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Subrogating Fully-Insured ERISA and Non-ERISA Employee Welfare Benefit Plans ( July 2006 )
Two types of ERISA plans exist, the “self-funded" or "unfunded" plan. If a plan is "self-funded", the employer pays the benefits directly through its general assets or through a trust fund established for that purpose. If a plan is "fully-insured", on the other hand, the employer does not pay the benefits, but rather, the employer purchases an insurance policy via the plan, and an insurance company pays the losses. -
Converting To A Cash Balance Plan Can Be Risky Business ( September 2003 )
Over the past fifteen years, many companies have converted their traditional pension plans to cash balance plans. The Federal Reserve Board recently reported that approximately 25% of all participants in defined benefit plans and 40% of all defined benefit plan assets are in cash balance plans. Whether the decision to convert has been motivated by cost or the recognition of the current realities of the mobile workforce and the need for portable benefits, the prevalence of cash balance plans cannot be overstated. -
SEC and DOL Adopt Final Rules On Insider Trades During Plan Blackout Periods and Accompanying Notice Requirements ( January 2003 )
On January 23, 2003, the Securities and Exchange Commission issued final rules under Section 306(a) of the Sarbanes-Oxley Act of 2002, which limits the ability of insiders to trade in an issuer's equity securities when rank-and-file employees are prohibited from doing so in their employer-sponsored retirement plan accounts. -
SEC Proposes Pension Fund Blackout Rules ( November 2002 )
The Sarbanes-Oxley Act of 2002 contains provisions requiring that participants and beneficiaries in certain retirement plans be given 30 days' notice before a blackout period and that executive officers and directors be prohibited from buying or selling company stock during the blackout period. -
ERISA & Pensions: Court Clarifies the Reach of ERISA ( September 2001 )
In a ease greeted with enthusiasm by the insurance industry, the U.S. Circuit Court for the Third Circuit Court of Appeals clarified the reach of the federal Employee Retirement Income Security Act ("ERISA") in its recent decision in Leckey v. Stefano, 263 F.3d 267 (3d Cir. 2001). -
IRS Announces 2001 Cost of Living Adjustments for Benefit Plans ( December 2000 )
This article addresses the 2001 cost of living adjustments for benefit plans. -
Cooley Alert: Essential Retirement and Welfare Plan Updates ( June 2000 )
This alert summarizes the recent retirement and welfare plan updates. -
Effect of Outstanding ERISA liens on Minor Settlements ( November 2000 )
Pursuant to regulations promulgated by the Commissioner of Insurance, North Carolina prohibits subrogation of benef. -
Educational Institutions Law Alert: IRS Audit Agenda Targets 403(b) Plans ( October 2000 )
The Internal Revenue Service has recently announced that it will continue to commit substantial resources toward th. -
Pre-Tax Commuting: A New Employee Benefit ( June 2000 )
This article reviews the qualified transportation spending account plans which permits employees to pay transportation costs on a pre-tax basis.