Page 83 - Defined Benefit News Today

To print this article, all you need is to be registered or login on Mondaq.com. A qualified retirement plan paying more in distributions than a participant is entitled to occurs frequently. Common reasons for overpayments include miscalculation of benefits due to systemic error, the plan sponsor being unaware of the death of a participant for some time, or the incorrect application of the provision of a plan (e.g., the definition of "compensation"). While unfortunate for...

PCS Retirement welcomes two new executives News provided by Share this article Share this article PHILADELPHIA, May 5, 2021 /PRNewswire/ -- PCS Retirement is pleased to announce two new executives joining the leadership team: Bob Savino who will serve as the chief product and technology officer and Michael Coluzzi as the chief financial officer. Both will play an integral role in the organizations continued growth as one of the nations largest independent and conflict-free recordkeepers in the ...

So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money, says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme...

The Lagos State Government says it has credited the Retirement Savings Account (RSA) of 358 retirees with more than N1 billion for April.

Consulting firm October Three says lawyers will likely set their sights on MEPs. Multiple employer pension (MEP) plan sponsors should brace themselves as a potential target for litigation as the plans continue to emerge as a provider-based alternative to single-employer 401(k) plans, according to consulting firm October Three. In a recent article, the firm said that as MEPs begin to accumulate participants and assets, it is “inevitable that plaintiffs’ lawyers will train their sights on MEP...

Employment-based non-immigrant visa sponsorship and/or assistance is not offered for this specific job opportunity. Create a career that goes in the direction you choose. Get to know opportunity. The Business Join one of the fastest growing areas of our retirement business! The Retirement Service Center (also called Actuarial Service Center – ASC) is a growing group of colleagues within the North American Retirement Line of Business who focus on operational excellence and systems expertise. ...

Lawsuit: DC Plans More Vulnerable to ERISA Litigation Than DB Plans Lawyers taking aim at a company’s retirement savings plan say firms with 401(k)s should expect to be sued more than those with traditional pensions. Defined contribution (DC) retirement plans are far more susceptible to Employee Retirement Income Security Act (ERISA) lawsuits than defined benefit (DB) plans, lawyers argue in a lawsuit filed against The Wesco Distribution Inc. Retirement Savings Plan. “The potential for impr...

Asset returns of 13.4% offset plunging discount rates to lift funded levels to 88.4%. Robust returns of 13.4% for the 100 largest corporate pension plans in the US offset a 67-basis-point drop in the discount rate to raise the plans’ funded ratio to 88.4% last year from 87.5% at the end of 2019, according to consulting firm Milliman’s “2021 Corporate Pension Funding Study.”   The funded levels rebounded strongly during the second half of the year after the bottoming out at 81% in July....

Opponents say the proposed legislation attempts to solve a problem that doesn’t exist. The Florida state Senate has passed a bill that would eliminate the option for nearly all new state employees to participate in a defined benefit (DB) plan, instead requiring them to join a defined contribution (DC) plan. The bill, which was sponsored by Republican Sen. Ray Rodrigues, would require new hires as of July 1, 2022, to enroll in a 401(k)-style investment plan. Employees are currently given the o...

Surging bond prices helped boost defined benefit plans’ funded ratios to 124%. Thanks to surging bond prices, Canadian defined benefit (DB) pension plans ended the first quarter of this year at their highest funded levels in more than 20 years, according to Mercer. However, the asset manager and consulting firm warns that the lofty funded positions might not last, depending on the trajectory of interest rates, inflation expectations, and equity market performance. Mercer’s Pension Health In...