Retirement accounts, pension plans, and social security benefits are significant factors in negotiating a divorce settlement. These retirement assets can account for the majority of a couple’s net worth, especially if they...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
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
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
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
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
In This Update: Fiscal Cliff Deal Includes Provisions on Charitable Contributions and Roth Roll Overs; PBGC Testifies in Subcommittee Hearing on Multiemployer Plans; IRS Updates Retirement Plan Rules for Hurricane...more
After finding that an erroneous amendment to its pension plan had the unintended effect of increasing benefits payable under the plan to deferred vested members who elected to retire before their normal retirement date, Amcor...more
Our previews of the new civil cases granted review at the end of the Illinois Supreme Court’s November term continue with Prazen v. Shoop, a dispute about the politically charged issue of public employee pensions....more
In McCorkle v. Bank of America Corp., decided on July 25, 2012, the U.S. Court of Appeals for the Fourth Circuit affirmed the district court’s dismissal of claims that a cash balance pension plan sponsored by Bank of America...more
In October 2012, Governor Snyder signed into law SB 1129, designed to provide Michigan local governments with the ability to issue bonds or other municipal securities to pay all or part of the costs of their unfunded pension...more
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