The company was penalized for violating state law by conducting an unlicensed insurance business.
Tag: defined benefit plans
Protecting funded status, addressing inflation risk, adding value, and more are among suggestions from consultants and asset managers.
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.
Several factors will likely drive more mid-market and large plan sponsors to initiate pension risk transfer (PRT) transactions, surveys show.
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.
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.
A federal judge has found it plausible that DuPont was misleading, based on benefits notices sent to the former participant.
Both single-employer plans and multiemployer plans will get help with funding.
The bill would also extend funding relief for single-employer defined benefit plans.
The plaintiffs in the case claimed the company implemented a corporate restructuring in a way to avoid pension plan obligations.
New York transit worker pension plans say the firm's mismanagement caused 'astonishing' 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.
Part of the Supreme Court’s reasoning in affirming two lower court rulings in Thole v. U.S. Bank is the fact that the Department of Labor polices pension plan fiduciary violations, but plaintiffs’ attorneys say the resourced-strapped federal agency can’t do the job alone.
Normally the Supreme Court strives to structure its rulings with the narrowest possible scope and implications, but that is not always the case.
The agency says it is postponing deadlines for certain time-sensitive actions required by these plans and others because of the COVID-19 emergency.
The case is expected to help determine whether the millions of Americans whose pensions are held in defined benefit plans have the right to sue the fiduciaries of their plans for mismanaging assets, even when their own retirement benefit has not suffered.
A court found most actions alleged in participants' complaint were not fiduciary functions.
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.
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.
The plaintiffs allege Hilton is not using an elapsed time method dictated by a prior court decision.