An analysis from October Three also finds certain industries are more drawn to the plan design that is viewed as less risky than traditional DB plans.
A court ordered Colgate-Palmolive to recalculate benefits paid to certain retirees from its cash balance plan but stayed the relief to allow time for an appeal.
For cash balance plans that were left unfrozen, small business employers may have been able to utilize a PPP loan to fund it.
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.
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.”
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.
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.
Internal Revenue Code (IRC) Section 411(d)(6) provides that an accrued benefit may not be decreased by amendment.