Partners of a specialized medical practice were faced with an expensive dilemma when the yearly return on their cash balance plan investments fell quite a bit short of the annual 4% fixed- return target. Not only would partners be required to make up the difference by increasing the current annual contribution by 25%, but the… Read More
Partners of a law firm were faced with an expensive dilemma when the yearly return on their cash balance plan investments fell quite a bit short of the annual 4% fixed- return target. Not only would partners be required to make up the difference by increasing the current annual contribution by 25%, but the mismatch… Read More
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In this article we discuss how changes in interest rates, Pension Benefit Guaranty Corporation premiums and mortality tables may affect sponsor decisions to de-risk (or not de-risk) defined benefit plan liabilities in 2016. For purposes of this article, by de-risking we mean paying out a participant’s benefit as a lump sum and thereby eliminating the… Read More
In February 2016, the United States District Court for the Middle District Of North Carolina handed down its (second) decision in Tatum v. R.J. Reynolds Tobacco Company, holding (again) that even though the plan fiduciaries violated “procedural prudence” in selling Nabisco stock held by the R. J. Reynolds defined contribution plan, their decision to do… Read More
There has been a series of 401(k) fee lawsuits filed in recent months, following on the success of the plaintiffs in Tibble v. Edison and Tussey v. ABB . In this article we review the sorts of claims plaintiffs are bringing (in cases against the respective fiduciaries of the Anthem Inc., the Chevron Corp., and… Read More
Following a difficult January, pension woes continued in February, marked by weak stock markets and falling interest rates. Both model pension plans we track lost ground again last month: Plan A fell 2% in February and is now down more than 8% this year, while Plan B dropped 1% last month and 4% total in… Read More
On February 9, 2016, the Administration released its 2017 fiscal year budget. The new budget includes a number of proposals affecting retirement plans – most are carry-overs from prior years, but two are new: a change in the Administration’s position on Pension Benefit Guaranty Corporation single employer premiums and an “open MEP” proposal. No PBGC… Read More
Participants in the Anthem 401(k) Plan (the Plan) have sued plan fiduciaries, claiming that the plan (1) overpaid for investment and recordkeeping services and (2) imprudently included a money market fund, and not a stable value fund, in the plan’s fund menu. Plaintiffs claim, among other things, that inclusion of low-fee (e.g., 4 basis points)… Read More
In our prior articles in this series we discussed current 401(k) tax benefits generally and how they would be affected by Republican Presidential candidates’ tax reform proposals. In this article we discuss how the tax reform proposals of the Democratic Presidential candidates, former Secretary of State Hillary Clinton and Senator Bernie Sanders (I-VT), would affect… Read More
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