Early retirees’ fraudulent misrepresentation claims time-barred by ERISA’s three-year period for fiduciary breach

Early retirees’ fraudulent misrepresentation claims against their employer and pension fund were time-barred by ERISA’s three-year limitations period for breach of fiduciary duty, the U.S. Court of Appeals in Cincinnati (CA-6) has ruled. The retirees failed in their bid to apply the six-year limitations period applicable to cases of fraud or concealment. Early retirement program […]

IRS announces new procedures to help people resolve specific issues related to certain foreign retirement plans

The IRS has announced new streamlined procedures to assist people in resolving specific issues related to certain foreign retirement plans (such as Canadian Registered Retirement Savings Plans). The new procedures go into effect September 1, 2012. The IRS notes that, in some circumstances, tax treaties allow people to defer income earned by the plans under […]

Major Contract Awards

Navy Awards $5.3 Billion in Services Contracts. The Navy is awarding indefinite-delivery/indefinite-quantity multiple award contracts to 385 contractors that will provide for their competition for service requirements solicited by Naval Sea Systems Command, Naval Air Systems Command, Space and Naval Warfare Systems Command, Naval Supply Systems Command, Military Sealift Command, Naval Facilities Command, Strategic Systems Programs, […]

Treasury Dept. Establishes Internet Payment Platform

The Department of the Treasury has finalized, without change, a proposed rule ( ¶70,063.03) implementing use of the Internet Payment Platform, a centralized electronic invoicing and payment information system. According to the Department, the IPP benefits agencies by eliminating the need to file and store paper payment documentation. By providing contractor and department-wide visibility into […]

Consolidated Requirements Were Not Unduly Restrictive

The terms of a request for proposals for logistics support for two aircraft did not unduly restrict competition, because the government conducted market research that identified the requirements and mitigated the risk to offerors. The government issued the RFP after determining it could consolidate the support requirements for the C-20 and C-37 aircraft. The protester […]

IRS issues guidance on notice requirements for underfunded DB plans subject to benefit restrictions

The IRS has issued guidance, in the form of questions and answers, on ERISA §101(j) notice requirements under which notices are required to be given to participants and beneficiaries of underfunded, single-employer defined benefit (DB) plans that are subject to funding-based benefit restrictions imposed by ERISA §206(g) and Code Sec. 436. The guidance addresses the […]

Pension & Benefits NetNews – July 17, 2012

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EBSA seeks comments on defined benefit plan annual funding notice

The Employee Benefits Security Administration (EBSA) is requesting comments on its request for extension of the Office of Management and Budget’s (OMB) approval of an information collection request concerning the annual funding notice requirements applicable to defined benefit plans under ERISA §101(f). Written comments, which should be received on or before August 24, 2012, should […]

Spencer’s Benefits Reports – July 13, 2012

About this Newsletter The Spencer’s Benefits Reports is a summary of the week’s news items posted in the WHAT’S NEW pages of Spencer’s Benefits Reports Online. For questions regarding this email service, contact Customer Service at (800)449-9525. NetNews Subscription Want to receive these Newsletters via E-mail? Sign Up / Unsubscribe hr.cch.com Resources Online Store Customer […]

Major Contract Awards

U.S. Transportation Command Awards Intermodal Distribution Contracts. Maersk Line, Ltd., Norfolk, Va.; American President Lines, Ltd., Inc., Washington, D.C.; Farrell Lines, Inc., Norfolk, Va.; American Roll-On Roll-Off Carrier, L.L.C., Park Ridge, N.J.; Liberty Global Logistics, L.L.C., Lake Success, N.Y.; Hapag-Lloyd USA, L.L.C., Tampa, Fla.; and Central Gulf Lines, Inc., Mobile, Ala., are each being awarded […]