Via Times Free Press By Dave Flessner A federal appellate court has affirmed the legality of cost-of-living cuts and other changes made in 2009 by the Tennessee Valley Authority and its retirement system board to one of the South’s biggest pension plans. The Sixth Circuit Court of Appeals last week rejected a legal challenge to the pension reductions by beneficiaries of the TVA retirement plan. … Continue reading Court rejects challenge to TVA pension changes
Via The Indiana Lawyer By Dave Stafford A federal judge in Indianapolis has been ordered to take a closer look at whether a successor company can be held liable for money allegedly taken from a union pension benefit fund. The 7th Circuit Court of Appeals remanded for a second time a ruling in favor of Indianapolis-based ManWeb Services, Inc., the defendant in a suit brought by … Continue reading 7th Circuit orders closer scrutiny in union pension fund suit
Via Lansing State Journal By Beth LeBlanc March 7, 2018 Seven Lansing-area public employee retirement plans have come under scrutiny from the state for their unfunded liabilities. The Michigan Department of Treasury contacted pension plan administrators last week to inform them that reports they submitted to the state in January had triggered a preliminary review of the policies’ “underfunded status.” Read the full article. Continue reading State hones in on ‘underfunded’ pension and health care plans, including 7 in mid-Michigan
Via Michigan Radio By Stateside Staff Retirement accounts, specifically 401(k) plans, were never intended to be a substitute for a pension. But, the reality is, most people, if they have a retirement account at all, it’s a 401(k). Last year, the Wall Street Journal ran a piece in which the creators of the 401(k) worry about what they started. The 401(k) was designed to supplement income from Social Security and a pension. Frank Stafford, a professor … Continue reading 401(k) plans never meant to be a complete retirement plan. Where does that leave future retirees?
Via Timesunion By Larry Rulison SCHENECTADY – General Electric Co.’s $31 billion pension problem could make its breakup harder than expected. Bloomberg and other news outlets have been reporting that GE has a $31 billion pension shortfall that is becoming a concern for new CEO John Flannery as he decides how to maximize GE for shareholders, which could lead to the spin-off of some units … Continue reading GE’s pension problem could make breakup difficult
Via PennRecord By Carrie Salls PHILADELPHIA – In December, the U.S. Court of Appeals for the Third Circuit affirmed rulings in a Pennsylvania lawsuit that alleges a Lehigh County company did not meet its pension requirements. Former employee Derrick Askew sued R.L. Reppert Inc. over its alleged failure “to properly contribute to its employees’ pension plan and its alleged subsequent failure to produce requested pension … Continue reading Third Circuit upholds nearly $16,000 penalty against R.L. Reppert over pension plan documents
The Elder Law of Michigan’s Lansing Office is closed today, Friday, February 9, 2018, due to inclement weather. Continue reading PSA: Inclement Weather-Related Closings