Legal News

IRS Discusses 3 Accrual Rules of 411(b)(1) in Rev. Rev. 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 prior to the effective date of the new conversion requirements under the Pension Protection [...

Pension plan funding ratios decline precipitously
The funding ratio of a typical US pension scheme has fallen by nearly a quarter in the past nine months, suffering from a combination of volatile equity markets and declining interest rates...

SEC Sues Former AOL Time Warner Execs for Overstating Revenue
Eight former executives AOL Time Warner execs have been sued by the SEC for fraud. The complaint, filed today in federal district court in Manhattan, alleges they took part in a scheme that caused the company to overstate its online advertising revenue by more than $1 billion...

Treasury, IRS Provide Guidance on Backloading in Pension Plans
Press release: "The Treasury Department and the Internal Revenue Service (IRS) today issued Revenue Ruling 2008-7 that addresses the application...

Wrapping it up, 7 April 2008
John M. Gray holds several functions at public services union UNISON and is a pension representative at the Local Government Pension Scheme (LGPS). In addition, he keeps John’s Labour blog, on political and trade union issues...

Four firms get $500,000 to undo pension deal with O.C. deputies
Orange County has paid over $500,000 to four law firms to help invalidate their pension agreement with the sheriff's deputies, the Los Angeles Times reported. The 2001 pension deal allows deputies to retire at 50 with $70,000 annual pension...

ERISA Pension Benefits after Termination
Employee Retirement Income Security Act of 1974

Hershey Co. et al.
allegedly involved in a chocolate price fixing scheme.

Wesley A. Snyder et al.
alleging the consultants perpetrated a Ponzi scheme by encouraging borrowers to lend more than they needed.

Retired Steel Workers Win Pension Benefits Class Action for $51 Million
Retired Steel Workers Win Pension Benefits Class Action for $51 Million

Nortel
faces class action over changes to employee pension plan

Yellow Freight Pension Plan
alleging ERISA violations

AIG Agrees $725 Million Settlement in Pension Funds Class Action
AIG Agrees $725 Million Settlement in Pension Funds Class Action