My colleague Jeff Cairns recently blogged about a proposed regulation of the Department of Labor (DOL) that will require employers to include on plan statements estimates of the lifetime annuity amount that a participant’s...more
On May 14, 2013, Governor Dayton signed into law legislation revising the definition of "marriage" in Minnesota to include same-sex marriage. The law becomes effective August 1, 2013....more
On the final argument day of the May term, the Illinois Supreme Court heard argument in Prazen v. Shoop, one of a brace of public employee pension cases currently on the Court's docket. ...more
One of the most important jobs in having clients as a retirement plan provider is retaining them and the fact is that happy clients rarely leave. Too often, plan providers lose clients over a lack of communication. As Led...more
When couples divorce, they divide up their “marital assets.” These include retirement accounts created or added to during the course of the marriage. Retirement accounts (along with the family residence) can be one of the...more
Tax-qualified pension, savings and retirement plans and individual retirement accounts (“IRAs”) are subject to complex prohibited transaction rules under § 4975 of the Internal Revenue Code of 1986, as amended (the “Code”...more
According to a recent study, Tennessee ranked at the top of a list of the 10 best states where retirees should spend their golden years. Tennessee is considered the best state for retirement based on its rating in several...more
Another feature of the Baby Boom Generation moving into retirement is the plethora of books written on the subject. Retirement for Dummies is part of the Dummies series of books on how to do everything. Of course, it’s very...more
Congressional hearings on the status of the Social Security system and studies on workers’ retirement readiness have sparked interest in lifetime income solutions from defined contribution plans. ...more
In 2008, the Sonoma County Board of Supervisors (“County”) acted to cap the county’s contributions for health care benefits for retired employees at $500 per month. The Sonoma County Association of Retired Employees...more
DIVIDING RETIREMENT ACCOUNTS - There are important differences associated with dividing retirement plans that are already in pay status and those that are not. Some people divorcing later in life are already retired,...more
Back in the fall of 2011, an expert committee chaired by Alban D’Amours was mandated by the Quebec government to analyze the state of the Quebec retirement income system and to make recommendations on how to improve it in...more
On April 10, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals.” Known as the “Green Book,” the document provides an explanation of the Administration’s FY...more
Executive Summary: ERISA “top hat” plan’s anti-alienation provision does not trump state garnishment laws. A familiar feature of ERISA is its protection of a participant’s retirement savings from creditors; ERISA...more
The last agenda item for Monday’s meeting of the Investment Committee of the Public Employees’ Retirement System was an ongoing ”Discussion of Investment Beliefs”. No, this wasn’t a theological discussion. For the last two...more
For many couples, Pension plans, IRAs, 401ks and other retirement plans represent a significant portion of their net worth. These assets are addressed as marital property in divorce settlement agreements, to be divided...more
The "paradise" stories for the post-playing careers of professional athletes are without a doubt under told. The success of Roger Staubach in building a real estate empire, the multiple businesses of NBA all-stars Magic...more
That's not a simple question to answer, as you balance the benefits of a lower cost of living with the realities of a soft real estate market and the emotional aspects of selling the family home ...more
Korman v. Consolidated Edison Co., No. 12-CV-1561 (JFB-ARL) (E.D.N.Y. Jan 16, 2013): The plaintiff brought the Employee Retirement Income Security Act (ERISA) and common law claims against his benefits provider,...more
Does your defined benefit plan have a lump sum option? Nearly forty percent of U.S. employers who sponsor defined benefit pension plans are at least “somewhat likely” to offer lump sums to retirees and vested terminated...more
According to a recent Bloomberg report, the Consumer Financial Protection Bureau is considering whether it should take a role in helping Americans manage their retirement savings. CFPB Director Richard Cordray told a...more
A group of retirees from Lawrence Livermore National Laboratory brought a lawsuit against the Regents of the University of California (“Regents”) after the University of California eliminated their University-sponsored health...more
In This Issue: - Health & Welfare Plans ..Health Care Reform: IRS Issues Proposed “Pay or Play” Regulations ..Health Care Reform: IRS Issues FAQs on Various ACA Issues ..HHS Issues Final HIPAA Regulations...more
An employee on disability leave brought a lawsuit against the county that employed her for failure to reinstate her or to help her apply for disability retirement benefits. A court of appeal held that the employee failed to...more
In This Issue: - Editors' Overview - The Future Role of Experts in ERISA Class - View from Proskauer: Health Insurance Exchanges and Retiree Medical Exits--Five Ways To Make Sure It's Really a "Soft...more
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