Most retirement plan sponsors know that ERISA - the federal law that imposes duties (and liability for breaching those duties) on certain individuals and entities that are defined as plan fiduciaries – is the primary source...more
In a matter of first impression, the Michigan Court of Appeals held that municipalities may use tax dollars assessed under the Fire Fighters and Police Officers Retirement Act (a/k/a “Act 345”) to fund police and fire retiree...more
On January 26, Indiana Attorney General Todd Rokita issued a press release, endorsing Indiana House Bill 1008, which codifies Indiana Public Retirement System (INPRS) policy to prioritize the financial returns of public...more
Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, No. 20-222: In this securities-fraud class action, plaintiff pension funds brought suit against the Goldman Sachs Group, alleging that Goldman had maintained an...more
Employers who sponsor and maintain retirement plans on behalf of their employees and who engage investment advisors to provide investment-related advice to participants may take comfort in knowing there is a new prohibited...more
In previous alerts, we addressed potential presumptions in workers’ compensation laws in Pennsylvania and New Jersey for essential employees (with broad and uncertain definitions of this category of workers). Aside from...more
The ongoing COVID-19 pandemic has presented public retirement systems with significant financial challenges that may cause some employers to attempt to disaffiliate or withdraw, leading to disputes about their ability to...more
The ongoing COVID-19 pandemic has presented public retirement systems with a serious financial challenge. In response ? beyond reducing current retirees’ COLA, which we covered in Part I — plan settlors may seek to reduce...more
Public retirement systems in the United States are among the entities that may be particularly affected by the COVID-19 pandemic and the resulting economic downturn that has upended so many businesses and governments...more
The shortest week of the 60-day regular session of the West Virginia Legislature ended last Friday with the Senate introducing 284 bills, while the House of Delegates introduced 332 bills....more
Below, please find a discussion of recent developments in New Hampshire and New York. New Hampshire The New Hampshire Office of the Attorney General recently has indicated that, going forward, it will interpret state...more
On December 20, 2016, the California Court of Appeal struck another blow to a legal challenge brought against an employer who changed its pension policies in the wake of the Public Employees’ Pension Reform Act of 2013...more
On Aug. 17, 2016, Division Two of the First District Court of Appeal issued a unanimous published decision in MAPE et al. v. MarinCERA, et al. (Aug.17, 2016, A139610) upholding the constitutionality of certain aspects of the...more
The New York City Retirement Systems (NYRS) recently published a major overhaul of their proxy voting policies, the first in 30 years. Released in April 2016, the “Corporate Governance Principles and Proxy Voting Guidelines”...more
The recent decision in Fry v. City of Los Angeles (California Second District Court of Appeal Case No. B259791, March 7, 2016) held, after careful parsing of the language in the City Charter and the applicable City...more