News & Analysis as of

Employee Retirement Income Security Act (ERISA) › Pensions › Annuities

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

A Marriage of Old and New: Transamerica, Nuveen, and TIAA Team Up on Lifetime Income Solution

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

In a world where retirement plan innovation often comes with more flash than substance, it’s refreshing to see a strategic alliance that actually addresses a fundamental challenge in defined contribution plans: providing real...more

Seyfarth Shaw LLP

First Rulings on Pension Risk Transfer — ERISA Class Actions Reach Opposite Conclusions on Article III Standing

Seyfarth Shaw LLP on

The first two district court opinions deciding whether plaintiffs have Article III standing to challenge pension risk transfers have reached opposite conclusions. One case will proceed to discovery, and the other has been...more

The Wagner Law Group

Pension Risk Transfers and the Continuing Concern About Buying a Pig in a Poke

The Wagner Law Group on

Pension risk transfers (“PRTs”) continue to make the news. And well they should. Last year alone, over $100 billion in liabilities were transferred from defined benefit pension plans to insurance companies. And the trend...more

Bricker Graydon LLP

Pension Risk Transfer Considerations and Recent Litigation - A Case of Imprudent “Passing the Buck” or Sound Risk Management?

Bricker Graydon LLP on

Over the last several years, numerous large pension plan sponsors have transferred billions of dollars in financial risk related to their pension plan benefit obligations to insurance companies through the purchase of group...more

Burr & Forman

The Countdown Begins for Lifetime Income Disclosures

Burr & Forman on

The SECURE Act of 2019 made three statutory changes to ERISA regarding lifetime income benefit payments from defined contribution plans (e.g., 401(k), 403(b), profit sharing, and money purchase pension plans). This blog will...more

Groom Law Group, Chartered

Big Win for Employer in Actuarial Equivalence Case – Class Certification Denied

Groom Law Group, Chartered on

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

Holland & Knight LLP

The Latest Decisions in Actuarial Equivalent Lawsuits

Holland & Knight LLP on

In an opinion issued in Smith v. Rockwell Automation, Inc., et al., No. 19-C-0505 (E.D. Wis.) on Feb. 10, 2020, U.S. District Judge Lynn Adelman denied Rockwell Automation's motion to dismiss a putative class action complaint...more

Groom Law Group, Chartered

Court Challenges to DB Plan Actuarial Assumptions – One Year Later

Groom Law Group, Chartered on

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

Blank Rome LLP

Why Employers Should Think Twice About Adding Annuity Payments to Their §401(K) Plan

Blank Rome LLP on

INTRODUCTION - Now that §401(k) plans have replaced traditional pension plans as the overwhelming type of employer-sponsored type of retirement plan, there is a growing concern that many employees are not equipped to make...more

Laner Muchin, Ltd.

Pension Plan Sponsors Should Be Mindful Of A New Wave Of Class Action Lawsuits

Laner Muchin, Ltd. on

In December 2018, class action lawsuits under the Employee Retirement Income Security Act (ERISA) were filed against several large single-employer defined benefit plans.  The suits focus on the calculation of joint and...more

Franczek P.C.

Employee Benefits Alert - July 2015

Franczek P.C. on

Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...more

Eversheds Sutherland (US) LLP

It's Curtains for Some Lump-Sum Window Programs

Eversheds Sutherland (US) LLP on

On July 9, the Internal Revenue Service (IRS) released Notice 2015-49 to announce it intends to prohibit retirees who are receiving annuity payments from a defined benefit pension plan from electing a lump sum in lieu of the...more

Williams Mullen

Ex-Husband Fails in Attempt to Use Texas Law to Impose Constructive Trust on Former Spouse’s Survivor Annuity

Williams Mullen on

A former husband’s attempt to use Texas law to deprive his first wife of a survivor annuity under his pension plan has been firmly rejected by the U. S. Court of Appeals for the District of Columbia. Vanderkam v. Vanderkam,...more

McGuireWoods LLP

PBGC Wants Reporting on Lump-Sum Pension Cash-Outs and Annuity Purchases

McGuireWoods LLP on

With pension buyouts continuing apace, the Pension Benefit Guaranty Corporation (PBGC) has asked the Office of Management and Budget (OMB) for approval to modify the PBGC’s 2015 premium payment forms to require reporting of...more

Proskauer - Employee Benefits & Executive...

PBGC Issues Final Regulations Regarding Rollovers from Defined Contribution Plans to Pension Plans

Proskauer - Employee Benefits & Executive... on

The PBGC has recently initiated efforts to enhance retirement security for Americans by promoting lifetime income options (i.e., annuitized benefits). As part of these efforts, as well as those of the IRS and U.S. Department...more

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