Like a handful of other states, Ohio protects accrued benefits
as property rights, rather than as contracts, and thus has greater discretion in theory to adopt reforms affecting accrued benefits
of current members and retirees.
that were payable at the time of a claimant's death can be paid to a survivor, provided that all of the evidence necessary to secure entitlement to the benefit was with the file at the time of death.
Coverage includes definition and characteristics of a defined benefit plan, design, hybrid plans, eligibility, measuring service, vesting, accrued benefits
, required contributions, deductions, and distribution of benefits, among other topics.
"According to an 8-K filing with the SEC, Greenfield, who received total compensation of USD 4.8 million as of fiscal 2011, has entered into a separation agreement with Avid whereby in exchange for release of claims against the company he will receive payment of his accrued benefits
, salary continuation for twelve months in the aggregate amount of USD 1,014,000, a payment in respect of annual bonus of $1,123,200, payment in respect of COBRA premiums, outplacement services and thirteen months additional vesting on his outstanding time-vesting equity awards.
Therefore, even though the taxpayer here was not aware that he was enrolled, and had no vested rights under the plan, he was considered to be an active participant because he had accrued benefits
under the plan during the year in question.
For every pounds 1 invested in trade union facility time in the public sector, between pounds 2-pounds 5 is returned in accrued benefits
for the organisation and taxpayer.
A Department for Work and Pensions spokesman said: "The Government has promised that if Remploy leaves Government control at the end of the process the accrued benefits
of members of the scheme will be fully protected.
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.
Among the changes being considered is a provision that would allow employees to convert accrued benefits
into a cash balance plan.
(Presumably, all other complications arising from plan disqualification would apply.) 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.