Pensions

News & Analysis as of

The 2015 Retirement Plan Limits are in

The Internal Revenue Service (IRS) announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. The elective deferral (contribution) limit...more

Surge in FOIA Requests to State Agencies Seeking Information About PE and Other Alternative Investment Fund Sponsors

We have recently observed a surge in freedom-of-information (“FOIA”) requests made by media outlets to state pension funds and other state-government-affiliated investment entities. Although the requests have so far...more

Florida Appellate Court: Open Meeting Law Applies to Collective Bargaining - The Florida Court Holds That a Mediation Settlement...

In a crucial victory for transparency, a Florida state appeals court ruled on Oct. 21, 2014, that the law will not "condone hiding behind federal mediation" when municipal governments try "to thwart the requirements of the...more

New Hybrid Pension Plan Guidance

The IRS recently issued new final and proposed regulations that provide welcome guidance to sponsors of hybrid pension plans. Hybrid pension plans, such as cash balance plans and pension equity plans, are defined benefit...more

Pension News - September 2014

Welcome to DLA Piper’s Pensions News publication in which we report on recent developments in pensions legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming months....more

Blog: California Bankruptcy Judge Rules that State Law Does Not Protect Pension Fund from Municipal Bankruptcies

On October 1, a bankruptcy judge ruled that the pension agreement between Stockton, California and Calpers, California’s massive state-run pension fund for public employees, is an executory contract that can be rejected in...more

IRS Issues Final and Proposed Hybrid Plan Regulations

On September 19, 2014, the Internal Revenue Service ("IRS") released additional final regulations clarifying the rules regarding hybrid defined benefit pension plans. At the same time, the IRS also issued proposed regulations...more

You Should Know - October 2014

In This Issue: - Veterans Still Waiting - Five Errors to Avoid - Readers on Seventh Amendment - Excerpt from Five Common Errors to Avoid When Filing Claims: Backlog Improves, But Vets Still Struggle for...more

Sixth Circuit Narrows Scope of Liability Under ICA Sections 36(a) and (b)

In Laborers’ Local 265 Pension Fund v. iShares Trust, No. 13-6486, 2014 U.S. App. LEXIS 18627 (6th Cir. Sept. 30, 2014), the United States Court of Appeals for the Sixth Circuit affirmed the dismissal of claims alleging...more

Pension Innovation

Pension reform is a hot button issue, with many Canadians aware of the challenges facing traditional pension plans today. Now is the time for both public and private sector plans to evolve in response to growing...more

Decumulation – Increasing DC Plan Value and Ensuring Compliance with Best Practices (Part II)

In Part I of this series, we considered ways in which the “traditional” accumulation driven defined contribution (DC) plan design fails to maximize value. In this post, we discuss variable pensions as well as the role of...more

Inherited IRAs – The Golden Egg Loses Some of Its Sheen

The named beneficiary of an Individual Retirement Account (IRA) or Roth IRA inherits a golden egg —an asset with uniquely valuable characteristics. In June, however, the United States Supreme Court in Clark v. Rameker issued...more

Commercial Restructuring & Bankruptcy Alert - October 2014

In this issue: - Judge Says That Stockton, California Can Cut Pension Obligations - Third-Party Releases – Better Make Sure They Are Adequately Disclosed - Lawyers Who Sign Proofs of Claims for Clients...more

The First Step to Maximizing DC Plan Value is to Understand the Problem (Part I)

These days when people who work in the pension industry talk about the various options available to develop an effective pension risk management strategy, they are fond of pointing out that when it comes to looking at the...more

401(k) Plans and the Free Market: Is Your Vendor Ever a Fiduciary?

The Department of Labor and plaintiffs class action lawyers have been urging the courts to find that 401(k) vendors are fiduciaries when they design investment platforms or have contract provisions permitting them to adjust...more

Ninth Circuit Joins First Circuit in Finding that the Elimination of a Pension Transfer Option does not Violate ERISA's...

In Anderson v. DHL Retirement Pension Plan, the Ninth Circuit followed the First Circuit in finding that the elimination of the right to transfer an account balance from a defined contribution plan to a defined benefit plan...more

Final and Proposed Regulations on Hybrid Pension Plans

Plan sponsors have been granted limited relief to bring cash balance interest crediting rates into compliance. On September 18, the Internal Revenue Service (IRS) published final and proposed regulations for cash...more

PBGC Intends to Monitor Lump-sum and Annuity Cashouts Under Defined Benefit Plans

The Pension Benefit Guaranty Corporation (PBGC) stated in a filing published in the Federal Register on September 23, 2014, that it intends to require that plan sponsors report to the PBGC “certain undertakings” to cashout or...more

For Pension Plans – To Risk or to De-Risk: That is the Question!

U.S. private-sector retirement plans are voluntary in nature. There is no legal requirement that employers adopt or contribute to retirement plans in addition to the social security system. However, once established,...more

Outrageous Opinions in Registration Statements

In Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435, the respondents fired back at the petitioners in a brief filed with the Supreme Court, posing a simple question: “Whether...more

Morgan Stanley Settles MBS Class Action with Pension Funds

On September 8, a stipulation and agreement of settlement was filed in relation to an action brought against Morgan Stanley & Co. by a group of pension funds led by Public Employees’ Retirement System of Mississippi and the...more

Proposed Changes to the Pension Investment Rules

The Minister of State (Finance) Kevin Sorenson today proposed new regulations which will amend the Pension Benefits Standards Regulations, 1985 (the Regulations). Among other things the proposed regulations include amendments...more

Federal Government Releases Next Round of Proposed Regulatory Amendments

Last Friday, the federal government released the next round of proposed amendments to the Pension Benefits Standards Regulations, which will change or enact new provisions regarding plan investments, defined contribution (DC)...more

Forum-Selection vs. Arbitration Issue Teeing Up for Supremes

The Second Circuit stayed its mandate last week to allow public-pension litigants to file cert petitions seeking review of its August holding that a subsequent account-agreement forum-selection clause requiring federal-court...more

From Second and State: Capitol Wrap — September 2014

This week the House and Senate returned to Harrisburg for their first session week since summer recess. Only a few voting days loom between now and the November 4 election, which leaves a great deal of speculation regarding...more

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