Pensions

News & Analysis as of

Consumer Financial Protection Bureau Files Suit Against Company and Individuals Who Allegedly Ran Pension Loan Scam

On August 20, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the New York superintendent of financial services jointly sued Pension Funding, LLC; Pension Income, LLC; and individuals Steven Covey, Edwin Lichtig,...more

Pensions News - July 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

Orrick's Financial Industry Week in Review

CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps - On August 19, The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments to existing rules relating...more

CFPB lawsuit against pension advance companies could have broader implications

A new lawsuit, filed by the CFPB and the New York Department of Financial Services(NY DFS) in a California federal court against two pension advance companies and three of the companies’ individual managers, again...more

CFPB and New York Department of Financial Services Sue Pension Loan Companies for Deceptive Marketing

On August 20, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) jointly filed suit against two pension loan companies and three individual managers for deceptively marketing...more

Domestic Partnership Agreements: Financial Disclosures and Privacy

To reduce risk of later attack on the domestic partnership agreement, domestic partners should make fair and reasonable financial disclosures to each other prior to signing the agreement. Each partner should disclose to the...more

Union Pension Fund Requests Approval of Settlement With Goldman Sachs in RMBS Litigation

On August 13, 2015, union pension fund NECA-IBEW Health & Welfare (“NECA”) and the Police and Fire Retirement Systems of the City of Detroit (“PFRS”), acting on behalf of proposed classes of institutional and individual...more

Be Global - July 2015

The UK Government has now published its plans for when radical new transparency in supply chain reporting comes into effect, brought in by the Modern Slavery Act. As from October 2015, assuming timings are kept in the...more

Updated employer covenant guidance from the Pensions Regulator August 2015

Background - The term employer covenant refers to the legal obligation, ability and willingness of a pension scheme's sponsoring employer (or a number of employers) to provide the requisite funds in order to meet the...more

Macron Law: its major changes

The law for growth, activity and equal opportunities, known as “Macron Law” (hereafter referred as “the Law”) has been approved on 6 August, 2015. From the reform of the procedure before employment tribunals to the...more

IRS Takes Aim at Pension Plans “De-Risking” Lump Sum Cash-outs

In recent years, many pension plan sponsors have sought to reduce pension liabilities by offering lump sum “window” programs. Such programs are one of several popular risk-reduction (or “de-risking”) strategies employed by...more

New details about the ORPP

On August 11, 2015, the Ontario government released long-awaited details about the Ontario Retirement Pension Plan (ORPP). Although there are design issues that need to be settled and many unanswered questions on how the ORPP...more

Alert: Ontario Government Releases Further Details about the Ontario Retirement Pension Plan

Employers and employees who participate in a comparable workplace pension plan will not be required to participate in the ORPP. “Comparable Plan” will be defined as a registered pension plan (registered under provincial or...more

IRS Overhauls Its Determination Letter Program For Individually-Designed Retirement Plans

The Internal Revenue Service (IRS) recently announced that it will be significantly limiting the employee plan determination letter program for individually-designed qualified retirement plans. Prior to these new changes,...more

BAG: „Spätehenklauseln“ in betrieblichen Pensionsregelungen sind unwirksam

Sog. „Spätehenklauseln“, nach denen der Ehegatte den versorgungsberechtigten Mitarbeiter vor dessen 60. Lebensjahr geehelicht haben muss, um einen Anspruch auf die Witwen- bzw. Witwerrente zu erwerben, stellen eine...more

2015 Mid-Year Securities Litigation and Enforcement Highlights

Welcome to the 2015 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more

Employee Benefits Alert - July 2015

Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...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

Canadian Employment News Series - July 2015

Self-Reporting Drug Use Policies at Work: Are They Discriminatory? Employers seeking to strengthen policies aimed at reducing drug and alcohol abuse in safety sensitive workplaces should take note of this recent Alberta...more

Labour Fund Reporting Requirements Enacted

The Income Tax Act was recently amended to enact unprecedented and potentially onerous public disclosure obligations on labour organizations and investment funds in which labour organizations or persons represented by a...more

Multiemployer Pension Plans - Withdrawal Liability is Mounting

There are approximately 1,400 multiemployer pension plans and nearly 10 percent are projected to become insolvent within the next 15 years. Plan insolvency will trigger a termination and the assessment of withdrawal...more

Pensions Ombudsman Round-Up - July 2015

Welcome to DLA Piper's Pensions Ombudsman Round-Up publication in which we report on recent determinations made by the Pensions Ombudsman ("PO") and Deputy Pensions Ombudsman ("DPO"). In this edition we look at...more

A U.S. Employer’s Guide to Basic UK Employment and Immigration Laws

UK employment law is constantly developing and it has been challenging for employers to keep up with the changes in recent years. All employers in the UK, no matter how big or small, are required to comply with these laws or...more

2015 Changes to Nevada Police/Firefighter Heart and Lung Laws

The 2015 legislative session made a major change in SB 153 to the heart and lung statutes regarding the application of a conclusive presumption of compensability. A conclusive presumption means that the ill police officer or...more

The Supreme Court Addresses Scope of Section 11 Liability for Statements of Opinion

As the Supreme Court recently explained in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, 135 S. Ct. 1318 (2015), that distinction is significant when it comes to liability under Section 11 of...more

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