Compensation Strategies Group, Ltd.
Nova 401(k) Associates
Nicholas Pension Consultants
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|Second Circuit Creates Three-Part Test for Determining Whether Severance Policy Falls Under ERISA|
Reid and Riege, P.C.
July 31, 2015
"The Court established three factors that courts will consider when deciding the ultimate question of whether a particular undertaking is an ERISA 'plan, fund, or program:' ' whether the employer's undertaking or obligation requires managerial discretion in its administration;  whether a reasonable employee would perceive an ongoing commitment by the employer to provide employee benefits; and  whether the employer was required to analyze the circumstances of each employee's termination separately in light of certain criteria.' " [Okun v. Montefiore Medical Center, No. 13-3928 (2d Cir. July 17, 2015)]
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