Month: June 2017
UPS to freeze non-union pension plan
UPS plans to freeze pensions for non-union employees, joining a parade of U.S. corporations that have altered or dumped traditional retiree payout plans.
When ESOPs work, they work well. But some say reforms are needed.
Employee-owned stock option plans, or ESOPs, are an important part of the American economic landscape. About 7,000 American businesses have ESOPs, and roughly one out of every 12 workers participate in some form of employee-ownership plan.
Church Plan Decision Bolsters Credit Ratings, Despite Unresolved Issues
A recent U.S. Supreme Court decision in favor of pension-law appeals by three religiously affiliated hospital systems was deemed a credit positive for such entities. However, further litigation is likely.
Are you entitled to a pension you’ve left behind?
It’s not every day you get good news from the IRS. But that’s exactly what happened to Danny Jo Wright of Austin, Texas, when he applied for Social Security in 2013. In a letter from Social Security, the IRS informed him he was entitled to a pension from the drug company he had worked for […]
Supreme Court Ruling Did Not Resolve Church Plan Challenges
Following oral arguments in March in three cases challenging health care organizations’ church plan status, the U.S. Supreme Court found plans maintained by principal-purpose organizations qualify as “church plans.” However, it did not rule that the hospitals in these cases were principal-purpose organizations.
More challenges promised despite church-plan victory
Sponsors of church-related pension plans are celebrating a Supreme Court decision upholding their right to be exempt from federal pension rules, but participant advocates vow to continue challenging them on other legal points and in new venues, including state courts.
PRC Statement to the ERISA Advisory Council on retirement plan disclosures (June 7, 2017)
PRC Policy Analyst Jane Smith testified before the ERISA Advisory Council on the improvements to the effectiveness of retirement plan disclosures to participants and beneficiaries. In her testimony, Jane noted that plan disclosures to participants are often confusing and written in technical language that is difficult for participants to understand. Addendum to 2017 statement.
Supreme Court Ruling Imperils Pension Protections
In a blow to the hundreds of thousands of employees of religiously-affiliated hospitals, schools and social services organizations, the U.S. Supreme Court said that their pensions might not be protected by federal ERISA laws.
Hospitals’ Pension Win at High Court Might be Short-Lived
Three religious-affiliated, nonprofit hospital systems won reprieves from multimillion-dollar class actions Monday in the U.S. Supreme Court. But that relief may not be long-lasting.
Supreme Court says religious hospitals don’t have to comply with federal pension protections
Employees of religious hospitals — including St. Peters University Hospital in New Brunswick and the now defunct St. James Hospital in Newark– were dealt a blow by the U.S. Supreme Court Monday.
SCOTUS Sides With Religious Hospitals in Church Plan Dispute
Religiously affiliated hospitals can run their pension plans as church plans exempt from federal funding requirements, the U.S. Supreme Court ruled.
U.S. Supreme Court’s “church plan” decision leaves key issue undecided
WASHINGTON – The U.S. Supreme Court ruled today that pension plans with ties to religious organizations may not have to comply with federal pension law. Today’s ruling leaves it to lower courts to decide whether hundreds of thousands of people who thought they were guaranteed federal protections will receive the pensions they earned. “Today’s ruling […]
