Author Archive
Duncan v. Milliman Inc.
Follow the yellow brick road… Executives of credit unions that participant or seek to participant in a Supplemental Executive Retirement Plan (“SERP”) need to understand the benefit formula of the SERP, the impact that promotions, terminations and career related decisions may have on the calculation of benefits and rights under the SERP. This is particularly […]
Toohig v. National City Corp
In Toohig v. National City Corp. Amended and Restated Management Severance Plan, the court denied severance benefits to a banking executive following a change in control where the plan administrator interpreted the provision to require that the executive actually relocate more than fifty miles. This is a case where an additional condition is being imposed […]
PBGC Announces Delinquent Premium Payment Penalty Relief Window
On February 9, 2012, the Pension Benefit Guaranty Corporation (“PBGC”) announced a limited voluntary compliance window for covered defined benefit plans that have never paid required premiums. The relief allows affected plans to pay past-due premiums without any premium payment penalties or information penalties for failure to timely file premium information. To qualify for the […]
Company Faces Class-Action COBRA Lawsuit
A former employee has sued Brunel Energy Inc. for failure to notify her of her right to maintain her health insurance coverage after she voluntarily separated from service in 2010 and her attorneys have proposed to bring the lawsuit as a class-action that could involve hundreds of other former employees.
Draft v. Advest Inc.
Understanding the road map to challenging a denial of executive benefits Executives of credit unions challenging the decisions of plan committees need to understand the role of the plan committee, how courts review plan committee decisions and the standards that apply. A recent case involving a group of executives that challenged the plan committee’s determination […]
DOL’s Recent LM-30 Regulations Return to Historical Position Regarding Employee Benefit Plan Reporting
On October 26, 2011, the Office of Labor-Management Standards (“OLMS”) issued final regulations concerning reports made by labor organization officers and employees (“Form LM-30”). The regulations, which are effective November 25, 2011, return to the Department’s historical position of not requiring officials to report on payments that they receive from trusts, or as a general […]
Precious Plate, Inc. v. Russell
Split-dollar arrangements may look complex, but the principle of this article is simple: Timing is Everything In Precious Plate, Inc. v. Russell, the court ordered a Vice President of Human Resources to execute the necessary documents to transfer a life insurance policy to the executive’s former employer based on the failure of the executive to make […]