October 2013 Archive

2014 Increases for Retirement Plans, Social Security

October 30, 2013

The Social Security Administration just announced benefit increases effective in 2014. These changes will affect benefits for currently retired individuals, as well as those contemplating retirement. Employers who sponsor retirement plans that are ‘coordinated’ with Social Security in some fashion will also see an impact on benefits earned and payable under such plans. Read More

Court rules on same-sex spouse's rights under DC plan

October 09, 2013

Cozen O’Connor, P.C. v. Tobits, et al. (July 29, 2013) appears to be the first case to address this issue. In Cozen O’Connor, the United States District Court for the Eastern District of Pennsylvania held that a marriage between two women validly celebrated in Canada and (the court found) recognized in the participant's domicile of Illinois must be recognized for purposes of Cozen O’Connor's profit sharing plan. In this article we briefly review the case and then discuss its implications for plan sponsors and administrators. Read More

September 2013 Pension Finance Update

October 02, 2013

The good times for pension plans returned in September. The combination of solid returns in the stock market and stable interest rates improved funded status last month. The two ‘model’ plans we track1 each saw improvements, with traditional ‘Plan A’ gaining more than 3% while the more conservative ‘Plan B’ improved 1%. For the year, Plan A has gained an astonishing 19% and Plan B is up almost 5%. Download

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