By Brydon M. DeWitt The Supreme Court of the
United States recently clarified the relief available to plan
participants and beneficiaries for inaccurate plan descriptions.
Although it confirmed that plan documents control over conflicting plan
descriptions, the Court also held that a participant...
David Pratt on Hybrid Pension Plan Final
On October 19, 2010, Treasury and IRS issued final
regulations on hybrid retirement plans. The regulations provide guidance on the
changes made by the Pension Protection Act of 2006 (PPA), as amended by the
Worker, Retiree, and Employer Recovery...
By Debra Brubaker
Candidate 2012, University of California, Hastings College of the Law; Doctor
of Philosophy, University of Minnesota.
Excerpt from Too Big to Fail and Too Big to Pay: States,
Their Public-Pension Bills, and the Constitution , 39 Hastings Const. L.Q.
By Gavin Reinke*
* Candidate for Doctor
of Jurisprudence, May 2012, Vanderbilt University Law School.
Excerpt from When a
Promise Isn't a Promise: Public Employers' Ability to Alter Pension Plans of
Retired Employees, 64 Vand. L. Rev. 1673 (October 2011)
The economic downturn...
State and local governments traditionally provide employees with defined benefit pension plans, which guarantee a certain amount of retirement income for life. The economic downturn has impacted state and local government revenues and the costs associated with maintaining these plans. According to reports...
economic downturn has impacted state and local government revenues, and the
costs associated with maintaining defined benefit pension plans and unfunded
liabilities are on the rise. Legislation has been drafted to address perceived
problems with state and local public pensions to require them to...
Do ERISA and the IRC prohibit enforcement of a money judgment against a defined contribution plan? In this Analysis, Barry L. Salkin of Olshan Grundman Frome Rosenzweig & Wolosky LLP addresses this and the other issues. He writes:
SUMMARY : A defined contribution plan beneficiary sued under ERISA...
A Florida circuit court ruled last week that Gov. Rick
Scott (R) and Republican legislative leaders' decision last year to cut public
employee salaries to offset the state's contribution to their pension fund was
an unconstitutional breach of contract.
"The 2011 Legislature, when...
Pension and postretirement benefits represent a significant
cost to employers. The Financial Accounting Standards Board has specified that
postretirement benefits are a form of deferred compensation. FASB concluded
that the obligation to provide postretirement benefits is incurred as the
WASHINGTON, D.C. - (Mealey's) The District of Columbia U.S. Circuit Court of Appeals on Jan. 25 declined to enforce a National Labor Relations Board ruling that an employer violated the National Labor Relations Act (NLRA) by refusing to reduce an oral agreement to writing and signing off on a collective...
by Lou Cannon
Detroit's bankruptcy made a brief splash last month before being driven from the headlines by terrorist warnings, congressional intransigence and the sexual shenanigans of a New York City mayoralty candidate and the San Diego mayor. But as a possible portent for other cities and...
Judge Rhodes ruled yesterday that the city's bankruptcy can proceed. He also ruled that the state constitutional provision that protects state employees' pensions from being diminished or impaired is preempted by federal law. Appeals will be filed, but the bankruptcy will move forward. Judge...
by Korey Clark
This month the federal bankruptcy court judge presiding over Detroit's bankruptcy case, ruled that the city's public pensions were not untouchable, even though they are expressly protected under Michigan's Constitution. "Pension benefits are a contractual right and...
by Ben Feder
The recent ruling by Judge Stephen Rhodes finding the City of Detroit eligible for protection under Chapter 9 of the U.S. Bankruptcy Code has rightly received considerable attention. The determination that Detroit has met the standards under Section 109(c) of the Bankruptcy Code to be...
By Mark S. Thomas and Robert W. Shaw
The U. S. Court of Appeals for the District of Columbia Circuit has joined five other federal circuits to rule that pension plan participants need not exhaust a plan’s internal remedial procedures before they file suit in federal court to assert violations...