News & Analysis as of

Pensions Defined Benefit Plans

An Overview of Legal, Regulatory and Plan Design Considerations for States

by K&L Gates LLP on

Americans are facing a retirement crisis. The foundation for building a secure retirement — Social Security, employer-provided pensions, and personal savings — has been weakened because most private sector companies no longer...more

Fifth Circuit Vacates Settlement Approval in ERISA Class Action, Remanding With Instructions to Reexamine the Legitimacy of...

by Carlton Fields on

The Fifth Circuit recently vacated a class action settlement that included unsecured and uncollateralized future payments to the plaintiffs, while providing a swift and complete payout of fees to class counsel. The case...more

Shoring up the PBGC’s Insurance Program for Multiemployer Plans

by Thompson Coburn LLP on

The Pension Benefit Guaranty Corporation (PBGC) provides insurance for benefits provided under two types of private sector defined benefit plans; single employer plans and collectively bargained plans that are maintained by...more

Pension Plan Sponsors – When “De-Risking”, Select Annuity Providers With Care

by Foley & Lardner LLP on

Employer-sponsored retirement plans come in many varieties. For example, under 401(k) and other defined contribution plans, employees and, often, employers may make specific contributions to an employee’s plan account...more

Authorisation of master trusts - Problems ahead for non-associated multi-employer (NAME) schemes?

by Hogan Lovells on

The Pensions Schemes Act 2017 was passed on 27 April 2017 and, as expected, makes provision for the authorisation of master trusts. Many details of the new requirements and procedures will be set out in regulations. The...more

SCOTUS Church Plan Ruling Ends the Battle But Not the War: What Church-Affiliated Church Plan Sponsors Need to Know and Do Now

The Supreme Court of the United States has ruled that employee benefit plans sponsored by certain church-affiliated organizations do not have to be established by a church to be considered a “church plan,” which is exempt...more

New Funding Framework for DB Pension Plans Announced A Follow up from the 2017 Ontario Budget

by Bennett Jones LLP on

On May 19, 2017, the Ontario Government announced that it is implementing a new funding framework for defined benefit (DB) pension plans in Ontario. Highlights include...more

2017 Ontario Budget: Highlights for Pension Plan Sponsors and Administrators

by Dentons on

Pension plan sponsors and administrators have much to anticipate with the release of the 2017 Ontario Budget: A Stronger, Healthier Ontario (Budget) on April 27, 2017. The Budget provides updates to several pension reform...more

Changes to the Canada Pension Plan: a field guide for Ontario employers

by Dentons on

Are you an employer who is uncertain about what you should be doing to prepare for the changes to the Canada Pension Plan (CPP)?  This guide will help you....more

Authorisation of master trusts: problems ahead for non-associated multi-employer (NAME) schemes?

by Hogan Lovells on

New legislation will cause master trusts to be subject to a detailed authorisation process and ongoing scrutiny by the Pensions Regulator. As currently drafted, the new provisions will catch non-associated multiemployer...more

U.S. Supreme Court to Consider ERISA Church Plan Exemption

by Franczek Radelet P.C. on

In a decision that may have profound consequences for the funding and continued operation of defined benefit retirement plans covering employees at religiously affiliated organizations, the U.S. Supreme Court has decided to...more

Target Benefit Plans: A New Proposed Plan Design Option for Federally-Regulated Employers

by Dentons on

On October 19, 2016, the federal government introduced Bill C-27 which, if passed, will permit federally-regulated employers to establish single-employer and multi-employer target benefit plans. The bill proposes to amend...more

Employee Benefits Developments - October 2016

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

Target Benefit Plans and Annuities for Federally Regulated Enterprises

On October 19, 2016, the federal government tabled Bill C-27, which proposes amendments to the federal Pension Benefits Standards Act, 1985 (PBSA). If passed, this bill will allow federally regulated employers to create both...more

Treasury Makes it Easier for Pension Plans to Pay Partial Annuities

by Franczek Radelet P.C. on

The Department of Treasury has issued final regulations that simplify the rules that allow retiring participants to simultaneously elect a partial lump sum and a partial annuity from a defined benefit pension plan. Under the...more

Now You Can Have Your Cake and Eat It Too: New Pension Distribution Rules Allow More Flexibility

by Snell & Wilmer on

If you are one of the lucky few employees who participate in an employer’s defined benefit retirement plan, you previously had to choose between receiving your benefits in a lump sum or in annuity payments. However, in the...more

Penalties Increased for Employee Benefit Plan Violations

by Varnum LLP on

Recently-enacted legislation has increased many penalty amounts for certain employee benefit plan violations. The new penalties – some of which are more than double previous amounts – were adjusted to catch up with inflation...more

Pension Fund Health-Check Required

by Latham & Watkins LLP on

The recent furore over the collapse of high street retailer BHS has caused fierce debate over whether companies, or their ultimate owners, are responsible for the upkeep of a pension plan. For private equity, the debate has...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

Employee Benefits Developments - February 2016

by Hodgson Russ LLP on

IRS Issues Guidance Regarding Application of ACA Fee to Expatriate Health Plans. Section 9010 of the Affordable Care Act (ACA) imposes an annual fee on covered entities engaged in the business of providing health insurance...more

IRS Proposes Permanent Nondiscrimination/Coverage Relief for Closed Pension Plans

by Franczek Radelet P.C. on

The Internal Revenue Service (IRS) has issued proposed regulations that would provide permanent relief from certain coverage and nondiscrimination testing requirements to defined benefit plans that are closed to new...more

DOL Announces Expansion of Defined Benefit Pension Plan Audit Program

by Franczek Radelet P.C. on

The U.S. Department of Labor (DOL) recently announced that it is expanding an audit program directed at large defined benefit pension plans. The program, which originated in the DOL’s Philadelphia region and is expanding, is...more

Increase in PBGC Premiums Effective for 2017 and Later Years

by McDermott Will & Emery on

President Barack Obama signed into law the Bipartisan Budget Act of 2015 (the Budget Act), which raised Pension Benefit Guaranty Corporation (PBGC) premium rates beginning in 2017....more

Reportable Event Changes for Pension Plans Effective January 1, 2016

by McDermott Will & Emery on

Effective January 1, 2016, the Pension Benefit Guaranty Corporation (PBGC) altered the reportable event rules for defined benefit pension plans. Under new final regulations, the PBGC substantially reduced the reporting...more

PRA removes pension obligation risk statement for insurers

by Dentons on

PRA has deleted its legacy supervisory statement on pension obligation risk under the individual capital adequacy standards. It concerned the approach that PRA would expect insurers to take when evaluating their capital...more

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