Ongoing Litigation Against Colleges and Universities – Duke Settles But It’s Hardly a Windfall for Participants

Since 2016, more than 20 lawsuits have been filed against fiduciaries of university retirement plans. The defendants are among the largest and most prestigious schools in the country, as they present very visible targets. Many of these suits were filed by the same law firm, Schlichter, Bogard & Denton of St. Louis, one of the … More Ongoing Litigation Against Colleges and Universities – Duke Settles But It’s Hardly a Windfall for Participants

The PBGC Assumes Responsibility for Sears Pension Plans

The Pension Benefit Guaranty Corporation (the PBGC) is a government insurance program that guarantees all private defined benefit pensions. There is no comparable insurance for defined contribution plans. The PBGC pays benefits to almost a million participants covered by 4,800 failed pension plans and is responsible for future payments to another half a million individuals. … More The PBGC Assumes Responsibility for Sears Pension Plans

As They Always Say, Things Never Matter Until They Matter

Municipal bond holders may not appreciate the risks they are undertaking. Municipal bonds have always been viewed as an ultra-safe investment. However, in recent years a number of pundits have predicted widespread defaults on these bonds precipitated by growing unfunded state and local pension liabilities. With some exceptions (Detroit, Puerto Rice and Stockton, CA), these … More As They Always Say, Things Never Matter Until They Matter

Hardship Withdrawals – The Internal Revenue Service Issues Proposed Regulation Reflecting Statutory Changes

This past November, the IRS issued proposed regulations to effectuate changes made for hardship withdrawals in the Bipartisan Budget Act of 2018. Comments were due by Jan. 14, 2019. Although the statutory changes are effective beginning in 2019, the proposed regulations do not require any changes in how hardships are administered until 2020. Plan documents … More Hardship Withdrawals – The Internal Revenue Service Issues Proposed Regulation Reflecting Statutory Changes