Pension Plans

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7th Circuit Addresses Lump-Sum Pension Distribution Question

Lump-sum pension distributions are frequently the subject of litigation and the 7th U.S. Circuit Court of Appeals addressed such a case in Dennison v. MONY Life Retirement Income Security Plan for Employees, 2013 U.S.App.LEXIS 4651 (7th Cir. March 6, 2013). The named plaintiff in a class action, John Dennison, was employed by MONY (Mutual of […]

Federal appellate court reinstates claim in ERISA dispute

The scope of remedies available under Employee Retirement Income Security Act due to an employer or plan administrator’s breach of fiduciary duty is undergoing a dramatic transformation in the wake of a recent Supreme Court ruling. The most recent example is Gearlds v. Entergy Services Inc., 2013 U.S.App.LEXIS 3831 (5th Cir. Feb. 19, 2013). That […]

Converting to cash balance plans can be tricky

Pension plans in the United States have undergone a dramatic transformation over the past 30 years. The traditional defined-benefit plan which offers an annuity for a stated amount based on salary and years of service has been virtually eliminated and replaced by defined-contribution plans, popularly known as the “401(k) plan,” where the employee contributes a […]