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De-Risking Your Retiree Pensions? Verizon Court Affirms Plan Sponsor Rights to Shed Obligations
Osler, Hoskin & Harcourt LLP Link to more items from this source
Apr. 28, 2014

"The selection of an annuity provider is a fiduciary function, but Verizon was able to prevail on this issue because it had retained an independent fiduciary in advance to represent the participants in connection with the annuity purchase and to ensure its compliance with ERISA requirements.... The almost $1 billion dollars paid from plan assets to Prudential as expenses were permissible and were not required to be paid directly by Verizon. They were not on their face unreasonable administrative expenses, given the $8.4 billion total cost of the transaction[.]" [Lee v. Verizon Communications, No. 3:12-CV-4834-D (N.D. Tex. Apr. 11, 2014)]

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