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Benefits Law Journal articles from December 2003
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Benefits Law Journal archives from December 2003
SPDs rule: employers beware.(summary plan descriptions)
December 22, 2003... Employers have tended to treat summary plan descriptions (SPDs) as an afterthought. While their attorneys labor over drafting a highly detailed plan document, the job of preparing the plan summary is left to the folks in HR and an English...
Berger v. Xerox: looking for law in all the wrong places.
December 22, 2003... This article discusses the recently decided Berger v. Xerox Retirement Income Guarantee Plan, 338 F.3d 755 (7th Cir. 2003). The Seventh Circuit became the third federal circuit to uphold the IRS's "whipsaw" rules governing how a cash balance...
The more things change, the more they stay the same - or do they? 401(k) cash or deferred arrangements and 401(m) matching or employee contributions.
December 22, 2003... On July 17, 2003, the Internal Revenue Service (IRS) and The Treasury issued new proposed comprehensive Internal Revenue Code (IRC) Section 401(k) and 401(m) regulations. This article summarizes the more significant changes in the proposed...
Deemed IRAs following IRS proposed regulations.(individual retirement accounts)
December 22, 2003... Deemed IRAs face an uphill battle in gaming acceptance by employers and employees alike. Proposed Regulations regarding these elusive IRAs offer clarification and guidance, however which may increase their popularity. This article summarizes...
Subrogation and reimbursement in the aftermath of Knudson.(pension plans recovering of benefit payments rights)
December 22, 2003... The US Supreme Court's decision in Great-West Life & Annuity Ins. Co. v. Knudson, 534 U.S. 204 (2002), dramatically--and adversely--affected the ability of the Employee Retirement Income Security Act of 1974 (ERISA) plans to enforce their...
Funding issues for defined benefit plans.
December 22, 2003... Due to the convergence of low interest rates and reduced asset values, sponsors of single-employer defined benefit pension plans (DB plans) face enormous funding challenges. (1) Plans that had been reasonably well funded and required little...
Are cash balance plans really unlawful?(IBM's adoption of cash balance formula violated the literal terms of ERISA section 204(b)(1)(H))
December 22, 2003... In Cooper v. IBM, (1) the court reached the unsettling conclusion that the cash balance formula adopted by IBM in an amendment to its existing defined benefit plan effective as of July 1, 1999, violated Section 204(b)(1)(H) of the Employee...
A hodgepodge of equity compensation developments.
December 22, 2003... Throughout 2003, this column has focused on the fallout from Enron on executive compensation in the JCT Staff Report and in various legislative proposals and administrative pronouncements. As this year draws to a close, it is appropriate to...
DROPs, PLOPs, and Back DROPs: changing demographics of the US workforce.(deferred retirement option plans, partial lump sum option plans)
December 22, 2003... The aging of the baby boomer generation (1) will cause dramatic social and economic changes to our society. The exact impact of this demographic shift is difficult to both predict and prepare for; however, one can obtain clues about the way...
