Download or read book Cash Balance Pension Plans and Claims of Age Discrimination written by Erika Lunder and published by . This book was released on 2008 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cash Balance Pension Plans and Claims of Age Discrimination written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of whether cash balance pension plans violate federal laws that prohibit age discrimination has recently been examined by the federal courts, the Treasury Department, and Congress. The relevant age discrimination provisions are found in the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code (IRC), and the Age Discrimination in Employment Act (ADEA). There are two distinct claims that are usually made: (1) that cash balance plans inherently violate the age discrimination provisions because the rate of benefit accrual is decreased on account of age and (2) that the conversion of traditional defined benefit plans to cash balance plans violates the ADEA because of the negative impact on older workers. In the past few years, several courts have looked at these issues. In a case that has received significant attention, Cooper v. IBM Pers. Pension Plan, 274 F. Supp. 2d 1010 (S.D. Ill. 2003), a district court held that IBM's cash balance plan was discriminatory. It appears the court's reasoning would hold that cash balance plans inherently violate the age discrimination provisions. Other courts have held that the plans are not discriminatory or have dismissed the claims for procedural reasons. In 1999, in response to the growing controversy about whether the plans are discriminatory, the Treasury Department issued a moratorium on approving cash balance plans as qualified pension plans. In 2002, the Treasury Department proposed regulations that addressed the requirements a cash balance plan or conversion would have to meet in order to not violate the age discrimination provisions. These regulations were withdrawn in 2004. Also in 2004, the Treasury Department released a legislative proposal concerning the age discrimination issue, which has been included in the Administration's budget proposals for fiscal years 2005 and 2006. Since 2001, several measures have been introduced in Congress to address the age discrimination issue. In 2003, Congress attached a rider to the Treasury appropriations bill for FY2004 that prevented the Treasury Department from finalizing the proposed regulations. The House approved a similar measure the next year, but it was not included in the final appropriations bill. In the 109th Congress, two measures have been introduced that address the age discrimination issue: the Pension Preservation and Portability Act of 2005 (H.R. 2831) and the Pension Fairness and Full Disclosure Act (H.R. 2233 and S. 991). These bills are markedly different in their approaches. This report describes cash balance plans, discusses the arguments that cash balance plans do and do not violate the age discrimination prohibitions, provides an overview of the court cases, and addresses the activity by the Treasury Department and Congress. It will be updated as events warrant.
Download or read book The Cash Balance Condundrum i e Conundrum written by United States. Congress. Senate. Special Committee on Aging and published by . This book was released on 2001 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Examining Cash Balance Pension Plans written by United States. Congress. House. Committee on Education and the Workforce and published by . This book was released on 2004 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cash Balance Pension Plan Conversions written by Jonathan Barry Forman and published by . This book was released on 2001 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the hottest issues in the pension world today involves companies replacing their traditional pension plans with cash balance plans. A cash balance plan is a pension plan that looks like a bank account or a 401(k) plan. The problem is that replacing a traditional pension plan with a cash balance plan will reduce the expected pension benefits of older workers. As a result, older workers can see their future pensions cut - in some cases deeply. Not surprisingly, many of these older workers have felt cheated, and they have filed a number of lawsuits to stop these so-called cash balance conversions. This Article considers the various legal issues that are raised by cash balance conversions. In particular, this Article considers whether these conversions violate the Employee Retirement Income Security Act (ERISA) or the Age Discrimination in Employment Act (ADEA). The Article concludes that the typical cash balance conversion will not violate these laws. As long as the conversion protects the already-accrued benefits of older workers, ERISA will be satisfied. And, as long as post-conversion benefit allocations are nondiscriminatory, ADEA should be satisfied.
Download or read book Extending Work Life written by Robert Clark and published by W.E. Upjohn Institute. This book was released on 2017-02-28 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aging men and women are increasingly remaining in the labor force. Most often the reason for this is that they need to work additional years in order to be able to support an increasing number of years in retirement. This leaves employers scrambling for ways to adapt to a growing number of retirement-aged workers. Clark and Morrill provide a thorough assessment of the costs and benefits of accommodating later retirement ages, and they describe options employers may use to create some new form of employment contract with aging workers. The most prominent issues employers with aging workers face are declining productivity, rising labor and benefits costs, and a suboptimal age distribution of their workforces. According to the authors, employers could respond to these issues by finding new ways to accommodate older workers with, for instance, phased retirement and return-to-work policies. But the success of such policies also depends on tax policies and whether government-provided retirement benefits could be redesigned to play a role in a newly-defined employment relationship.
Download or read book Hybrid Pension Plans written by United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions and published by . This book was released on 2000 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Age Discrimination in Employment Law written by Barbara Lindemann and published by Bna Books. This book was released on 2003-01-01 with total page 1578 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Cash Balance Condundrum i e Conundrum written by United States. Congress. Senate. Special Committee on Aging and published by . This book was released on 2001 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Employee Benefits and Executive Compensation written by David J. Reilly and published by Kluwer Law International B.V.. This book was released on 2010-04-30 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most employers know that rewarding their best workers is good business. However, the “return” on such investment is difficult to measure, and wise employers think long and hard about two of their largest expense items – employee benefits and executive compensation. Today in the United States, under the glare of issues raised by the current financial crisis, company-sponsored benefits programs have become mere shadows of what they once were, and executive compensation has come under intense scrutiny to the point where the Treasury Department monitors it at companies receiving federal assistance. In recognition of the growing importance of employee benefits and executive compensation issues, the Center for Labor and Employment Law at New York University School of Law dedicated New York University’s 59th Annual Conference on Labor to an in-depth examination of these topics. This volume of the proceedings of the 2006 conference contains papers presented at that meeting, all here updated to reflect recent developments. It also includes contributions from other practitioners and academics with extensive knowledge and experience in this specialized field of labor and employment law.
Download or read book ERISA written by Andrew L. Oringer and published by Wolters Kluwer Law & Business. This book was released on 2023 with total page 1264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book ERISA Principles written by Peter J. Wiedenbeck and published by Cambridge University Press. This book was released on 2024-02-29 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: A systematic policy analysis of ERISA, the notoriously complex amalgam of labor, trust and tax law regulating employee benefit plans.
Download or read book ERISA A Comprehensive Guide 5th Edition written by Ferenczy, Cohen and published by Wolters Kluwer. This book was released on 2019-12-10 with total page 1310 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fifth Edition of ERISA: A Comprehensive Guide provides a thorough and authoritative analysis of the principal statutory provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the corresponding provisions of the Internal Revenue Code (Code) dealing with employee benefits. It also discusses and explains the multitude of regulations, rulings, and interpretations issued by the Department of the Treasury, the Internal Revenue Service, the Department of Labor, and the Pension Benefit Guaranty Corporation in explanation of ERISA; the Code provisions relating to the requirements for tax-qualified retirement plans; and the subsequent legislation amending or supplementing ERISA and such Code provisions. Cited by the Supreme Court, ERISA: A Comprehensive Guide discusses and explains the multitude of regulations, rulings, and interpretations issued by the Department of the Treasury, the Internal Revenue Service, the Department of Labor, and the Pension Benefit Guaranty Corporation in explanation of ERISA and the subsequent legislation amending or supplementing ERISA. ERISA: A Comprehensive Guide has been updated to include: Description of the student loan program 2018 Private Letter Ruling and the resolution of this with the "anti-conditioning" rule. Analysis of the latest version of the EPCRS, which is available for tax-qualified retirement plans with certain compliance failures, as set forth in IRS Revenue Procedure 2019-19, including an update to the IRS user fees that apply to the various correction programs. Discussion of the new self-correction options for participant loan failures, certain non-amender failures, and beneficial retroactive amendments to increase participant's benefits. Description of IRS VCAP, its uses, limitations, and procedural requirements. Description of IRS Revenue Procedure 2015-32 for correction of delinquent Forms 5500-EZ. Analysis of the DOL's guidance on the definition of an "Employer" for ERISA purposes and subsequent Court rulings eviscerating that guidance. Discussion of health plans use of "cross-plan offsetting" as a way of adjusting for overpayments. Discussion of the new DOL regulations governing review and appeal procedures for disability claims. Complete revision of the mergers and acquisitions chapter, including best practice, common pitfalls, a sample merger agreement, merger checklist, and spin-off agreement. Update on 2018 and 2019 court cases that impact labor relations, as well as actions taken by the current administration that overturn prior policies and decisions. Discussion of the most recent actions impacting ACA and litigation surrounding those actions. Discussion of recent court cases regarding discrimination on the basis of gender and sexual orientation. Discussion of ongoing litigation regarding "conscience-based objections" to a provision in the ACA requiring employers to provide no-cost birth control coverage to employees. Description of changes in Fair Labor Standard Act interpretations regarding wages, determination of independent contractor status, and regular rate.
Download or read book ERISA A Comprehensive Guide 6th Edition written by Ferenczy, Cohen and published by Wolters Kluwer Law & Business. This book was released on 2020-12-02 with total page 1298 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sixth Edition of ERISA: A Comprehensive Guide provides a thorough and authoritative analysis of the principal statutory provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the corresponding provisions of the Internal Revenue Code (Code) dealing with employee benefits. It also discusses and explains the multitude of regulations, rulings, and interpretations issued by the Department of the Treasury, the Internal Revenue Service, the Department of Labor, and the Pension Benefit Guaranty Corporation in explanation of ERISA; the Code provisions relating to the requirements for tax-qualified retirement plans; and the subsequent legislation amending or supplementing ERISA and such Code provisions. Cited by the Supreme Court, ERISA: A Comprehensive Guide discusses and explains the multitude of regulations, rulings, and interpretations issued by the Department of the Treasury, the Internal Revenue Service, the Department of Labor, and the Pension Benefit Guaranty Corporation in explanation of ERISA and the subsequent legislation amending or supplementing ERISA. ERISA: A Comprehensive Guide has been updated to include: The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 Discussion of improvements in the ability for plan sponsors to take advantage of electronic disclosure opportunities for participant notices and disclosures. Updates to fiduciary duties and best practices based on litigation outcomes Analysis of the rising role of arbitration in the resolution of disputes between plan sponsors and participants Discussion of COBRA notice requirements due to COVID-19, pursuant to CARES Act Discussion of the impact of COVID-19 on union contracts and multiemployer plans Impact of CARES Act on bankruptcy filings and procedures
Download or read book Corporate Retirement Security written by Robert W. Kolb and published by John Wiley & Sons. This book was released on 2009-02-04 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume collects the contributions of a number of diverse anddistinguished scholars to reflect upon the topic of corporateretirement security in the United States. Contributes to the public policy debate concerning the securingof sufficient retirement funds Reflects the present discussions and disagreements about themost fundamental aspects of the employment relationship Organized into three sections, this volume focuses on ethicalissues in pension plan structure, pension plan changes, andinvesting in pension plan funds Includes a thorough and orienting introduction to thesubject
Download or read book BNA Pension Benefits Reporter written by and published by . This book was released on 2009 with total page 1602 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hybrid Pension Plans written by United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions and published by . This book was released on 2000 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
