News & Analysis as of

Retirement Pensions

An Overview of Legal, Regulatory and Plan Design Considerations for States

by K&L Gates LLP on

Americans are facing a retirement crisis. The foundation for building a secure retirement — Social Security, employer-provided pensions, and personal savings — has been weakened because most private sector companies no longer...more

Littler Global Guide - Portugal - Q1 2017

by Littler on

State Budget Law 42/2016 of December 28, 2017 - Enacted Legislation - Effective January 1, 2017, State Budget Law for 2017 introduced various modifications to the labor law landscape, which have had an immediate...more

Planning ahead: the FCA's 2017/18 Business Plan priorities and strategic framework

by Hogan Lovells on

The FCA's latest Business Plan demonstrates a commitment to pushing forward on both existing and new initiatives across sectors, focused on maintaining fair consumer outcomes in the rapidly changing UK financial services...more

Are Employers Required to Make Contributions to Union Pension Fund for “Bonus” Payments?

by Farrell Fritz, P.C. on

Hammering Nails Construction has a CBA (collective bargaining agreement) with Local 1 of the United Brotherhood of Widgetmakers (“Union”). After a pension fund audit, Hammering Nails received a letter claiming it owed...more

Who is a “parent” in the Ontario pension world? And why does it matter?

by Dentons on

Any person who is the “spouse” of a member of a registered pension plan in Canada has rights regarding the pension entitlement of his or her partner. That important policy has been entrenched in pension legislation for...more

DOL Fiduciary Rule Still On for April 10 Implementation

by Burr & Forman on

The Department of Labor’s Fiduciary Duty Rule remains on track for April 10 implementation, notwithstanding a maelstrom of hype about it. Nearly everyone expected the new administration would delay the Rule – and many...more

Puerto Rico Treasury Issues New Guidance on Rules and Procedures for Qualification of Retirement Plans

by Littler on

The Puerto Rico Department of the Treasury (the “PR Treasury”) issued Tax Policy Circular Letter No. 16-08 on December 23, 2016 (“CL 16-08”). CL 16-08 establishes new rules regarding the validity of retirement plan...more

SEC Staff Announces 2017 OCIE Examination Priorities

On January 12, 2017, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more

Recent Budget Measures Bill Amends Ontario Pension Legislation

On November 16, 2016, Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016 (Bill) received first reading in Ontario’s legislative assembly. If passed, the Bill will amend the Pension Benefits Act (Ontario)...more

Environmental, Social and Governance Factors: Should Pension Plan Administrators Look to Rating Agencies for Links Between ESG and...

by Dentons on

In my August 17, 2016 post, I summarized Ontario’s recent changes to the Pension Benefits Act and Regulation that require a pension plan’s statement of investment policies and procedures (“SIPP”) to include information as to...more

Ontario Pension Advisory Committees

by Dentons on

If you are involved with the administration of an Ontario registered pension plan, you should familiarize yourself with new Ontario rules regarding pension advisory committees. The new rules will be effective January 1,...more

A Trump Presidency: Potential Impact on Employee Benefits Law and Policy

by Franczek Radelet P.C. on

For many months, we have been speculating about how the results of the 2016 presidential election would impact employee benefits policy going forward. Now that Donald Trump has won the election and Republicans have secured a...more

Mandatory Payroll Deduction Savings Programs Are on the Rise

by Littler on

According to the U.S. Department of Labor (DOL), one-third of American workers do not have the option to participate in a retirement savings plan through their employers. To help employees save for retirement, more states are...more

Workplace Policy Institute Insider Report - October 2016

by Littler on

Littler's Workplace Policy Institute Insider Report details key labor, employment, and benefits news and events at the federal, state, local, and global levels. The October edition of the Insider Report examines what Congress...more

Penalties Increased for Employee Benefit Plan Violations

by Varnum LLP on

Recently-enacted legislation has increased many penalty amounts for certain employee benefit plan violations. The new penalties – some of which are more than double previous amounts – were adjusted to catch up with inflation...more

Environmental, Social and Governance Factors: Does Failure to Consider ESG Issues Constitute a Breach of Fiduciary Duty?

by Dentons on

Changes made to the Ontario Pension Benefits Act and Regulation (the “Ontario PBA”), which came into force on January 1, 2016, now require a pension plan’s statement of investment policies and procedures (“SIPP”) to include...more

Teamsters’ Central States Pension Plan: A Saga Becomes a Nightmare?

Created in 1955, the CSPP remains one of the largest and oldest multiemployer pension plans in the United States, funding the pensions of 400,000 active and retired Teamsters. Shockingly, with the decline in the unionized...more

U.S. employers targeted by lawsuits claiming excessive fees in employee retirement and savings plans: Could it happen in Canada?

by Dentons on

I recently wrote about the legal risks regarding plan fees that should be considered by Canadian employers who sponsor group registered retirement savings plans and defined contribution pension plans....more

Appellate Division Finds c.78 Health Benefits Contributions Requirements Do Not Apply to Public Sector Disability Retirees

by Genova Burns LLC on

Last month, in Brick Twp. PBA Local 230 v. Twp. of Brick, the Appellate Division of the Superior Court of New Jersey confirmed that N.J.S.A. 40A:10-21.1, P.L. 2011, c. 78, § 42, more commonly known as Chapter 78, does not...more

Higher Education Highlights - Spring 2016

Upcoming changes to the Fair Labor Standards Act salary-basis test may convert many of your smartphone-toting exempt employees into non-exempt employees, requiring you to track the evening and weekend time these employees...more

Illinois Supreme Court Strikes Down City of Chicago Pension Reform Legislation

by Franczek Radelet P.C. on

Late last week, in Jones et al v. Municipal Employees’ Annuity and Benefit Fund of Chicago et al (“Jones”), the Illinois Supreme Court struck down Public Act 98-641, which aimed to shore up two ailing Chicago pension funds. ...more

Tax-efficient Pension Savings in the UK: Government Applies Further Restrictions

by Latham & Watkins LLP on

Employers may want to adjust compensation packages, and high-earners may want to revise their retirement savings strategies. In recent years, the UK government has reduced the lifetime and annual thresholds up to which...more

IRS Issues Proposed Regulations Regarding Applicability of Normal Retirement Age to Governmental Pension Plans

by Miller Canfield on

In a change that would impact government employers with retirement plans, the IRS has proposed a rule to address whether the normal retirement age under a governmental plan satisfies the requirements to preserve...more

CFPB issues guide on pension payouts

by Ballard Spahr LLP on

The CFPB has issued a guide that is intended to assist near-retirees with private sector payment plans in deciding whether to choose monthly payments or a lump-sum payout. The guide includes a series of questions for...more

What Does the Trust Requirement of ERISA Mean?

ERISA requires that plan assets be held in trust so that they are protected from claims of the employer. With pension plans, it is generally easy to determine when assets become plan assets and when they should be held in...more

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