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Ninth Circuit Joins First Circuit in Finding That Elimination of a Pension Transfer Option Does Not Violate ERISA Anti-Cutback Rule
Littler Link to more items from this source
Oct. 7, 2014
"The Ninth Circuit employed the reasoning found in the U.S. Government's amicus brief, concluding that there was no violation because the 2004 Amendment did not result in a reduction of the plaintiffs' 'accrued benefit' in the Profit Sharing Plan.... Although transfer from a profit sharing plan is an optional form of benefit, that aspect was not modified by the 2004 Amendment.... Only acceptance [of transfers] by the Retirement Income Plan was prohibited. Despite affirming the district court's dismissal, the Ninth Circuit expressed that it was 'deeply troubled' with this 'disturbing' result." [Andersen v. DHL Retirement Pension Plan, No. 12-36051 (9th Cir. Sept. 15, 2014)]

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