Also, if a jurisdiction wishes to permit conversion of accrued benefits
to target benefits, legislative change is required.
In Tomlinson, the plaintiffs argued that the plan violated the ERISA requirement that the amount a participant accrues in any given year should be no more than 133 1/3 percent of the annual rate at which he accrued benefits
in the previous year.
CIGNA froze the old plan and provided participants with cash balance opening account balances based on the traditional plan's accrued benefits
discounted into a lump sum.
Under TUPE regulations, the new employer takes on all the liabilities for workers' accrued benefits
Because Delphi's pension plans were terminated with insufficient assets to pay all accrued benefits
, and because PBGC must adhere to statutory limits on the benefits it guarantees, many Delphi employees will receive a reduced pension benefit from PBGC compared with the benefits promised by their DB plans.
Instead, highly compensated employees will be required to include in income the amount of their vested accrued benefits
(other than their investment in the contract).
Both ERISA and the Internal Revenue Code generally prohibit any plan amendment that has the effect of decreasing accrued benefits
under a plan.
Needless to say, that the only people who accrued benefits
from this public wealth were the employees of these organisations who enjoyed wages, work conditions and benefits that workers in the private sector could not even dream of.
The advice we received from both our actuarial and legal advisers is that the Trustee needs to take immediate action to protect the accrued benefits
of our scheme members.
The advice we received from both our actuarial and legal advisers is the Trustee needs to take immediate action to protect the accrued benefits
of our scheme members.
accrual" does not refer to the employee's accrued benefits
are charged to expense at their present value; the discount rate is not specified in APB No.
To meet the rules for statutory hybrid benefit plans, a plan would have to give the participant with 3 or more years of service a nonforfeitable right to 100% of the participant's accrued benefits
Section 508(a) requires that the benefit statement (1) be based on the latest available information; (2) include the total benefits accrued or the vested accrued benefit
, or indicate the earliest date on which the accrued benefit
will become vested; and (3) include an explanation of any permitted disparity or floor-offset arrangement that may be applied in determining accrued benefits
under the plan.
site set up, material recycling opportunities, labor and time issues and accrued benefits
(saved tipping fees, income generation, health and safety issues, site aesthetics, important on a campus with visiting parents and other dignitaries).