Pension Annuitization – De-Risking or Added Risk?
Defined benefit (DB) pension plans used to be the prevalent form of retirement benefit offered by American employers to their employees. […]
How Can I Tell If My Benefit Plan Is Governed by ERISA?
ERISA is an acronym for the federal Employee Retirement Income Security Act of 1974. Most people have never heard of ERISA, but its comprehensiveness impacts the vast majority of American workers and their dependents. The original intent behind ERISA’s enactment was to remedy pension plan abuses; however, just prior to Congress’ passage of the ERISA law, the scope […]
7th Circ. Ruling Poses Hurdle To Multiemployer Funds’ Claims
A July 7 ruling from the U.S. Court of Appeals for the Seventh Circuit has potentially created a large loophole in multiemployer welfare and pension plans’ ability to collect delinquent contributions from successor organizations or to impose withdrawal liability on successors […]
Benefits Ruling Contradicts Intent of ERISA, Disability Plans
Court rulings on issues involving the Employee Retirement Income Security Act sometimes have surprising outcomes, and a June decision from the U.S. District Court for the District of Massachusetts in the case of DeBold v. Liberty Life Assurance Co. of Boston[1] is a good example […]
Is Your Retirement Plan Governed by ERISA?
The Employee Retirement Income Security Act (ERISA) of 1974 was passed by Congress primarily to protect employee retirement benefits by establishing requirements to assure that promised benefits are delivered. One of the principal reasons that Congress was spurred to pass the ERISA law was the bankruptcy of the Studebaker car company in the 1960s. When the car maker failed, its workers learned to their surprise and disappointment that their promised pensions were not going to be paid to them […]
How Long Does Disability Retirement Last?
If you suffer a disabling injury or illness and are a government employee or participate in a defined benefit pension plan, such as through a union, you may be eligible for a disability retirement pension, as distinct from or in conjunction with disability insurance. Disability pensions provide monthly payments to workers who are not yet […]