Bates & Company, Inc.
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AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Compass
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'Change of Control' Severance Plan Isn't Governed by ERISA, Court Rules
Zuckerman Spaeder LLP Nov. 28, 2016 "To decide whether ERISA applied, the court looked to whether the Executive Retention Plan involved an 'ongoing administrative program,' and concluded that it did not. First, the court concluded that the plan did not require managerial discretion as to amount of severance, timing of payouts, or the form of severance. Moreover, most of the factors supporting a 'Good Reason' separation did not involve any discretionary determination. Second, an employee wouldn't see the plan as involving an ongoing commitment to provide benefits -- only one severance payout was involved, and the plan only came into play for a two-year period. Third, the plan didn't have the usual earmarks of an ERISA plan, such as a plan administrator, fiduciary, administrative review, or procedure to submit claims. Fourth, the plan was not a pension plan because it was not contingent on retirement and did not involve deferred income." [Hall v. LSREF4 Lighthouse Corporate Acquisitions, LLC, No. 16-6461 (W.D.N.Y. Nov. 10, 2016)] |
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