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Pension Funds In Bankruptcy
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Book Synopsis Pension Funds in Bankruptcy by : Terri Day
Download or read book Pension Funds in Bankruptcy written by Terri Day and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article describes the dual objectives of bankruptcy: the financial rehabilitation of debtors and the satisfaction, to the greatest extent possible, of creditors' claims. The first objective promotes the "fresh start" notion, by holding some of debtors' assets outside the reach of creditors, thereby preventing the bankrupt from becoming a ward of the state. Leaving the debtor with no post-bankruptcy assets would make the promise of a fresh start merely illusory. In contrast, the second objective implies that, in satisfying their claims, creditors should have the benefit of everything the debtor owns upon entering bankruptcy. A recent debate focuses on the juxtaposition of these dual bankruptcy objectives and the policy encompassed by the Employee Retirement Income Security Act of 1974 (ERISA). ERISA plans and similar pension plans encourage and protect accumulated savings for retirement years. Whether such pension assets are subject to creditors' attachment in bankruptcy is the topic of continued legal debate. This article focuses on the pension fund as a spendthrift trust issue, tracing the history of the bankruptcy and pension policies involved in this conflict in Section I. Section II provides a brief introduction on the types of relief available to debtors through bankruptcy. Sections III and IV trace the evolution of the bankruptcy laws' treatment of property excluded or exempt from the estate, with a focus on early cases that dealt with employment-related property and pension plans. Section V explains section 541(c)(2) of the Bankruptcy Code, which carves out the spendthrift trust "safe harbor," one of the Code's possible protections for pension assets in bankruptcy. Section VI highlights various pension plan options, and Section VII presents a survey of bankruptcy cases based primarily in Florida that focus on the issue of pension plans as spendthrift trusts. The article closes by suggesting a statutory solution in the nature of a spendthrift trust rollover statute with a caveat about ERISA preemption.
Download or read book Pension Dumping written by Fran Hawthorne and published by John Wiley & Sons. This book was released on 2010-05-20 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fran Hawthorne, author of Pension Dumping, is a recipient of the New York State Society of Certified Public Accountants award for Excellence in Financial Journalism for 2009—the first year books have been honored. Pension plans in America no longer represent commitments that financially troubled companies will honor. Neither bankruptcy courts, nor Washington, nor unions have the clout to make them do so. The disposition of these plans is instead left to serve the needs of big investors. Often these investors are a failing company’s best hope of restructuring after bankruptcy. Investors want a lean investment unburdened with financial promises to employees no longer on the payroll. Despite laws passed to discourage the termination of plans, the courts allow it, caving in to the forces garnered to reinvigorate a failing company. Unions are often compelled to choose between the financial welfare of retirees and jobs for active workers. Pension Dumping explains in shocking detail how terminating the pension plan became a knee-jerk strategy for bankrupt companies that hope to attract big investors to help them reorganize. Hawthorne traces the dynamics and the players involved as a pension is targeted for termination: thebankruptcy court and the hierarchy of power that dictates whose interests will prevail the choices forced on unions the burden placed on the Pension Benefit Guaranty Corporation the risks investors take and the returns they look for the companies’ efforts to salvage what they can as they restructure, as well as the backlash they risk by breaking pension promises In 2008, Pension Dumping was cited in testimony before a Congressional committee investigating bankruptcies in relation to pensions.
Book Synopsis Present Law and Issues Relating to the Treatment of Qualified Pension Plans in Personal Bankruptcy by : United States. Congress. Joint Committee on Taxation
Download or read book Present Law and Issues Relating to the Treatment of Qualified Pension Plans in Personal Bankruptcy written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 1991 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Government Accountability Office Publisher :DIANE Publishing ISBN 13 :9781422398517 Total Pages :46 pages Book Rating :4.3/5 (985 download)
Book Synopsis Employer-sponsored Benefits by : United States. Government Accountability Office
Download or read book Employer-sponsored Benefits written by United States. Government Accountability Office and published by DIANE Publishing. This book was released on 2007 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions Publisher : ISBN 13 : Total Pages :68 pages Book Rating :4.F/5 ( download)
Book Synopsis Protecting Pension Assets by : United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions
Download or read book Protecting Pension Assets written by United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions and published by . This book was released on 2000 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Company Bankruptcy and Pension Protection by : John Moran
Download or read book Company Bankruptcy and Pension Protection written by John Moran and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses whether federal law protects employees' retirement funds when their company goes bankrupt.
Author :United States. Congress. House. Committee on the Judiciary. Subcommittee on Courts, Commercial and Administrative Law Publisher : ISBN 13 : Total Pages :176 pages Book Rating :4.:/5 (318 download)
Book Synopsis Role of Public Employee Pensions in Contributing to State Insolvency and the Possibility of a State Bankruptcy Chapter by : United States. Congress. House. Committee on the Judiciary. Subcommittee on Courts, Commercial and Administrative Law
Download or read book Role of Public Employee Pensions in Contributing to State Insolvency and the Possibility of a State Bankruptcy Chapter written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Courts, Commercial and Administrative Law and published by . This book was released on 2011 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Present Law and Issues Relating to the Treatment of Qualified Pension Plans in Personal Bankruptcy (Classic Reprint) by : U. S. Joint Committee on Taxation
Download or read book Present Law and Issues Relating to the Treatment of Qualified Pension Plans in Personal Bankruptcy (Classic Reprint) written by U. S. Joint Committee on Taxation and published by Forgotten Books. This book was released on 2017-01-21 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Present Law and Issues Relating to the Treatment of Qualified Pension Plans in Personal Bankruptcy When an individual who is a participant in a pension plan de clares personal bankruptcy, the individual's creditors sometimes at tempt to satisfy their claims by seeking assignment of the individ nal's pension benefits. Under the Internal Revenue Code, a pension plan is not tax qualified unless it provides that benefits under the plan may not be assigned or alienated. Nevertheless, a number of bankruptcy courts have ordered plan trustees to pay over benefits to the creditors of a bankrupt plan participant. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis A Bad Man's Guide to Private Equity and Pensions by : Elizabeth Lewis
Download or read book A Bad Man's Guide to Private Equity and Pensions written by Elizabeth Lewis and published by . This book was released on 2015 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern corporate bankruptcy law has been shaped, and some of it written, by special interests. Even so, the law is rooted in American ideals of renewal, and of viewing failure in the marketplace as a sign of effort and gumption, not moral collapse. It's a powerful idea - shedding the past to begin anew. But for decades, Chapter 11 of the U.S. Bankruptcy Code has also been used strategically - to destroy union contracts, edge out competitors, and limit product liability lawsuits.More recently, some private equity firms have honed Chapter 11 as an efficient financial engineering tool for insider sales - and for dumping pensions. Based on partial data from the Pension Benefit Guaranty Corp., at least 51 companies have abandoned pension plans in bankruptcy at the behest of private equity firms since 2001. They've dumped $1.592 billion in pension bills onto a government-backed agency that insures private defined benefit plans. Because pension insurance doesn't cover all benefits, their actions have left some of the nearly 102,000 workers or retirees with lost benefits amounting to at least $128 million. And they've contributed to the chronic deficits at the Pension Benefit Guaranty Corporation.Other types of businesses, including publicly held companies, have also abandoned pension plans in bankruptcy. But the business model and practices of some private equity firms can make pension-dumping in bankruptcy especially attractive.The legal and regulatory environments in the U.S. combine with those practices to add up to a form of institutional corruption. In this working paper, I explain how Oliver Wendell Holmes' hypothetical “bad man” can use bankruptcy as a strategy to profit. So, here is a bad man's guide to ditching pensions in bankruptcy - legally.
Book Synopsis Pension and Welfare Benefits in Bankruptcy by :
Download or read book Pension and Welfare Benefits in Bankruptcy written by and published by . This book was released on 1988 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Firm Bankruptcy and Retiree Benefits by : Joshua H. Saunders
Download or read book Firm Bankruptcy and Retiree Benefits written by Joshua H. Saunders and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Benefits for retired employees are of particular interest to policymakers, who often are concerned with the income security of retirees, a large and fast-growing population. One aspect of this congressional concern is what happens when bankrupt employers are unable to provide promised pension and health benefits to their retired employees. This book explores the protections of benefits awarded retirees and future retirees of bankrupt private-sector employers under current law. Although there are many types of employee benefits, active employees, retirees, and the employers themselves are often especially concerned with postretirement pensions and health insurance benefits, usually the two largest components of these so-called legacy costs. This book also provides an overview of the status of employee wages and benefits, including retiree benefits, when an employer files in bankruptcy, and the amendments made to the U.S. Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act; provides background on Delphi Corporation, relevant pension law, the role of the Pension Benefit Guaranty Corporation (PBGC), a description of major events at Delphi since 1999, and a listing of congressional hearings and legislation introduced related to the Delphi Corporation since the 111th Congress.
Book Synopsis Employee Benefits by : United States. General Accounting Office
Download or read book Employee Benefits written by United States. General Accounting Office and published by . This book was released on 1991 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trustees of Central States, Southeast and Southwest Areas Pension Fund V. Jackson by :
Download or read book Trustees of Central States, Southeast and Southwest Areas Pension Fund V. Jackson written by and published by . This book was released on 1989 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Private Pensions by : Gregory D. Kutz
Download or read book Private Pensions written by Gregory D. Kutz and published by DIANE Publishing. This book was released on 2011-05 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: When sponsors terminate underfunded plans during bankruptcy, it can deplete resources of the Pension Benefit Guaranty Corp. (PBGC), which protects the pensions of almost 44 million Amer. workers and retirees who participate in over 29,000 defined benefit pension plans. In 2009, PBGC reported a deficit of $30 billion. This report determined what pay and other compensation exec. received in the years preceding their company¿s termination of an underfunded defined benefit pension plan. The report analyzed a listing of the 1,246 underfunded plans that were terminated from 1999 to 2008 and selected public co. with large unfunded liabilities, large unfunded liabilities per participant, and a large number of plan participants. A print on demand report.
Book Synopsis Protecting Your Pension For Dummies by : Robert D. Gary
Download or read book Protecting Your Pension For Dummies written by Robert D. Gary and published by John Wiley & Sons. This book was released on 2011-05-04 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are you concerned about your pension? In today’s tumultuous business environment, you have every right to be. With revised pension laws and under-the-table pension cuts by companies making waves, you have to be ever vigilant about protecting what you have. Protecting Your Pension For Dummies helps you do just that. This easy-to-follow guide explains all the latest pension laws, what your rights are, and the best ways to keep your money safe. It demystifies the various types of pension plans and outlines just what it takes to qualify for a pension. Once your plan is set up, you’ll see how to navigate company bankruptcies, mergers, and pension cutbacks, as well as divorces, loans, and personal bankruptcy—and take action if you’ve been shortchanged to recoup what is rightfully yours. You get all the expert guidance you need to: Understand the Pension Protection Act of 2006 Evaluate different pension plans Plan for retirement while you’re working Ensure that you get your pension Request essential plan documents Understand eligibility, accrual, and vesting Guard your pension from your employer—and from life’s ups and downs Understand pension distributions And much more Complete with a glossary of terms and an appendix of charts and forms discussed throughout the book, Protecting Your Pension For Dummies is the fun and easy way® to grasp all the important pension rules—and retire with a full nest egg!
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976431395 Total Pages :48 pages Book Rating :4.4/5 (313 download)
Book Synopsis Employer-sponsored Benefits by : United States Government Accountability Office
Download or read book Employer-sponsored Benefits written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, considerable debate has centered on companies using the chapter 11 bankruptcy reorganization process to reduce or eliminate employer-sponsored benefits in an effort to become more competitive. Congress recently enacted several laws, in part, to help address this issue. Most notably, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) and the Pension Protection Act of 2006 (PPA). BAPCPA contained provisions related to chapter 11 business bankruptcies and sought to address the treatment of benefits during the bankruptcy process. In addition, the PPA amended several Employee Retirement Income Security Act of 1974 (ERISA) provisions related to defined benefit (DB) plans in bankruptcy. This report addresses (1) how, if at all, recent legislative changes affected the treatment of pension and health benefits during chapter 11 bankruptcies, and (2) what is known about the extent to which businesses have modified employee or retiree pension and health benefits. GAO reviewed filings of 115 public companies that filed for bankruptcy between October 17, 2004 and October 17,
Book Synopsis Commercial Aviation by : JayEtta Z. Hecker
Download or read book Commercial Aviation written by JayEtta Z. Hecker and published by DIANE Publishing. This book was released on 2006-03 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2001 the U.S. airline industry has lost over $30 billion. Delta, Northwest, United, & US Air. have filed for bankruptcy, the latter two terminating & transferring their pension plans to the Pension Benefit Guaranty Corp. (PBGC). The net claim on PBGC from these terminations was $9.7 billion; plan participants lost $5.3 billion in benefits. Many in the industry have maintained that airlines' use of bankruptcy protection as a means to continue operations is harmful to the industry. This debate has received even sharper focus with pension defaults. This report details: (1) the role of bankruptcy in the airline industry, (2) whether bankruptcies are harming the industry, & (3) the effect of airline pension underfunding on employees, airlines, & the PBGC. Illus.
