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Stock drop case updates

Hodgson Russ LLP
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USA
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November 29 2012

Recent litigation involving claims for breach of fiduciary duties in connection with the offer of employer stock as a retirement plan investment option produced mixed results and reflects a developing split in the federal circuit courts

7th Circuit holds ERISA’s anti-retaliation provision covers informal complaints

Hodgson Russ LLP
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USA
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November 29 2012

ERISA Section 510 makes it unlawful to take retaliatory action “against a person because he has given information or has testified or is about to testify in any inquiry or proceeding relating to” ERISA

Hurricane Sandy relief provided

Hodgson Russ LLP
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USA
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November 29 2012

The Internal Revenue Service (IRS) has announced relief to allow for easier loan and hardship distributions for those impacted by Hurricane Sandy for 401(k) plans and other similar employer sponsored retirement plans

Plan not required to restore 401(k) funds fraudulently withdrawn by ex-wife

Hodgson Russ LLP
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USA
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November 29 2012

Confirming for plan sponsors the importance of maintaining and following plan procedures, the U.S. Court of Appeals for the Tenth Circuit upheld a 2010 decision by an Oklahoma district court that a 401(k) plan administrator did not abuse his discretion in deciding that a company 401(k) plan should not reimburse a participant for funds fraudulently withdrawn from his account by the participant’s ex-wife

2013 benefit limits announced

Hodgson Russ LLP
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USA
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October 30 2012

The Internal Revenue Service and Social Security Administration have announced the cost of living adjusted dollar limits applicable to benefit plans

Retirees are not entitled to lifetime benefits

Hodgson Russ LLP
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USA
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October 30 2012

In a recent case, the U.S. Court of Appeals for the Sixth Circuit was called upon to decide whether Acument Global Technologies, Inc. could terminate medical and life insurance benefits provided to retired employees under the terms of a collective bargaining agreement (CBA

Liquidated damages due on accelerated withdrawal liability

Hodgson Russ LLP
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USA
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October 30 2012

When an employer withdraws from a multiemployer plan, the plan sponsor is required to notify the employer of the amount of any withdrawal liability and the schedule for liability payments, and it must demand payment in accordance with that schedule

IRS discontinues plan use of IRS letter forwarding service

Hodgson Russ LLP
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USA
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October 30 2012

The Internal Revenue Service (IRS) has a program under which the IRS will forward a letter to a missing individual on behalf of a private individual or government agency if this action is for a humane purpose and there is no other way to relay the information to the individual

Final regulations issued on use of corporate aircraft for entertainment

Hodgson Russ LLP
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USA
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October 30 2012

The Internal Revenue Service (IRS) recently finalized rules on the use of business aircraft for entertainment

Multiemployer pension plan’s critical status does not preclude employer withdrawal

Hodgson Russ LLP
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USA
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October 30 2012

In March 2008, the trustees of the Local 138 Pension Trust Fund determined that the fund had entered into critical status as defined under the Pension Protection Act of 2006 (PPA

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