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.