PRT Activity Anticipated to Increase Within the Decade
Several factors will likely drive more mid-market and large plan sponsors to initiate pension risk transfer (PRT) transactions, surveys show.
Lawsuit Accuses Sponsor of DuPont Pension Plan of ‘Sleight of Hand’
Plan fiduciaries are accused of misleading participants in benefits communications and interfering with benefits by arbitrarily assigning them the status of 'terminated' due to a spinoff.
IRS Provides Guidance on New Funding Relief Rules for Single-Employer DB Plans
Among other things, it explains the manner and timing of making elections under the American Rescus Plan Act (ARPA), as well as the flexibility to redesignate contributions between plan years.
Former Employee Claims DuPont Misled Him About Benefits Availability
A federal judge has found it plausible that DuPont was misleading, based on benefits notices sent to the former participant.
New Stimulus Package Includes Help for DB Plan Sponsors
Both single-employer plans and multiemployer plans will get help with funding.
Neal Proposes New Bill to Help Multiemployer Pensions
The bill would also extend funding relief for single-employer defined benefit plans.
Court Again Finds No ERISA Fiduciary Act in DuPont Pension Case
The plaintiffs in the case claimed the company implemented a corporate restructuring in a way to avoid pension plan obligations.
MTA Sues Investment Manager for Not Protecting Funds During COVID-19
New York transit worker pension plans say the firm's mismanagement caused 'astonishing' losses.
DB Plan Investment Provider and Investment Adviser Sued Over Market Losses
The Blue Cross and Blue Shield Association National Employee Benefits Committee says if the investment strategy of certain funds had been followed, they wouldn't have lost as much this year.
Parties Voluntarily Dismiss Case Challenging American Airlines’ DB Plan Calculations
The case applied to several DB plans sponsored by the company and challenged the use of an "inherently unreasonable" mortality table for calculating benefits.
IRS Moves Certain Deadlines for DB, 403(b) Plans
The agency says it is postponing deadlines for certain time-sensitive actions required by these plans and others because of the COVID-19 emergency.
DowDuPont Pension Spin Off Lawsuit Dismissed
A court found most actions alleged in participants' complaint were not fiduciary functions.
DB Plans Get Relief for Certain Premium Payments and Filings
Due dates for filings or actions that would otherwise have been due on or after April 1, and before July 15, have been extended to July 15.
IRS Extends Remedial Amendment Periods for 403(b) and DB Plans
The March 31 deadline for 403(b) plans has been extended to June 30; the April 30 deadlines for DB plans have been extended to July 31.
Hilton Hotels Accused of Improperly Calculating Pension Plan Vesting
The plaintiffs allege Hilton is not using an elapsed time method dictated by a prior court decision.
Delta Air Lines Must Face Lawsuit Over Pension Payments
Retirees sued for denial of benefits, claiming Delta was wrong to offset their pension payments by a workers' compensation settlement they received.
Rockwell Automation Must Face ERISA Challenge
Allegations in the lawsuit, which has now cleared Rockwell’s dismissal motion, echo those filed in other lawsuits challenging the actuarial assumptions used by pension plan sponsors to value alternative forms of benefits other than the default.
AT&T Faces Challenge to Early Retirement Benefit Calculations
Former participants in AT&T's pension plan say that because factors have not been updated to be in line with reasonable actuarial assumptions, they do not yield actuarially equivalent payments to participants as required by ERISA.
Plan Sponsors Using PBGC Lump-Sum Assumptions May See Changes
The agency has issued proposed rules on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans, as well as the assumptions PBGC uses to determine de minimis lump sum benefits in PBGC-trusteed terminated single-employer defined benefit (DB) pension plans.
U.S. Weighs In on Supreme Court Consideration of Pension Case
Both the U.S. Solicitor and the Pension Rights Center argue that current funded status of a defined benefit (DB) plan is not a proper measure for whether the participants have a right to sue for breaches of fiduciary duties and prohibited transactions under ERISA.