$18M Judgment Ordered in Alliant Cash Balance Case
August 28, 2012 (PLANSPONSOR.com) - A federal judge has approved calculations for an award to former participants in Alliant Energy Corp.’s cash balance plan.
Compliance
Plan Definition of NRA Did Not Lead to Backloading
August 27, 2012 (PLANSPONSOR.com) - Bank of America did not employ a normal retirement age (NRA) for its cash balance plan, creating a violation of the Employee Retirement...
USI Advisors Settles DOL Suit Over Fees
August 23, 2012 (PLANSPONSOR.com) - USI Advisors Inc. has agreed to pay $1,265,608.70 to 13 pension plans to resolve alleged violations of the Employee Retirement Income Security Act...
Health Plan Did Not Cover Employee on Disability Leave
August 23, 2012 (PLANSPONSOR.com) - A decision by the 6th U.S. Circuit Court of Appeals should warn employers to know their health benefits plan design.
IRS to Hold Forum About Correcting 401(k) Plan Mistakes
August 23, 2012 (PLANSPONSOR.com) - The Internal Revenue Service (IRS) announced a retirement plans phone forum, “EPCRS: Correction of 401(k) Plan Mistakes,” for September 7.
Employer May Withdraw From Multi-Employer Plan in Critical Status
August 22, 2012 (PLANSPONSOR.com) - The Pension Protection Act (PPA) does not bar an employer from withdrawing from a multi-employer pension plan that is in critical status, a...
PBGC Will Pay Pensions Owed by Newsprint Producer
August 21, 2012 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) will pay retirement benefits for nearly 1,300 current and future retirees of SP Newsprint Co.
DOL Sues Auto Supplier for Diverting Retirement Assets
August 20, 2012 (PLANSPONSOR.com) - The U.S. Department of Labor is suing to restore $34.6 million in assets to two pension funds for employees of auto supplier Metavation.
Stepchildren Not “Children” for Purposes of Death Benefit
August 20, 2012 (PLANSPONSOR.com) – A federal appellate court has determined a plan administrator was right in bypassing a deceased retirement plan participant’s stepchildren when distributing his account.
Model Portfolio Guidance Should Not Be Ignored
August 16, 2012 (PLANSPONSOR.com) - All the controversy regarding the Department of Labor’s (DOL’s) guidance about fee disclosures for brokerage windows may have overshadowed its guidance for model...
PBGC to Begin Back Payments for United Airlines Retirees
August 15, 2012 (PLANSPONSOR.com) – The Pension Benefit Guaranty Corporation (PBGC) announced its completion of corrective work for United Airlines retirees’ pension amounts.
State Department Cannot Force Out Worker at Age 65
August 14, 2012 (PLANSPONSOR.com) – A federal court has found that the Secretary of State cannot fire a contracted overseas worker just because the worker turns 65.
Successor Employer Bound to Retiree Health Benefits by CBAs
August 9, 2012 (PLANSPONSOR.com) – A federal appellate court has agreed that retirees of a window furnishings manufacturer and their dependants are entitled to employer-paid health benefits for...
Overestimate of Pension Benefit Not a Fiduciary Breach
August 3, 2012 (PLANSPONSOR.com) – A recent Employee Retirement Security Act (ERISA) court case demonstrates the importance of disclaimers in retirement plan communications.
NYC Sued for Military Member Police Officers’ Pensions
August 3, 2012 (PLANSPONSOR.com) – A U.S. Attorney has filed a class action lawsuit against the City of New York, the New York City Police Department (NYPD), and...
EBSA Hosts COBRA Workshop in Portland
August 3, 2012 (PLANSPONSOR.com) - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is offering a COBRA workshop in Portland, Oregon.
Vending Company President Charged with Embezzlement
August 2, 2012 (PLANSPONSOR.com) - The former president of a Wisconsin company and trustee of its 401(k) plan has been charged with embezzling from the plan.
Court Moves Forward Request for Benefit Calculation Details
August 2, 2012 (PLANSPONSOR.com) – A federal judge has determined that retirement plan participants have a right to sue a plan sponsor that does not provide details used...
Plan Providers Sued for “Unsuitable” Retirement Program
August 2, 2012 (PLANSPONSOR.com) – Two small businesses and participants in their retirement plans are suing fiduciaries who gave them investment advice and administered the plans.
IRS Issues Guidance for Notices of Benefits Limitations
August 2, 2012 (PLANSPONSOR.com) – The Internal Revenue Service (IRS) has issued guidance for certain defined benefit (DB) plans that must place limitations on benefits.