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April 24, 2014, Bloomberg BNA
Covington partner Robert Newman spoke during an April 24 webinar, De-risking: Tradeoff Between Reduction in Volatility and Retirement Security, sponsored by the American Bar Association Joint Committee on Employee Benefits, regarding the Internal Revenue Service working on additional private letter rulings that cover lump-sum offers to retirees who are receiving pension benefits. When asked about the rulings, Newman stated that "the anticipated guidance may resemble past letter rulings as companies assess plans to manage and eliminate liabilities in defined benefit plans."