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Category Archives: Cash Balance
And The Lilly Ledbetter Litigation Begins
It took just 8 days for the ERISA-related litigation over the Lilly Ledbetter Fair Pay Act of 2009 to begin. When President Obama signed the Lilly Ledbetter Act into law on January 29, 2009, it was heralded among the non-ERISA … Continue reading
Posted in Cash Balance, Legislation, Litigation
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Cash Balance Plan Basics Explained
The January 2009 edition of the Journal of Accountancy has a good general article on cash balance plans. Written by Raymond D. Berry of Grant Thorton LLP in Chicago, Plan Design in the Balance: Weighing the Pros and Cons of … Continue reading
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IRS Issues a Correction to the Proposed Cash Balance Regs
The IRS issued a correction to the Proposed Regulations on Hybrid Retirement Plans, commonly known as the proposed cash balance plan regulations, which the Service issued on December 27, 2007. Besides correcting a few grammatical errors, the IRS has made … Continue reading
Posted in Cash Balance, IRS
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IRS Provides Guidance on Qualified Optional Survivor Annuities (QOSAs)
Today, among several items released by the IRS, is guidance on QOSAs. QOSAs are Qualified Optional Survivor Annuities. Section 1004 of the Pension Protection Act amended Code section 417 to require that plans subject to Code section 401(a)(11) must offer … Continue reading
Posted in Cash Balance, Defined Benefit, Distributions, IRS
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Compelling Decision From Court in CIGNA Cash Balance Class Action Case
Difficult, time-consuming, and expensive litigation with uncertain results – such as this case represents – is assuredly not a sensible way to manage the Nation’s retirement system for either employers or employees. – Judge Mark R. Kravitz U.S. District Judge, … Continue reading
Posted in Cash Balance, Litigation
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IRS Discusses 3 Accrual Rules of 411(b)(1) in Rev. Rul. 2008-7
On Friday, the IRS issued Revenue Ruling 2008-7, discussing the backloading rules for pension plans and Code section 411(b)(1). In 21 pages, the IRS provides an analysis of a traditional pension plan which converted into a cash balance pension plan … Continue reading
Posted in Cash Balance, Defined Benefit, IRS
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Decision in Cash Balance Conversion Case May Have Missed the Boat
The 1st Circuit Court of Appeals has delivered a very interesting opinion involving a grab bag of cash balance conversion issues. In Gillis v. SPX Corp. Individual Acct Retirement Plan, No. 07-1777 (Dec. 19, 2007), the 1st Circuit affirmed the … Continue reading
Posted in Cash Balance, Defined Benefit, Litigation
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IRS Rings in the New Year with New Cash Balance Regs and DB Lump Sum Regs
Just in time for the New Year, the IRS has released two major pieces of guidance in the form of proposed regulations. The first is Proposed Regulations on Hybrid Plans, providing guidance on changes made to cash balance plans by … Continue reading
Posted in Cash Balance, Defined Benefit
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Cash Balance Jail Affects Participants
The Sixth Circuit Court of Appeals this week, in Jensen v. Moore Wallace North America, included cash balance jail in their reasoning on why participants in Moore Wallance North’s cash balance plan were not entitled to the plan’s surplus. Jenson … Continue reading
Posted in Cash Balance, IRS
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401(k) Plans Paired with Cash Balance Plans
Interesting article in Dental Economics today by Brian Hufford. It is about how some of the changes made by the Pension Protection Act now make pairing a 401(k) plan with a cash balance plan attractive. The example given in the … Continue reading
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