Pensions

Investment Management Legal + Regulatory Update -- May 2013

by Luke T. Bagley, Jay G. Baris, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 5/17/2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

Another Business Owner Caught By Withdrawal Liability

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/14/2013

I have blogged before [May 16, 2012, November 21, 2012, April 23, 2012, May 15, 2012, September 5, 2012] about the liability that can be imposed on businesses whose union employees participate in a multiemployer pension plan...more

Federal court imposes personal liability for multiemployer pension plan liabilities

by Paul Kasicky | Saul Ewing LLP on 5/14/2013

A recent case highlights the risk of personal liability for multiemployer and other defined benefit pension plan liabilities. Owners of closely held corporations that contribute to multiemployer or single employer defined...more

Gray Divorce: Retirement Accounts and Estate Planning

by Andrea Dunbar | Burns & Levinson LLP on 5/14/2013

DIVIDING RETIREMENT ACCOUNTS - There are important differences associated with dividing retirement plans that are already in pay status and those that are not. Some people divorcing later in life are already retired,...more

The ERISA Litigation Newsletter - May 2013

by Justin Alex, Anthony Cacace, Doughlas Dahl, Lisa Berkowitz Herrnson, Jacklina Len, James R. Napoli, Brian S. Neulander, Myron Rumeld, Neal Schelberg | Proskauer Rose LLP on 5/13/2013

This month our articles focus on the availability of damages in complex ERISA class actions and withdrawal liability actions. Jackie Len first provides Proskauer's perspective on the implications for ERISA litigation arising...more

Changes Afoot for ERISA “Reportable Event” Rules

by Mark Hamilton, Kellie Thomas | White & Case LLP on 5/10/2013

As many as 90% of pension plans and pension plan sponsors may soon have fewer “reportable events” to track and report to the Pension Benefit Guaranty Corporation (the “PBGC”), if certain proposed changes to the PBGC...more

Second Circuit Ruling Applied to Revive MBS Claims

by Orrick - Structured Finance Group on 5/9/2013

On May 1, Judge Harold Baer, Jr. of the U.S. District Court for the Southern District of New York reinstated previously dismissed claims in two class actions brought by several pension fund plaintiffs against Royal Bank of...more

Pension Changes Proposed in Ontario Budget

by Mark Newton, Evan Van Dyk | Heenan Blaikie LLP on 5/9/2013

On May 2, 2013, the Liberal government in Ontario released its proposed budget. While the NDP has not yet lent the proposed budget support in order to ensure its passage, the Heenan Blaikie Pensions, Benefits and Compensation...more

Ontario Budget 2013 – More Pension Reform to Come

by Lesha Van Der Bij | Osler, Hoskin & Harcourt LLP on 5/3/2013

In today’s budget, the Ontario government announced that it is continuing with its pension reform agenda, but it is not all “old news”. Perhaps of most interest to employers and plan administrators will be the government’s...more

PBGC Issues Proposed Rule on Reportable Events

by Lori Atkin, Jenny C. Baker, Kelly Bley, Kerry Halpern, John LeBlond, John D. Martini, Cory A. Thomas | Reed Smith on 5/1/2013

On April 3, 2013, the Pension Benefit Guaranty Corporation ("PBGC") issued a proposed rule amending its existing reportable events rule that it expects will exempt more than 90 percent of pension plans and sponsors from many...more

Do Not Delay Getting Your QDRO

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/1/2013

Employers know that benefits under a retirement plan can be split between a participant and a former spouse in the event of a divorce under the terms of a qualified domestic relations order (QDRO). A domestic relations order...more

Takeover Code Amendments Extend the Rights of Pension Scheme Trustees

by Iain Wright | Morgan Lewis on 4/30/2013

Amendments include new requirements regarding offerors' intentions, documents provided to trustees, trustees' opinions on offers, and publication of agreements between offerors and trustees....more

New Disclosure Requirements for Massachusetts Pension Investments

by Ropes & Gray LLP on 4/29/2013

The Commonwealth of Massachusetts has started implementing pension reform legislation enacted in 2011 that imposes demanding contracting and disclosure requirements on state and local pension fund boards. The new pension fund...more

Illinois Supreme Court Intervenes in Politically Charged State Pension Battle

by Kirk Jenkins | Sedgwick LLP on 4/23/2013

Earlier this month, the Illinois Supreme Court accepted its first direct appeal in over three years, agreeing to wade into the politically charged battle over state employee pension rights. The Court ordered the consolidated...more

Expert Committee Pressing for Pension Reform in Quebec

by Julien Ranger | Osler, Hoskin & Harcourt LLP on 4/19/2013

Back in the fall of 2011, an expert committee chaired by Alban D’Amours was mandated by the Quebec government to analyze the state of the Quebec retirement income system and to make recommendations on how to improve it in...more

CalPERS Discusses Adoption Of “Investment Beliefs”

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/17/2013

The last agenda item for Monday’s meeting of the Investment Committee of the Public Employees’ Retirement System was an ongoing ”Discussion of Investment Beliefs”. No, this wasn’t a theological discussion. For the last two...more

A Month in UK Employment Law - April 2013

by Peta-Anne Barrow, Daniel Ornstein, Jennifer Wheater | Proskauer Rose LLP on 4/16/2013

It has been a busy period for those involved in drafting employment legislation. In our January 2013 edition, we summarised various expected changes to employment law. Since then, these changes have been debated and...more

How "Normal" is Your 401(k) Plan?

by Baker, Donelson, Bearman, Caldwell &... on 4/12/2013

In March 2013, the Internal Revenue Service (IRS) completed a design and administration survey of 1,200 different 401(k) plans and issued a summary of its findings. The survey primarily focused on the 2006 to 2008 period and...more

De-Risking On Trial? U.S. Verizon Litigation Still Active

by Carol Buckmann | Osler, Hoskin & Harcourt LLP on 4/12/2013

In our March 13 webinar on de-risking defined benefit pension plans, I stated that the U.S. litigation launched by a group of Verizon retirees challenging the annuitization of their pensions was not dead, even though a...more

Proposed Regulations May Affect Default Risk for Borrowers with Pension Plans

by Mark Jones, Matthew Ryan | Pillsbury Winthrop Shaw Pittman LLP on 4/12/2013

The Pension Benefit Guaranty Corporation (PBGC) has proposed regulatory safe harbors waiving the obligation of financially sound defined benefit pension plans and the companies that maintain them from the duty to report...more

The ERISA Litigation Newsletter - April 2013

by Stacey Cerrone, Amy Covert, Russell Hirschhorn, Robert Rachal, Myron Rumeld, Howard Shapiro | Proskauer Rose LLP on 4/12/2013

Editor's Overview - The importance of clear and unambiguous plan language cannot be overstated. The Second Circuit recently applied this well-established principle to conclude that a plan's administrative claims process must...more

PRRB Upholds Liquidation Requirement for Pension Expenses in Wage Index Calculation

by Mark A. Stanley | Ober|Kaler on 4/9/2013

The Provider Reimbursement Review Board (PRRB) has issued a decision upholding CMS’s policy of not recognizing pension expenses for purposes of calculating the wage index unless such expenses are liquidated within one year. ...more

Plan’s Funded Status Required to be Disclosed under Freedom of Information Request

by Stephanie Kauffman | Osler, Hoskin & Harcourt LLP on 4/5/2013

Pension plan sponsors may be surprised to learn that information provided to pension regulators pursuant to statutory filing obligations could be more widely disclosed through an “access to information” request. In a recent...more

Village of North Syracuse and Towns of Cicero and Clay Settle EEOC Age Discrimination Suit

by U.S. Equal Employment Opportunity Commission... on 4/3/2013

Older Volunteer Firefighters Denied Service Credit Due to Ageism, Federal Agency Charged - NEW YORK - The Village of North Syracuse, the Town of Cicero and the Town of Clay have agreed to settle a class age...more

Bill on Bankruptcy: Stockton May Win the Battle, Lose the War [Video]

by Bloomberg Law on 4/3/2013

April 2 (Bloomberg Law) -- Although Stockton, California established the right to be in a Chapter 9 municipal bankruptcy, the judge warned the city that victory may be short-lived if bondholders prove that pensioners must...more

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Investment Management Legal + Regulatory Update -- May 2013

Another Business Owner Caught By Withdrawal Liability

Federal court imposes personal liability for multiemployer pension plan liabilities

Gray Divorce: Retirement Accounts and Estate Planning

The ERISA Litigation Newsletter - May 2013

Changes Afoot for ERISA “Reportable Event” Rules

Second Circuit Ruling Applied to Revive MBS Claims

Pension Changes Proposed in Ontario Budget

Ontario Budget 2013 – More Pension Reform to Come

PBGC Issues Proposed Rule on Reportable Events

Do Not Delay Getting Your QDRO

Takeover Code Amendments Extend the Rights of Pension Scheme Trustees

New Disclosure Requirements for Massachusetts Pension Investments

Illinois Supreme Court Intervenes in Politically Charged State Pension Battle

Expert Committee Pressing for Pension Reform in Quebec

CalPERS Discusses Adoption Of “Investment Beliefs”

A Month in UK Employment Law - April 2013

How "Normal" is Your 401(k) Plan?

De-Risking On Trial? U.S. Verizon Litigation Still Active

Proposed Regulations May Affect Default Risk for Borrowers with Pension Plans

The ERISA Litigation Newsletter - April 2013

PRRB Upholds Liquidation Requirement for Pension Expenses in Wage Index Calculation

Plan’s Funded Status Required to be Disclosed under Freedom of Information Request

Village of North Syracuse and Towns of Cicero and Clay Settle EEOC Age Discrimination Suit

Bill on Bankruptcy: Stockton May Win the Battle, Lose the War [Video]

Bill on Bankruptcy: Stockton May Win the Battle, Lose the War [Video]

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