxy Access: More File to Exclude Proposals

Since our last update, the following public companies have submitted no-action letters to exclude shareholder proposals submitted by the New York City Pension Funds because the proposal will “directly conflict” with the...more

EIOPA Updates Risk Dashboard

On December 18, the European Insurance and Occupational Pensions Authority (“EIOPA“) published an updated version of its risk dashboard (dated December 19), together with a background note (dated December 4)....more

Monthly Benefits Update - December 2014

Illinois Becomes the First State to Require Automatic Retirement Savings Program for Workers Without Access to a Workplace Retirement Plan - On January 5, 2015, outgoing Governor Quinn signed landmark legislation that...more

Proxy Access Proposals: Recent Developments

Recently, New York City Comptroller Scott Stringer, who oversees five municipal public pension funds with $160 billion in assets, announced an initiative to give shareholders who meet specified criteria the right to nominate...more

Congress Makes It Possible to Reduce Some Union Pensions

As a part of the Consolidated and Further Continuing Appropriations Act, 2015, passed by Congress and signed by the President on December 18, 2014, the 161-page "Multiemployer Pension Reform Act of 2014" (Act) gives the...more

Five 2015 Labor and Employment Predictions for Manufacturers

The second half of 2014 was a whirlwind of activity on the labor and employment front, and I expect that trend to continue in 2015 with manufacturers having to navigate the rapids created by these developments....more

Illinois Supreme Court Adopts Accelerated Schedule for Pension Law Appeal

The Illinois Supreme Court announced that the centerpiece of its civil docket for 2015, the State’s appeal from the Circuit Court’s order striking down public pension reform, will be heard on a “rocket docket” schedule. The...more

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