Pensions

News & Analysis as of

UK Financial Regulatory Developments - April 2016 #25

ECB opines on establishing EDIS - ECB has issued an opinion in relation to the proposal for a Regulation to establish a European Deposit Insurance Scheme (EDIS). ECB recognises that an EDIS is the necessary third pillar...more

UK Regulator Consults on Regulation of Secondary Annuity Market

The Financial Conduct Authority published a consultation paper on its proposed rules and guidance for the secondary annuity market due to start in April 2017. The consultation is aimed at parties interested in pensions and...more

HM Treasury Consults on Legislation for Secondary Annuities Market

HM Treasury published a consultation paper on the UK Government’s proposed secondary market due to be introduced in April 2017. The market would extend the recently introduced pension freedoms and flexibilities to...more

More DB DC Plan Design Flexibility in Maximizing Benefits for Highly Compensated Employees

Given the subject matter involved, this Alert is very technical and specialized. If your company offers both an active pension plan and a 401(k) or profit sharing plan and performs the general test to satisfy the...more

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

“High Noon” for the Central States Pension Fund?

For the past several months, we have been reporting on the application filed by the Central States Southeast and Southwest Areas Pension Fund (“Central States”) to the Department of Treasury to reduce “core” benefits to...more

Second Circuit Issues Amended Order Affirming Dismissal in Transocean

On April 29, the United States Court of Appeals entered an amended order (previously decided on March 17, 2016) that affirmed the decision of the United States District Court for the Southern District of New York in DeKalb...more

Employee Benefits Developments - April 2016

Stock Drop Case Update: Settlement Reached in Dudenhoeffer Case; Dismissal of Lehman Brothers Lawsuit Upheld. Two recent developments in stock drop litigation are worth noting: Dudenhoeffer Settlement. In Fifth Third...more

Ontario Retirement Pension Plan: a guide

Media coverage about the Ontario Retirement Pension Plan (ORPP) has been unrelenting for the past two years. The Ontario government has made many announcements setting out its vision for its new, government-run defined...more

Religious Institutions Update: May 2016

Timely Topics - Has your nonprofit received a donation for a restricted purpose that has become impractical, impossible to achieve, wasteful or even unlawful? A donor may restrict a contribution to a charity for a...more

IRS Confirms California “Waiting Time Penalties” Are Not Wages For Federal Income Tax Purposes

A recent IRS information letter confirms that “waiting time penalties” paid under California law are not wages for federal income tax withholding purposes. Section 203 of the California State Labor Code imposes penalties on...more

The Financial Report - Volume 5, No. 8 - April 2016 (Global)

There are currently only three SEC Commissioners, rather than the normal five. A recent New York Times article discussed what appears to be a logjam in the approval of two apparently highly qualified nominees for the open...more

Corporate and Financial Weekly Digest - Volume XI, Issue 16

SEC/CORPORATE SEC Releases Registration Fee Estimator On April 18, the Securities and Exchange Commission announced the release of an online tool that will assist companies in calculating registration fees relating to...more

Sun Capital Court Finds that Common Industry Practices Exposed PE Funds to Pension Plan Liabilities

A group of related private equity (“PE”) funds were found liable for a bankrupt portfolio company’s pension plan debts in the latest and most worrisome decision in the long-running Sun Capital Partners III, LP v. New England...more

Bill 186: Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016, Introduced

On April 14, 2016, the Ontario government introduced the Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016, as Bill 186 (Bill or Act) in the Ontario legislature. The government...more

UK Financial Regulatory Developments - April 2016 #13

FCA finalises guidance on sharing SME credit information - FCA has published its finalised guidance on Small and Medium Sized Business (Credit Information) Regulations. This follows Treasury’s designation of the banks...more

Investment Plus Partnership-in-Fact = Withdrawal Liability

Previously, we wrote about the First Circuit decision that a private equity fund constituted a “trade or business” under ERISA as amended by the Multeimployer Pension Plan Amendments Act (“MPPAA”). That dry description is...more

Current Structuring May Not Shield Private Equity Firms from ERISA Liabilities

On March 28, 2016, the U.S. District Court for the District of Massachusetts held that two private equity funds within Sun Capital were jointly and severally liable under the Employee Retirement Income Security Act of 1974,...more

Private Equity Funds Found Responsible for Withdrawal Liability of Bankrupt Portfolio Company

As we previously reported, two private equity funds (the Sun Funds) managed by Sun Capital Advisors, Inc. (SCAI) have for years battled with the New England Teamsters & Trucking Industry Pension Fund (TPF) over whether the...more

Pension Plan Withdrawal Liability Imposed on Investor Private Equity Funds

The latest decision in the series of Sun Capital cases was released on March 28, 2016, by the U.S. District Court for the District of Massachusetts. In Sun Capital Partners III, LP v. New England Teamsters & Trucking Indus....more

Private Equity Fund Sponsors' Risk for ERISA Unfunded Pension Liability Grows

On March 28, the US District Court for the District of Massachusetts held that, under the Employee Retirement Income Security Act of 1974 (ERISA), two private equity funds (1) were engaged in a trade or business, and (2) had...more

Judge Garland’s ERISA Jurisprudence Reflects His Methodical and Moderate Reputation

With President Obama’s recent nomination of Judge Merrick B. Garland of the U.S. Court of Appeals for the D.C. Circuit to the U.S. Supreme Court, we thought our loyal readers would be interested to learn a little about Judge...more

Casting a Wider Net: Court Finds Private Equity Funds Liable for ERISA Withdrawal Liability

On March 28, 2016, a district court in Massachusetts found two private equity funds (under the Sun Capital Partners, Inc. umbrella) jointly and severally liable for withdrawal liability imposed on one of its underlying...more

Private Equity Funds Liable for Portfolio Company's Pension Obligations

A U.S. District Court issued a ruling on March 28 that affects pension liabilities for private equity funds and their portfolio companies. Taken further, the ruling potentially changes fundamental rules for tax-qualified...more

Private Equity Funds Held Liable for Pension Obligations of a Portfolio Company

District Court: Two Affiliated Funds Formed “Partnership-in-Fact” and Have Controlled Group Liability for Portfolio Company Pension Liabilities - In a closely watched case (the “Sun Capital” case), the U.S. District...more

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