Retirement Plan Pensions

News & Analysis as of

Central States Pension Fund Submits Plan for Reducing Benefits

On Sept. 25, 2015, the Central States, Southeast and Southwest Areas Pension Plan (Central States), submitted to the Department of the Treasury a plan for reducing benefits under the Multiemployer Pension Reform Act of 2014...more

Employer liability relating to fees in employer-sponsored retirement and savings plans

Employers who sponsor retirement and savings plans for their employees should ensure that the fees paid by their employees within the plans are reasonable and adequately disclosed.  Lawsuits in the U.S., and a recent...more

FCA reports on pension freedoms

FCA has published its report on the pensions and retirement income market. In July FCA asked for information on: - consumer access to the pension freedoms; - financial advice requirements and the treatment of...more

IRS to Prohibit Lump-Sum Cashout Windows for Pension Plan Retirees

As described in a prior alert, the IRS issued Notice 2015-49, which abruptly announces the IRS’s intention to prohibit lump-sum cashout windows for pension plan retirees already in pay status. The IRS intends to prohibit...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

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

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

The Budget comes but twice a year

One joy of UK Parliamentary democracy is watching the annual budget with its howling Government MPs, roaring Opposition MPs and ritual interventions of the Deputy Speaker to allow the Chancellor to finish off his speech....more

The DOL and the Proposed Fiduciary Rule: A Prediction

Public comments regarding the Department of Labor’s proposed new fiduciary rule were due and the process will continue. I have said all along that the Department of Labor (DOL) will get a new fiduciary rule in place...more

New IRS Guidance on Lump-Sum Windows

The IRS has changed its position on lump-sum windows for retirees in pay status. On July 9, the Internal Revenue Service (IRS) issued Notice 2015-49, which prohibits sponsors of qualified defined benefit plans from...more

Plan Sponsors Need Their Own All-Stars

The Major League Baseball All Star Game was something I always looked forward, especially when my Mets were doing well in the mid-1980’s. Since 1933,it has been the Mid-Summer Classic. The starters for the All Star Game...more

Federal Agencies Issue Regulations Governing Benefit Reductions and Partitions for Underfunded Multiemployer Pension Plans

On June 17, 2015, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) released several regulatory measures implementing the multiemployer pension plan amendments that were enacted in...more

Federal Agencies Issue Regulations Governing Benefit Reductions and Partitions for Underfunded Multiemployer Pension Plans

On June 17, 2015, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) released several regulatory measures implementing the multiemployer pension plan amendments that were enacted in...more

Sometimes it’s just words

So much of any industry is dedicated to marketing, because marketing can help a company sell a product or service just based on how it’s marketed. Whoever sold the pet rock is still probably laughing all the way to the...more

Illinois Supreme Court Holds Public Pension Cutbacks Unconstitutional

The national debate on public pension plans shifted to the State of Illinois this month. On the heels of the Oregon Supreme Court’s decision in Moro v. State of Oregon (see K&L Gates Client Alert: Changing the Rules in the...more

Silver Tsunami Quickly Approaching Department of Revenue Thanks to Early Retirement Incentive Program

On May 4, 2015, Governor Charlie Baker signed into law a bill creating an early retirement incentive program for Massachusetts state employees. Under the incentive plan, employees choosing to retire effective June 30, 2015,...more

SEC proposed rule would require new "pay versus performance" table in proxy statements

As public companies navigate the 2015 proxy season, a potential change to executive compensation disclosure is on the horizon. The US Securities and Exchange Commission (SEC) has proposed new rules to implement the...more

Pay Versus Performance Rules Proposed by Securities and Exchange Commission

On April 29, 2015, the U.S. Securities and Exchange Commission (SEC) issued another proposed rule under the Dodd-Frank Act, this time with respect to the pay versus performance requirements of Section 953(a) of the Act. ...more

Illinois Supreme Court Rules Pension Reform Unconstitutional

On Friday, the Illinois Supreme Court ruled that pension reform legislation passed in 2013, commonly referred to as Senate Bill 1, violates the pension protection clause of the Illinois Constitution. The Court upheld a...more

Monthly Benefits Alert - April 2015

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...more

DOL: Proposed Expanded Definition of “Fiduciary”

Background - Section 3(21) of the Employee Retirement Income Security Act (“ERISA’) includes in the definition of a fiduciary someone who provides investment advice for a fee or other compensation, direct or indirect. ...more

Employee Benefits Developments - April 2015

Health Insurance Company’s HIPAA Breach Affects Millions. At the end of January, a national BlueCross BlueShield affiliate, Anthem, Inc., discovered that its information technology systems were hacked. The information...more

2015 Ontario Budget Provisions Affecting Pensions and Other Retirement Savings Plans

On April 23, 2015, the Ontario government tabled its 2015 budget (Budget), which included a number of pensions and other retirement savings plans-related provisions. On that same day, the government introduced Bill 91,...more

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