News & Analysis as of

Pensions Employee Retirement Income Security Act (ERISA)

Holland & Hart - The Benefits Dial

Both Sides Now… Must Be Alert to Cybersecurity

by Becky Achten New guidance from the Employee Benefits Security Administration (EBSA) affirms that both sides—retirement plans and welfare plans—must take steps to secure participant data from cybercrime. In 2021 the...more

The Wagner Law Group

District Court Grants Motion to Dismiss Forfeiture Complaint

The Wagner Law Group on

Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by using forfeitures to reduce employer...more

Snell & Wilmer

Cheers to 50 Years of ERISA: A Major Milestone in Employee Protection

Snell & Wilmer on

As the Employee Retirement Income Security Act (“ERISA”) celebrates its 50th anniversary, it offers us an opportunity to reflect on its transformative impact on employee benefits and retirement security. Signed into law on...more

Morgan Lewis - ML Benefits

Withdrawal Liability Notice and Demand in Multiemployer Plans: Interpreting ‘As Soon as Practicable’ for Funds and Employers

A recent ruling by the US Court of Appeals for the Third Circuit serves provides a valuable reminder for multiemployer pension funds and contributing employers regarding ERISA’s withdrawal liability notice and demand...more

Littler

Third Circuit Holds Multiemployer Pension Fund Claim Cannot Be Enforced due to Unreasonable Delay in Providing Notice of...

Littler on

In July, the Third Circuit upheld a District of New Jersey decision to throw out a withdrawal liability assessment, finding the multiemployer pension fund was barred from pursuing its claim because the fund unreasonably...more

Jackson Lewis P.C.

Conflicting Decisions Foreshadow Upcoming Disputes in ERISA 401(K) Forfeiture Class Actions

Jackson Lewis P.C. on

Conflicting orders on motions to dismiss from two California courts foreshadow issues for a new theory of ERISA liability. Employers have faced a recent wave of novel ERISA class actions that challenge the reallocation of...more

Jackson Lewis P.C.

Use of Plan Forfeitures Not the Slam Dunk It Used to Be

Jackson Lewis P.C. on

A recent rash of class action lawsuits in California claim that using forfeitures to reduce future employer contributions to tax-qualified retirement plans runs afoul of the Employee Retirement Income Security Act (ERISA)....more

The Wagner Law Group

District Court Denies Motion to Dismiss Forfeiture Complaint

The Wagner Law Group on

In December, we suggested, contrary to popular opinion, that serious attention should be given to the filing of several class action lawsuits alleging that plan fiduciaries violated ERISA by applying forfeitures to reduce...more

Proskauer - Employee Benefits & Executive...

District Court Holds Plan Cannot File Suit in Contravention of Trust Agreement

In Buckner v. Murray, No. 21-cv-567, 2024 WL 1366785 (D.D.C. Mar. 30, 2024), the court dismissed the United Mine Workers of America 1974 Pension Plan’s suit to collect $6.5 billion in withdrawal liability because the trustees...more

Troutman Pepper

EDVA Judge Allows Pension Investment Expert to Testify in Class Action ERISA Case

Troutman Pepper on

A recent decision by Senior District Judge Robert Payne on a Daubert motion in class action litigation against a pension fund offers some helpful lessons on challenging expert witnesses in the EDVA. Trauernicht v. Genworth...more

ArentFox Schiff

Biden Administration Issues Final Rule Expanding ERISA Fiduciary Definition, Enhancing Protections for Pension Plan Participants

ArentFox Schiff on

On April 23, the US Department of Labor (DOL) released a final rule significantly expanding the definition of who qualifies as a fiduciary under the Employee Retirement Income Security Act (ERISA) (the Retirement Security...more

Hall Benefits Law

The DOL’s New “Economic Realities” Test to Determine Employee Status: ERISA Considerations for Benefit Plan Sponsors

Hall Benefits Law on

The Department of Labor (DOL) Wage and Hour Division issued final regulations, effective March 11, 2024, which are intended to serve as a practical guide to employers on how the DOL determines whether a worker is an employee...more

Faegre Drinker Biddle & Reath LLP

Strict Construction: Seventh Circuit Affirms Written Pension Obligations

On March 22, 2024, the United States Court of Appeals for the Seventh Circuit issued a ruling in Bulk Transp. Corp. v. Teamsters Union No. 142 Pension Fund, ordering the Teamsters Union No. 142 Pension Fund (the “Fund”) to...more

Akin Gump Strauss Hauer & Feld LLP

DOL Issues Final Amendment to the QPAM Exemption

On April 2, 2024, the U.S. Department of Labor (DOL) announced its final amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption). The QPAM Exemption is a broad-based class exemption relied upon by many...more

Littler

Illinois Federal Court Holds that a Pension Rehabilitation Plan Fund Used an Improper High-Contribution Rate in Withdrawal...

Littler on

On March 29, 2024, the U.S. District Court for the Northern District of Illinois issued its decision in Central States, Southeast and Southwest Areas Pension Fund v. Event Media, Inc. In a matter of first impression for...more

The Wagner Law Group

Pension Risk Transfers and the Continuing Concern About Buying a Pig in a Poke

The Wagner Law Group on

Pension risk transfers (“PRTs”) continue to make the news. And well they should. Last year alone, over $100 billion in liabilities were transferred from defined benefit pension plans to insurance companies. And the trend...more

Bricker Graydon LLP

Pension Risk Transfer Considerations and Recent Litigation - A Case of Imprudent “Passing the Buck” or Sound Risk Management?

Bricker Graydon LLP on

Over the last several years, numerous large pension plan sponsors have transferred billions of dollars in financial risk related to their pension plan benefit obligations to insurance companies through the purchase of group...more

Jackson Lewis P.C.

Seventh Circuit Orders Pension Fund to Return Withdrawal Liability to Employer

Jackson Lewis P.C. on

An employer can contest a withdrawal liability assessment and ultimately prevail. That is the moral of Bulk Transport Corp. v. Teamsters Union No. 142 Pension Fund, No. 23-1563 (7th Cir. Mar. 22, 2024). Withdrawal...more

Jackson Lewis P.C.

What Manufacturers Sponsoring Pension Plans Should Know About Class Actions Challenging Plan Assumptions

Jackson Lewis P.C. on

An enduring wave of novel class actions challenging the actuarial assumptions used to calculate certain pension benefits has prompted many sponsors of defined benefit pension plans to evaluate their plan’s terms for...more

Cadwalader, Wickersham & Taft LLP

Cascading Into Spring March 2024 - Cascading Security

With the increasing complexity of fund structures and the growing prevalence of US Pension Funds in the European market, we have seen an uptick in the number of queries particularly from European banks and funds around how to...more

DLA Piper

Management Rights Letters: What they are, why they are important and potential traps to be mindful of

DLA Piper on

What are they? A letter agreement between a portfolio company and an investing venture capital fund which provides the venture capital fund with certain “management rights” that allow it to substantially participate in, or...more

Lowenstein Sandler LLP

Multiemployer Pension Plans: Mitigating Risk in the Context of a Business Transaction

Lowenstein Sandler LLP on

Andrew Graw, Taryn Cannataro, and Jessica Kriegsfield of Lowenstein Sandler's Employee Benefits and Executive Compensation Practice Group address multi-employer pension plans in the context of a business transaction,...more

Groom Law Group, Chartered

New Guidance on Pension-Linked Emergency Savings Accounts

Over the past several years, there has been a growing interest in enhancing employee benefit programs to help employees save for emergencies. Employers and service providers have developed a number of different types of...more

Hall Benefits Law

Sprint, Former Employees Urge Kansas Federal Court to Approve $3.5M Deal to Resolve Benefit Calculation Suit

Hall Benefits Law on

Three former Sprint Communications employees asked a Kansas federal court to approve its multimillion-dollar proposed class action against Sprint, which the parties reached through mediation. According to the former...more

Bricker Graydon LLP

Unicorn, Ostrich or Okapi? Fiduciary Duties for Governmental Retirement Plan Sponsors

Bricker Graydon LLP on

Most retirement plan sponsors know that ERISA - the federal law that imposes duties (and liability for breaching those duties) on certain individuals and entities that are defined as plan fiduciaries – is the primary source...more

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