Oral modifications of ERISA-covered pension and benefit plans: protection or deception?
Article Abstract:
Courts deciding claims brought by employees who relied on oral modifications of their ERISA plans should use doctrines developed to interpret the Parol Evidence Rule and the Statute of Frauds. These include allowing recovery for ambiguity in the written plan instrument, allowing tort-like remedies for misrepresentation, and allowing breach of contract remedies for part performance. Upholding state estoppel claims despite ERISA preemption and universal upholding of the Nachwalter rule forbidding oral modifications of ERISA plans are misguided.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1992
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Pension plans and limited partnership valuations: what trustees, administrators, and custodians need to know
Article Abstract:
Determining the fair market value of a limited partnership (LP) which is part of a pension plan's assets is required for IRS reporting in order to keep the plan qualified. With LPs, what is of value is its distributions, so valuing an LP's assets is not straightforward. The assets can be valued by the market approach, which determines what the LP would bring on the open market, or the asset value approach, which determines the value of the LP's securities, or a combination of the two methods.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1995
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Pension plans & limited partnership rollups and tender offers: what trustees, administrators, and custodians need to know
Article Abstract:
Pension plan fiduciaries charged with evaluating limited partnership rollups and tender offers should be aware of Department of Labor standards for evaluating the same. They should only vote affirmatively on a rollup when it is the best option and the division of the company's finances is fair. The fiduciary's decision whether or not to go along with a tender offer will depend on the plan's particular circumstances. They should be aware of possible bias in tender offers from general partners.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1995
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- Abstracts: Definitions: What is an ERISA plan, and who is an employee plan/participant? Informal, unwritten plans - plan amendments - severance benefits
- Abstracts: How organisations can survive redundancy. Downsizing and the changing role of HR
- Abstracts: Pension simplification: update on distribution provisions. Indirect prohibited transactions
- Abstracts: Changing or eliminating retiree welfare benefits. Funding retiree welfare benefits. A reader's guide to the Retirement Protection Act of 1994
- Abstracts: Salary splitting: often imposed, but also used as a planning tool. Benefits unshackled-thanks to a captive