Earlier this month, a group of retired employees of Citgo Petroleum Corporation filed a motion for settlement of their lawsuit claiming they were harmed by their pension plan’s use of unreasonable actuarial assumptions. The...more
On March 4, 2022, the United States District Court for the District of Massachusetts dismissed a putative class action alleging that a plan used outdated, and therefore unreasonable, actuarial assumptions when making benefits...more
Since 2019, plaintiffs’ counsel has filed just over a dozen class action lawsuits against plan sponsors and fiduciaries alleging that the plans use “unreasonable” actuarial equivalence factors, primarily “outdated” mortality...more
On January 12, 2021, the Department of Labor (the “DOL”) issued three pieces of guidance detailing the DOL’s view of what steps plan fiduciaries should take to locate and distribute retirement benefits to missing or...more
The U.S. District Court for the Northern District of Texas dealt a major blow to the putative class action Torres v. American Airlines, Inc., finding that the four named plaintiffs are not adequate class representatives for...more
6/10/2020
/ Actuarial Values ,
American Airlines ,
Annuities ,
Class Certification ,
Class Representatives ,
Corporate Counsel ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Pensions ,
Putative Class Actions ,
Retirement Plan
IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more
6/1/2020
/ 403(b) Plans ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Excise Tax ,
Filing Deadlines ,
Form 5500 ,
IRS ,
Pensions ,
Retirement Plan
Eleven cases have been filed against defined benefit pension plan sponsors and certain fiduciaries alleging that the plan’s assumptions—called “actuarial equivalence factors” or “actuarial equivalence assumptions”— for...more
2/19/2020
/ Actuarial Values ,
American Airlines ,
Annuities ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Motion to Dismiss ,
Pensions ,
Raytheon ,
Retirement ,
Retirement Plan ,
US Bancorp