Pensions Employee Benefits

News & Analysis as of

Central States Pension Fund Developing Rescue Plan

The Central States Pension Fund has announced that it will adopt a “rescue plan” under which certain participant benefits will be reduced. The Multiemployer Pension Reform Act of 2014 (MPRA), which was signed into law on...more

Multiemployer Pension Reform

Too Little, Too Late? - Employers and unions locked into failing multiemployer pension plans received an 11th-hour reprieve in late December when Congress passed legislation revising laws that had hobbled these plans...more

From Hiring to Firing: A Basic Guide To The Japanese Employment Law Life Cycle

Hiring: As a general rule, employers in Japan can freely determine the person they would like to hire as an employee, provided that discrimination on the basis of certain protected categories is not permitted. Employees...more

From Hiring To Firing: A Basic Guide To The Singapore Employment Law Life Cycle

In Singapore, we are restricted for regulatory reasons (as are most international/foreign registered law firms) from practising local law. This means that if a matter needs advice on any Singapore law issues we will arrange...more

2014 Pension Plan Regulatory Highlights

The start of the new year is as good a time as any to look back at some of the employee benefits regulatory developments of 2014 that were not previously covered in this column. Originally published in Employee Benefit...more

Be Global - A look ahead to key international employment law developments expected in 2015

In This Issue: - ASIA PACIFIC: - Australia: Gender Equality Reporting Update - China: Predicted Increase in Collective Bargaining - China: Compliance with 10% Cap on Dispatch Workers - Hong Kong:...more

DOL Issues Final Rules on Annual Funding Notice for Defined Benefit Plans

The Department of Labor recently issued final regulations implementing the annual funding notice that defined benefit plans are required to provide under Section 101(f) of ERISA. The final regulations are similar to the...more

Significant Multiemployer and Single Employer Benefit Rule Changes Take Effect

On December 16, 2014, President Obama signed into law the $1.1 trillion Consolidated and Further Continuing Appropriations Act of 2015 (Appropriations Act), which includes some significant changes to the rules governing...more

Monthly Benefits Update - December 2014

Illinois Becomes the First State to Require Automatic Retirement Savings Program for Workers Without Access to a Workplace Retirement Plan - On January 5, 2015, outgoing Governor Quinn signed landmark legislation that...more

Congress Makes It Possible to Reduce Some Union Pensions

As a part of the Consolidated and Further Continuing Appropriations Act, 2015, passed by Congress and signed by the President on December 18, 2014, the 161-page "Multiemployer Pension Reform Act of 2014" (Act) gives the...more

Employee Benefits Developments - November 2014

Health Care Cost Consideration May Support Age Discrimination Claim. Recently, the U.S. Court of Appeals for the Eighth Circuit overturned a lower court’s summary judgment ruling against a plaintiff’s age discrimination...more

"Japanese Acquirer Resolves Pension-Related Liabilities of US Subsidiary"

On November 4, 2014, Asahi Tec Corporation (Asahi), a Japanese corporation that acquired U.S.-based Metaldyne Corporation (Metaldyne) in 2007, announced a settlement of its long-running dispute with the Pension Benefit...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

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

Monthly Benefits Update

On August 8, President Obama signed legislation that extends certain “pension smoothing” provisions in the Moving Ahead for Progress in the 21st Century (MAP-21) Act that was signed in 2012. This pension funding relief will...more

The ERISA Litigation Newsletter

Editor's Overview - This month's newsletter focuses on repayment of pension plan overpayments. Our issue discusses pension plan overpayments to participants, a plan administrator's duties to seek repayment, corrections...more

PBGC Publishes Final Regulations on the Phase-In Period for Guarantee of Benefits for an Unpredictable Contingent Event

The Pension Benefit Guarantee Corporation (“PBGC”) recently published final regulations related to the phase-in period for its guarantee of benefits that are contingent upon the occurrence of an “unpredictable contingent...more

Update: Alberta Pension Legislation Presents New Obligations and Opportunities

As discussed in our July 2014 Blakes Bulletin: Alberta’s New Pension Legislation to Take Effect September 1, 2014, the Alberta government has announced that the new Employment Pension Plans Act (New Act) and its associated...more

Financial Service Company’s Nonqualified Plan Found to be an ERISA Pension Plan

In Tolbert v. RBC Capital Markets (July 14, 2014), the U.S. Court of Appeals for the Fifth Circuit held that a deferred incentive compensation plan maintained by a financial services company for certain employees was an...more

PBGC Coverage May No Longer Apply to Puerto Rico-Only Qualified Retirement Plans

Employers that sponsor defined benefit qualified retirement plans benefiting only Puerto Rico employees should be aware that Pension Benefit Guaranty Corporation (PBGC) coverage may no longer apply. Last year, the PBGC...more

Get ready for the new Ontario Retirement Pension Plan

Now that the 2014-2015 Ontario budget has been passed by the Ontario legislature, Ontario employers should think about how the new Ontario Retirement Pension Plan (ORPP) could affect them. The ORPP is part of the...more

PBGC Supports Lifetime Income

The Pension Benefit Guaranty Corporation (PBGC) recently issued a proposed regulation designed to encourage participants in defined contribution plans (e.g., 401(k) plans) to roll over their account balances to their...more

Money purchase deconstructed: Working with the new definition – a checklist for trustees and administrators

The definition of money purchase benefits is changing, and with it the rules on how schemes are required to deal with any benefit which becomes classified as ‘non-money purchase’. More information about these affected...more

Various Changes To The Law On Occupational Pensions

Yesterday an act has entered into force which makes various changes to the legal framework of occupational pensions for employees, self-employed individuals and self-employed company leaders. You will need to assess...more

Pension Reform Update

As June 30 approaches, the likelihood of an on-time balanced budget remains a question. And while there are many factors contributing to the commonwealth’s grim fiscal situation, there has been a lot of talk as of late about...more

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