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
A recent district court decision improperly (in our view) restricts the ability of plan sponsors to modify participant distribution elections after normal retirement age. We describe the decision, and offer some...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) passed earlier this year delayed the due date of quarterly and final contributions otherwise due in calendar year 2020 to January 1, 2021. But because...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