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Developed innovative plan language to insulate plan sponsors from a wide range of litigation risks, including drafting errors, administrative errors, and allocation of fiduciary responsibility.
Advised a public company on the addition of new investment options under a section 401(k) plan covering more than 250,000 participants, and a Fortune 50 company on a ground-breaking transaction to add a guaranteed minimum withdrawal investment option to its $15 billion section 401(k) plan.
Advising several large employers on significant changes to the design of retirement plans with billions of dollars in liabilities, including conversions to cash balance, pension equity, and floor-offset arrangements, and plan freezes and terminations.
July 10, 2014, Inside Compensation
Recent guidance from the IRS suggests that it will be helpful to segregate funding for retiree health benefits from funding for all other welfare benefits (such as retiree life insurance, disability benefits, and health benefits for active employees) in order to minimize tax liabilities. A proposed regulation issued earlier this year indicates that segregating ...
October 7, 2013, Inside Compensation
The Department of Labor’s Office of Inspector General recently issued a report detailing concerns with the valuation of alternative investments (such as private equity funds, hedge funds, and real estate) held by ERISA plans. ERISA requires plan sponsors and fiduciaries to value investments for several purposes, including to determine funding obligations, ...
February 26, 2013, Inside Compensation
Several changes to the definition of “commodity pool operator” could require fiduciaries of retirement plans to file for an exemption from treatment as a “commodity pool operator,” or be subject to comprehensive registration and compliance requirements. A “commodity pool operator” is generally a manager of a pooled investment vehicle that invests in commodity ...
February 15, 2013, Inside Compensation
The Department of Labor resolved key issues related to cleared swaps transactions in a recent advisory opinion. The opinion concludes that margin posted by an employee benefit plan in connection with a cleared swap is not a “plan asset” for purposes of ERISA, and that a Clearing Member does not act as a fiduciary of … Continue Reading
October 18, 2012, Inside Compensation
Yesterday, Verizon announced that it will transfer $7.5 billion of pension liabilities to Prudential. As we previously discussed in this blog, many sponsors of defined benefit plans, especially frozen plans, are considering ways to “de-risk” by reducing or eliminating the volatility associated with their pension obligations for financial accounting and pension ...