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Third Circuit Rules That an Amendment to a Welfare Plan Violates ERISA's Anti-Cutback Rule
ERISA Lawyer Blog Link to more items from this source
[Guidance Overview]
Feb. 10, 2010
Excerpt: According to the Court, the Anti-Cutback rule states: 'The accrued benefit of a participant under a [pension] plan may not be decreased by an amendment of the plan'. To violate the Anti-Cutback rule, a pension plan must be amended, and the amendment must decrease an accrued benefit. The lump sum payment lost due to the Disputed Amendment is an accrued benefit. The Disputed Amendment amended a welfare benefit plan, which is not subject to the Anti-Cutback Rule. However, the Disputed Amendment constructively amended the pension plan. This obtains because the Disputed Amendment added a condition to the receipt of an accrued benefit under the pension plan.

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