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ERISA

Fiduciary Re-Proposal, Fee Disclosures On Deck for 2015; MEPs Wait in the Wings

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Top employee benefit issues for the Department of Labor in 2015 are similar to those in 2014: a re-proposal that would expand the definition of "fiduciary" under the Employee Retirement Income Security Act and guidance on plan fee disclosures.

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Multiemployer, 4062(e) Changes Enacted, And Now It's Time to See How It Shakes Out

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Congressional negotiations over a budget bill late last year introduced a landmark change to ERISA on the law's 40th anniversary: To preserve their multiemployer defined benefit plans, trustees and participants can now voluntarily decide whether to reduce benefits instead of waiting for plan insolvency.

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New Fiduciary Push Faces Longer Odds

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A coalition of consumer-oriented public interest groups has created a website designed to mobilize public support for a uniform fiduciary standard in anticipation of a renewed push to expand the standard.

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Congress punishes retirees for company lapses

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When Congress passed the spending bill in December to keep the government running, a hidden provision in the act sent shivers of fear into the retirement industry. The provision allows underfunded multi-employer pension plans to reduce benefits for retirees so the government pension insurance fund won’t have to bail out the plans.

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That solid pension benefit? It may be subject to change

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In the fine print of the federal budget compromise, troubled pension plans now have the right to reduce benefits

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Pension law change alarms retiree groups

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Forty years after Congress took steps to guarantee that retirees get the pensions they were promised, another generation of lawmakers has taken a chisel to those legal protections.

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New law lets some pension plans cut promised benefits

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For some retirees, Congress has played the Grinch this holiday season. Tucked into the federal spending bill were provisions that will allow certain struggling multi-employer pension plans to reduce benefits already being received by retirees.

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After the new federal pension rules: What retirees need to know

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Buried in the $1.1 trillion "Cromnibus" legislation signed this week by President Barack Obama was a provision that aims to head off a looming implosion of multiemployer pension plans - traditional defined benefit plans jointly funded by groups of employers.

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ERISA Changes Passed as Part of Controversial Spending Bill

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In one fell swoop last week, a once-sacrosanct tenet of the 1974 omnibus pension law, the Employee Retirement Income Security Act (more commonly known by its acronym, ERISA), was overturned. For its sponsors, the measure meant saving troubled multiemployer pensions heading for insolvency.

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Pension cuts helped keep the government open, but they hurt many retired women

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On Nov. 14, the Pension Benefit Guaranty Corp. reported that 200 of the 1,400 multi-employer plans covering 1 million participants are at risk of failing within the next decade. The PBGC is worried about this because it becomes responsible for the pension obligations of these failed plans.

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