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De-Risking Your U.S. Pension: Choices and Challenges
Osler, Hoskin & Harcourt LLP Link to more items from this source
Dec. 11, 2012

"The steps taken by Verizon provide important reminders to employers seeking to protect themselves in de-risking situations: [1] Have an independent fiduciary in place to assist with implementation of settlor decisions to buy annuities. The selection of an annuity provider is a fiduciary action. [2] Make sure your operations follow plan documents and consider adding provisions directing the purchase of annuities. A plan amendment may be appropriate or necessary once the decision to annuitize has been made. [3] Disclose the possibility of annuitization in summary plan descriptions. [4] Record the basis for decisions in Minutes that are comprehensive and clear."

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