News & Analysis as of

Ninth Circuit Joins First Circuit in Finding that the Elimination of a Pension Transfer Option does not Violate ERISA's...

In Anderson v. DHL Retirement Pension Plan, the Ninth Circuit followed the First Circuit in finding that the elimination of the right to transfer an account balance from a defined contribution plan to a defined benefit plan...more

Illinois Supreme Court Rules that Public Sector Retiree Health Subsidies are Constitutionally Protected Benefits

As covered in more detail in a separate alert, the Illinois Supreme Court ruled in Kanerva v. Weems by a 6-1 margin that state-subsidized retiree health coverage premiums are subject to the pension protection clause of the...more

Private Equity Fund Charged by SEC with Violation of the Pay-to-Play Rules for Investment Advisors

The Securities and Exchange Commission ("SEC") recently announced that it had charged TL Ventures, a Philadelphia-area private equity firm (the "Firm") with the first ever case involving a violation of the "pay-to-play...more

Five New IRS Private Letter Rulings Confirm IRS’s Position Allowing Retiree Cashouts

We reported in 2012 on two private letter rulings (“PLRs”) issued by the IRS (PLR 201228045 and PLR 201228051) blessing certain retiree cashout programs. A retiree cashout program is a de-risking strategy used by defined...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

What’s in the Pensions Pipeline for 2014?

How the time flies. With 2013 having now drawn to a close, the attention of pension trustees and employers has turned to what pensions issues 2014 may bring. We have discussed some of the likely “agenda items” below....more

Private Equity Fund May Be Liable for Portfolio Company Withdrawal Liability

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, the First Circuit Court of Appeals held that an investment fund managed by private equity firm Sun Capital Advisors, Inc. (“Sun...more

Court Finds Private Equity Portfolio Company May Have Liability for Withdrawal by Another Portfolio Company

The US Court of Appeals for the First Circuit recently delivered a potentially far-reaching decision for the private equity industry. In a case which involved a typical private equity structure, Sun Capital Partners III, LP,...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 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

Argument Report: Early Retirement Incentives for Municipal Pensions

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

Recent Tax Court Case Exposes Risks of Indirect Prohibited Transactions by IRAs

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

Gray Divorce: Retirement Accounts and Estate Planning

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

CalPERS Discusses Adoption Of “Investment Beliefs”

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

Retirement and Pensions Update - Janurary 2, 2013

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

Illinois Supreme Court to Resolve Municipal Pension Dispute

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

Another Cash Balance Win for Employers

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

Retirement Program Bonds: New Tool for Michigan Municipalities

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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