News & Analysis as of

Pension Reform

Proskauer Rose LLP

PBGC Issues Guidance on New Special Financial Assistance Program for Troubled Multiemployer Pension Plans

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As we previously reported, the American Rescue Plan Act of 2021 (“ARPA”) created a special financial assistance program that is administered by the Pension Benefit Guaranty Corporation (“PBGC”) and intended to extend the...more

Faegre Drinker Biddle & Reath LLP

PBGC Issues Interim Regulations on Special Financial Assistance for Multiemployer Pension Plans

Multiemployer pension plans are collectively bargained defined-benefit employee benefit plans that are funded by several unrelated employers for the benefit of unionized employees. In recent years, the crisis of significantly...more

Akin Gump Strauss Hauer & Feld LLP

Pension Reform Forces Employers to Consider Their Future Participation in Multiemployer Plans

Many employers in the retail, construction, service, entertainment, manufacturing and transportation industries contribute to multiemployer defined benefit pension plans (MEPs) on behalf of their unionized employees. A large...more

Downs Rachlin Martin PLLC

Vermont Legislative Update Week 17 | Government and Public Affairs

Legislative Chess - It’s the time of year when the legislature plays chess. Sometimes it even plays speed chess, with programs, initiatives, and tax code changes flying in and out of bills as they move back and forth...more

Epstein Becker & Green

ARPA’s Impact on Multiemployer Pension Plans and Contributing Employers

Epstein Becker & Green on

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”). ARPA is the latest COVID-19-related stimulus legislation passed by Congress, but, unlike prior legislation, ARPA provides expansive...more

Hogan Lovells

New criminal offences and unlimited fines: what employers need to know about the Pensions Regulator's new powers (Updated February...

Hogan Lovells on

After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be "clearer, quicker and tougher". The new Pension Schemes Act 2021 (the Act), which received Royal Assent on 11 February 2021,...more

Hogan Lovells

Increasing normal minimum pension age to 57: consultation

Hogan Lovells on

HM Treasury and HMRC are consulting on the implementation of the increase to normal minimum pension age (NMPA) from 55 to 57 from 2028.  The consultation chiefly addresses how individuals with a right to early retirement...more

Proskauer Rose LLP

New COVID-19 Stimulus Bill Includes Significant Pension Reforms and Expands Scope of 162(m) Compensation Deduction Limit

Proskauer Rose LLP on

Today, the House of Representatives passed the $1.9 trillion American Rescue Plan Act of 2021 (the “ARPA”). The ARPA has already been approved by the Senate and is expected to be quickly signed into law by President Biden....more

Polsinelli

American Rescue Plan Brings $86 Billion in Relief to Failing Multiemployer Pension Plans

Polsinelli on

The American Rescue Plan that was sent to President Biden’s desk on March 11, 2021 includes an $86 Billion aid package that provides financial assistance to underfunded multiemployer pension plans facing critical or declining...more

Groom Law Group, Chartered

Another Major Pension Reform for Multinational Companies to Watch: Netherlands DB to DC

Notwithstanding the pandemic, or perhaps accelerated by the financial and social implications of it, some countries are continuing apace with making significant changes to their pension systems. One that is accelerating is...more

Morgan Lewis - ML Benefits

Outlook for Multiemployer Pension Plan Reform in 2021

The ongoing effort to provide relief for troubled multiemployer pension plans took many twists and turns in 2020, and the year ended once again without an agreed-upon solution. Looking forward to 2021, the incoming Biden...more

White & Case LLP

Bill of Amendment to the Pensions System in Mexico

White & Case LLP on

On September 25, 2020, the Federal Executive submitted to the House of Representatives an amendment bill regarding an "INITIATIVE WITH DECREE PROJECT THROUGH WHICH CERTAIN PROVISIONS OF THE SOCIAL SECURITY LAW (LEY DEL SEGURO...more

Littler

México: Fortalecimiento del Sistema de Pensiones

Littler on

El 22 de julio de 2020 el gobierno federal a través de la Secretaría de Hacienda y Crédito Público (SHCP) anunció el programa de “Fortalecimiento del Sistema de Pensiones”, mismo que está respaldado por el Consejo Coordinador...more

Littler

Strengthening Mexico’s Retirement Pension System

Littler on

On July 22, 2020, Mexico’s federal government announced through the Ministry of Finance the “Strengthening the Retirement Pension System,” a program supported by the Business Coordinating Council (BCC) and Mexico’s Workers...more

Groom Law Group, Chartered

SECURE Act Testing Relief for Closed/Frozen Defined Benefit Plans

In recent years, many defined benefit (“DB”) pension plan sponsors have taken action to limit ongoing coverage and benefit accruals of their DB plans.  Over time these plans may have difficulty continuing to satisfy the...more

Groom Law Group, Chartered

Senate Republicans Release Proposal for Multiemployer Pension Reform

On November 20, Republican Senators Charles Grassley and Lamar Alexander – chairmen of the committees with jurisdiction over pensions – jointly released the Multiemployer Pension Recapitalization and Reformation Plan (the...more

Dentons

Pension reform and age discrimination

Dentons on

The Court of Appeal found that the transitional provisions in two public sector pensions schemes, designed to protect older workers, unlawfully discriminated against younger workers on the grounds of age.These cases (which...more

Best Best & Krieger LLP

[WEBINAR] Update on Pension Litigation

With the split in opinions regarding the scope and application of the California Rule in the Marin and Alameda cases, the California Supreme Court has agreed to hear appeals of both. While these two cases, and another pending...more

McGuireWoods LLP

Housekeeping Items at Ways and Means and Senate Finance

McGuireWoods LLP on

In June, the congressional tax-writing committees may hold additional hearings on the economic impact of tax reform. Additionally, a House Ways and Means Committee hearing regarding the impact of tariffs on international tax...more

Faegre Drinker Biddle & Reath LLP

Minnesota Legislative Update: Two Steps Back

When the Minnesota Legislature convened in February, the state had just announced a modest budget surplus. Lawmakers and Governor Mark Dayton were optimistic that they could reach agreement on a capital investment bill, a tax...more

Blake, Cassels & Graydon LLP

Ontario Pension Funding Reform and Administrator Discharge upon Annuity Purchase

On December 14, 2017, the Ontario government posted descriptions of two proposed regulations to the Ontario Pension Benefits Act (PBA) regarding the funding rules for defined benefit pension plans and the availability of an...more

Nexsen Pruet, PLLC

SC Public Policy Update - January 2017

Nexsen Pruet, PLLC on

What's New - Members of the South Carolina General Assembly returned to Columbia on Tuesday, January 10th, to begin the first year of the 122nd Legislative Session. The top priorities facing lawmakers entering the new...more

Nossaman LLP

Court of Appeal Rejects Another Post-PEPRA Challenge

Nossaman LLP on

On December 20, 2016, the California Court of Appeal struck another blow to a legal challenge brought against an employer who changed its pension policies in the wake of the Public Employees’ Pension Reform Act of 2013...more

Dentons

UK Financial Regulatory Developments - April 2016 #23

Dentons on

PSR reviews competition in the payments sector - Carole Begent, PSR Head of Legal, has given a review of competition in the payments sector. She discussed the three ways in which concurrency can be approached, namely the...more

Franczek P.C.

Illinois Supreme Court Strikes Down City of Chicago Pension Reform Legislation

Franczek 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

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