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Mass. ERISA Pension Plan Litigation $59 Mil Settlement

Tuesday, March 16, 2021
For many years there has been concern that when pension plans collapse, it may in part be attributable to the failure of employer plan sponsors to conduct the selection and monitoring of actuarial assumptions in a prudent, objective manner. This is because the Employee Retirement Income Security Act of 1974 (ERISA) only requires the use of “reasonable” assumptions and “actuarial equivalents”; and because these terms are not defined in the statute, they could mean different things to different people, particularly to different actuaries.
Most recently, there have been challenges to the use of pension plan mortality assumptions and, in particular, claims alleging that the use of older mortality tables in connection with the calculation of joint and survivor benefits violates ERISA’s anti-cutback rule. These cases generally are settled, since winning a motion to dismiss is difficult when alleged violations depend on the meaning of t ....

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Raytheon settles ERISA mortality table suit for $59.2 million

Raytheon settles ERISA mortality table suit for $59.2 million
Bloomberg
Raytheon Co. agreed to pay $59.2 million to settle an ERISA complaint filed by a retiree who accused the company and fiduciaries of using an outdated mortality table to improperly calculate retirement benefits.
The proposed settlement document, which requires court approval, was filed Feb. 12 in a U.S. District Court in Boston.
This litigation has been pending for a year-and-a-half and would be much lengthier and more expensive if it were to proceed to full discovery, a contested motion for class certification, trial and possible appeals, said the document filed by the plaintiff in the class-action case of Johnny Cruz vs. Raytheon Co. et al. ....

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Lifetime Income Estimates on Defined Contribution Plan Benefit Statements

Friday, February 5, 2021
The US Department of Labor (DOL) unveiled an interim final rule (the “Lifetime Income Disclosure Rule”) that adds a new lifetime income disclosure requirement for administrators of defined contribution plans (
e.g., plans covered by Internal Revenue Code (Code) section 401(k) or Code section 403(b), profit-sharing plans and employee stock ownership plans). The Lifetime Income Disclosure Rule implements the provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) passed by Congress at the end of 2019 which require that defined contribution plan administrators include an estimated lifetime income stream of payments on the periodic participant benefit statements. For plans that are otherwise required to issue quarterly benefit statements, the Lifetime Income Disclosure Rule is clear that the lifetime income estimates may be provided on an annual basis. ....

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