1994 pension legislation (other than GATT)

Article Abstract:

Pres Clinton's signature made the Uniformed Services Employment and Reemployment Rights Act of 1994 law on Oct 13, 1994. The Act seeks to clarify and enhance the reemployment rights of veterans. Broad language allows retirement benefits to be liberally provided to people reemployed after uniformed service. Moreover, the Act codified the Supreme Court's holding in Alabama Power Co. v. Davis that vesting and benefit accruals under a defined benefit plan were a perquisite of seniority. Congress also enacted the Pension Annuitants Protection Act of 1994.

United States, Military pensions

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The status of debtor's interest in qualified plans

Article Abstract:

The US Supreme Court in Patterson v Shumate held that a debtor's interest in a qualified pension plan is excludable from the bankruptcy estate. This exclusion is possible because of the antialienation provisions in ERISA Section 206(d) and IRC 401(a)(13). This will make plan administration easier and redound to the benefit of all qualified pension plan participants. Patterson may also help decide the priority status of an IRS claim for excise taxes to penalize a plan sponsor for not correcting a plan's funding deficiency.

Tax exclusion, Debtor and creditor

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Treatment of pension benefits in individual bankruptcy

Article Abstract:

Individuals filing for bankruptcy may be able to shield their interest in their employer's qualified pension plan from creditors. The Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) forbid the assignment or alienation of pension benefits. ERISA also supercedes state law. Employers have the fiduciary duty to help contest a bankruptcy order concerning an employee's pension benefits so their plans will not be disqualified under IRC 401(a)(13).

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