U.S. Supreme Court Rules in Favor of Xerox on Deferential Standard of Review

The United States Supreme Court earlier today (April 21) in Conkright v. Frommert reversed a Second Circuit Court of appeals decision and upheld the plan administrator’s deferential standard of review of provisions of a plan. The issue, and the case, is of major importance to major employers. In its 5-3 opinion (Justice Sotomayor did not participate) by […]

ERIC Urges PBGC to Withdraw Proposed Regulations on New Reportable Events Requirements

The ERISA Industry Committee (ERIC), the Washington, D.C.-based trade association representing America’s major employers, earlier today submitted comments to the Pension Benefit Guaranty Corporation (PBGC) on the agency’s proposed rule to eliminate most of its automatic waivers and filing extensions currently permitted under existing reportable events regulations and guidance. The proposed regulations were published in […]

ERIC Calls IRS “Substantial Business Hardship” Requirement Unnecessary and Burdensome

In comments submitted today to the Department of Treasury and Internal Revenue Service, The ERISA Industry Committee (ERIC) welcomed the relief provided in proposed regulations allowing plan sponsors to suspend qualified non-elective contributions (QNECs) in safe harbor section 401(k) plans, but urged that the “substantial business hardship” requirement be dropped from the final regulation as […]

ERIC Comments on Proposed Hybrid Retirement Plan Regulations

ERIC’s comments to the Department of Treasury and Internal Revenue Service on proposed regulations relating to hybrid pension plans urged the agencies to make significant changes in the regulations and the philosophy with which Treasury and IRS are pursuing. The Pension Protection Act of 2006, in which Congress effectively “blessed” the development of cash balance […]