According to the ERISA Industry Committee (ERIC), Murphy’s latest order does not spell out the precise dollar amount of relief to which plaintiffs would be entitled. The court argued that employers should have known since 1999 that cash balance plans were age discriminatory, even though the IRS had been issuing determination letters for cash balance plans at that time (See Murphy’s Law: IBM Loses Cash Balance Ruling ).
The Administration’s recent proposal to define statutory rules for conversions to hybrid plans fails to address existing plan conversions, ERIC said (See Bush Releases Controversial Cash Balance Proposal )
Murphy’s latest decision is available at: www.eric.org/forms/uploadFiles/2F110000000A.filename.02-04_cooper_retro.pdf .
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