PBGC issues guidance for missing participant program
Article Abstract:
The US Pension Benefit Guaranty Corporation (PBGC) plans to implement section 4050 of the Employee Retirement Income Security Act by establishing itself as a clearinghouse for benefits owed to participants that cannot be found by plans that are being terminated. The plan administrators are to engage in a diligent search for the defined benefit plan participants, and if they cannot be found, an annuity must be purchased or the funds must be deposited with the PBGC. The PBGC can then be contacted by beneficiaries in search of missing funds.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1995
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Employer may not unilaterally change payout option selected by participant in top-hat plan upon termination of plan
Article Abstract:
The US Court of Appeals for the Third Circuit ruled in Kemmerer v. ICI Americas, Inc. that an employer could not unilaterally change pay-out schedules for a non-qualified deferred compensation plan upon plan termination. The court characterized the plan as a unilateral contract that cannot be altered by one party once the benefits are vested. The court denied any recovery to the plaintiffs, however, because they waited until they received their plan benefits before bringing the action and were seeking extra-contractual damages.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1996
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Participant may pursue a federal action under ERISA to obtain interest on retroactive disability benefits
Article Abstract:
The US 3rd Circuit Court of Appeals in Fotta v. Trustees of the United Mine Workers of America Health and Retirement Fund of 1974 granted a disability insurance recipient standing to sue the payor pension plan under ERISA for interest on retroactive disability payments. The court found that interest could be awarded under statutory language concerning equitable awards.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
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