Retirement Plan Pensions

News & Analysis as of

Death, Taxes and …ERISA Disclosure Regulations?

There are few sure things in life, and although it is probably safe to say that ERISA disclosure regulations would not be considered one of them, there has certainly been a steady stream of new ERISA-related disclosure and...more

Pension News - February 2014

Welcome to DLA Piper’s Pensions News publication in which we report on recent developments in pensions legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming...more

Court's Tentative Decision on San Jose's Pension Reform Measure Appears to Favor City

However, the Vested Rights Doctrine Proves Fatal to Core Pension Reform Measures - A tentative decision on the legal challenges to the City of San Jose’s pension reform measure, Measure B, was released late last month....more

SEC Reportedly Investigating CalPERS’ Stock Trades

In October 12, 2012, I wrote about CalPERS’ proposed adoption of regulations governing personal trading by members of its Board of Administration and employees. Although I did offer a few technical comments on the proposed...more

Covered Funds Aspects of the Volcker Rule – Frequently Asked Questions

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (the "SEC") issued a final rule, and the Commodity Futures...more

Illinois General Assembly Passes Pension Reform Bill

Both chambers of the Illinois General Assembly adopted the Conference Committee Report to Senate Bill 1 on December 3, 2013. The bill provides comprehensive pension reform for four state retirement systems – the Teachers’...more

Monthly Benefits Update - November 2013

Health & Welfare Plans - Health Care Reform: Supreme Court Grants Review to Two Cases Challenging ACA’s Contraception Coverage Mandate - The United States Supreme Court has agreed to hear two cases challenging...more

Pension News - October 2013

Welcome to DLA Piper’s Pensions News publication in which we report on recent developments in pensions legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming...more

IRS Proposes New Rules on Indian Fishing Rights Income for Retirement Plans

On November 15, 2013, the Internal Revenue Service published a notice of proposed rule making (NPRM) along with proposed regulations regarding the treatment of certain income derived from Indian fishing rights-related...more

Best To Save Plan Documents Until All Retirees And Beneficiaries Are Dead

As a result of industry consolidation over the years, employers can find themselves responsible for pension plans of companies long out of existence. A recent federal district court decision imposed a penalty of $4,470 on a...more

Illinois Supreme Court Holds Board Can't Declare Enhanced Pension Forfeited

Although the question presented in Prazen v. Shoop was limited to the field of public pensions, the case presented interesting aspects of fiduciary law and statutory construction as well. The question in Prazen was whether...more

Argument Report: Illinois Supreme Court Debates Chicago Firefighters' Pensions

Although Kanerva v. Weems was the marquee case on public pensions for the September term of the Illinois Supreme Court, it wasn't the only such case on the docket. But if the oral argument is any indication, the retirees in...more

Fight Over Reduction Of GM Retiree Benefits Not Over

General Motors of Canada suffered a blow this summer when an Ontario court held that GM was not entitled to reduce benefits it had promised to its retired workers....more

First Thoughts: Live-(Nearly)-Blogging the Oral Argument in Kanerva

This morning, a seemingly skeptical Illinois Supreme Court appeared ready to side with the State in a dispute over 2012 amendments to the State Employee Group Insurance Act. Several Justices peppered the two attorneys...more

Plan Sponsors of 401(k) Plans/Pension Plans: Must Recognize Same Sex Married Couples Effective September 16, 2013

On August 29, 2013, the Internal Revenue Service (IRS) ruled that for federal tax purposes, spouse includes an individual who is legally married to a same-sex individual under state law. This Revenue Ruling 2013-17 has a...more

My Broker at E.F. Hutton Says..........? -- Using Private Placement Variable Deferred Annuities (PPVA) to Invest in Real Estate...

Overview - American taxpayers have approximately $4.7 trillion invested in IRAs as of 2011. Only 2 percent of these assets or $94 billion are invested in self-directed IRAs. This is a surprising result when you...more

Private Equity Funds May Be on the Hook for the Pension Liabilities of Portfolio Companies

A recent decision of the Court of Appeals for the First Circuit makes it more likely that private equity funds could be liable for the pension obligations of the portfolio companies in which they invest. Key to the decision...more

PE Funds May Be Liable For Portfolio Company Pension Liabilities

Introduction - A recent decision by the U.S. Court of Appeals for the First Circuit increases the risk that a private equity fund could be liable for its portfolio company’s unfunded pension liabilities. Additionally,...more

First Circuit: Private Equity Fund May Be “Trade or Business” and Subject to Portfolio Company Pension Liabilities

The First Circuit Court of Appeals has recently held in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, No. 12-2312 (July 24, 2013), a case of first impression at the Circuit Court...more

PE Fund Deemed a 'Trade or Business'—May Be Liable for Portfolio Companies' Pensions

The First Circuit Court of Appeals recently became the first federal appellate court to hold that a private equity (“PE”) fund can be a “trade or business,” and thus potentially included in a “controlled group” with its...more

Marketing Investment Management Services to Public Retirement Systems: Complying with Applicable Laws and Regulations

It is well-known that high-profile jurisdictions such as California and New York City have in certain instances placed lobbyist registration requirements on investment managers that solicit investment advisory business from...more

Law and Disorder: Rethinking Retirement Planning for Plaintiff's Lawyers - The Best of Qualified and Non-qualified Planning...

Overview - We have all heard our share of lawyer jokes. From War of the Roses - "What do you call a bunch of attorneys at the bottom of the ocean"? Answer - A good start! Everybody hates lawyers except their own and...more

The Ubiquity of Retirement Planning

Advice on retirement planning is being offered by many entities and forms of media these days. Those of us in the early baby boom generation are bombarded by offers to have dinner and listen to lectures as to how to invest...more

The Problem With Retirement Plans

Over the past 30 years, a dramatic change has taken place in the use of retirement plans to help people save for their later years....more

State of the Union Part 3 -- Mr. Smith goes to Washington (and not Detroit or Wall Street!)

Overview - The 1939 movie Mr. Smith Goes to Washington tells the story of a proverbial "do gooder" (played by James Stewart) who goes to Washington as the junior senator from his state, hoping to make important changes...more

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