Is the 20-Year-Old Amara v. CIGNA Case Finally Done?
A court disagreed with plaintiffs that CIGNA was not following orders when calculating remedies in the case, and the court has now denied a review of that decision.
Tag: cash balance plans
CIGNA Cash Balance Participants Say Company Is Not Following Court Orders
Plaintiffs in the long-standing Amara v. CIGNA case say the company is using alternative methods than what a court ordered to calculate cash balance plan benefits that would take away "hundreds of millions of dollars in the relief provided to remedy CIGNA’s disclosure violations.”
TPA Announces Cash Balance and DB Plan Administration Fees
Steidle Pension Solutions, LLC (SPS) announced that plan sponsors using SPS administration and actuarial services will pay only $1,200 for full-service administration, and its plan document restatement fee is only $325.
Cash Balance Plan Clients Need Specialized Administrative Systems
Cash balance plan participants expect the same service and information from their pension plan as from a defined contribution (DC) plan.
MetLife Pension Calculations Questioned in ERISA Complaint
The complaint suggests MetLife is failing to meet its obligations to ensure different annuity options offered to pension plan participants are actuarially equivalent default benefit, as required under ERISA.
Practice Development
Compliance
Cash Balance Plans on the Rise
As participants approach retirement, the plans let them “turbo-charge their saving.”
How to Abide By the Rules When Amending a Cash Balance Plan Interest Crediting Rate
Internal Revenue Code (IRC) Section 411(d)(6) provides that an accrued benefit may not be decreased by amendment.