Administration - plan changes; health and welfare benefits; vesting; breach of fiduciary duty
Article Abstract:
The Supreme Court refused to honor the appeal for review of plaintiffs who claimed to represent two classes of some 84,000 General Motors Corp (GM) retirees who opted for early retirement between 1974 and 1988. The appeal concerned the decision of the US Court of Appeals for the Sixth Circuit which held that the retirees had no valid claims against GM after the carmaker changed its health care plan to invalidate the retirees' no-cost lifetime health care benefits. The Appeals Court ruled that GM had the right to make the alteration as it had earlier unambiguously reserved the right to change or terminate its health care benefits plan.
Publication Name: Benefits Quarterly
Subject: Human resources and labor relations
ISSN: 8756-1263
Year: 1999
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Using stock in corporate directors' deferral plans
Article Abstract:
The emerging trend of deferred compensation schemes for corporate directors is increasing. A number of companies use deferred compensation plans to associate directors' compensation with that of their shareholders. Directors benefit from the scheme as directors' fees are deferred into stock investments and are not taxed on the value of the stock units. Moreover, investment returns from the deferred compensation schemes are larger than the traditional compensation packages.
Publication Name: Benefits Quarterly
Subject: Human resources and labor relations
ISSN: 8756-1263
Year: 1998
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- Abstracts: Hybrid pension plans. Managing benefits in a divestiture. In search of the well-balanced pay package
- Abstracts: Entitlements and changes. Rules governing holidays. Holiday pay and public holidays
- Abstracts: The many forces on nonqualified retirement benefits and funding: where are we headed? Facing the inevitable: demographics and retirement income