Pension De-Risking for Employee Benefit Sponsors: Avoiding Litigation and Enforcement Action
Designing and Implementing a Strategy to Minimize Risk and Ensure ERISA Compliance
Recording of a 90-minute CLE webinar with Q&A
Conducted on Wednesday, May 27, 2015
Recorded event now available
This CLE webinar will provide benefits counsel with a review of pension de-risking approaches companies can use to reduce some of the risks involved with employee retirement benefits and keep retirement plans adequately funded. The panel will offer best practices for leveraging the precautions to prevent ERISA fiduciary law violations when making transfers.
Description
New mortality tables, volatile interest rates and market conditions, and increased PBGC premiums may make pension de-risking an attractive option for benefit plan sponsors. Opting to transfer some or all of a sponsor’s plan risk may make sense for many companies.
De-risking approaches can take many forms, from transferring company obligations to third parties, to offering payouts to plan participants, to undertaking liability-driven investing and other strategies. Counsel and companies must tread carefully to avoid ERISA-based litigation or regulatory inquiries.
Prudent de-risking requires thorough financial analysis and clear demonstrations that ERISA fiduciary standards are met. Counsel should guide companies on how to establish the reasonableness of decisions and prepare to defend against possible court challenges.
Listen as our panel of experienced employee benefit practitioners provides guidance on precautions for companies undertaking transfers of pension plan obligations to third parties or other de-risking options. The panel will outline best practices for assembling a thorough financial review, complying with ERISA requirements, and responding to potential legal challenges from plan participants.
Outline
- De-risking overview
- Current trends
- Different approaches
- Transfers to third parties
- Lump sum payouts for participants
- Investment strategies
- Procedural prudence and meeting ERISA fiduciary requirements
- Prudence
- Care
- Loyalty
- Potential challenges from plan participants
- Grounds for challenges
- Likelihood of success
Benefits
The panel will review these and other key issues:
- How can pension providers demonstrate they have met their ERISA standards of prudence, care and loyalty to plan participants?
- What steps should be taken in preparation for termination of a pension plan?
- What are the grounds for the various challenges to de-risking approaches and what are the steps that can be taken to mitigate this risk?
Faculty
Maureen J. Gorman, Partner
Mayer Brown,
Palo Alto, Calif.
Ms. Gorman’s practice focuses on executive compensation and employee benefits matters. Her work includes advising on tax and benefit issues in both domestic and international contexts, counseling on ERISA fiduciary issues, controversy work involving IRS and DOL audits, and all nature of transaction work.
David Hartman, Vice President and General Counsel
General Motors Asset Management,
New York
Mr. Hartman is general counsel to a wholly owned subsidiary of General Motors Company that serves as investment fiduciary to, and has responsibility for managing the assets of, employee benefit plans sponsored by GM. His duties focus on institutional investment management, investment transactions including in alternative asset classes, fiduciary matters, and general corporate and transactional matters.
Dr. Susan Mangiero
Fiduciary Leadership,
Trumbull, Conn.
Dr. Mangiero has provided testimony before the ERISA Advisory Council, the OECD and the International Organization of Pension Supervisors, as well as offered expert testimony and behind the scenes forensic analysis, calculation of damages and rebuttal report commentary for various investment governance, investment performance, fiduciary breach, prudence, risk and valuation matters.
Recordings
CLE On-Demand - Streaming Video
Includes recorded streaming video of full program plus PDF handouts.
On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.
AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN*, KS, KY, LA, ME, MN, MO, MT, NC, ND, NH**, NJ, NM, NV, NY, OH*, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.
**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.
CLE On-Demand Video $297.00
Recorded Event
Includes full event recording plus handouts.
Strafford is an approved provider and self-study CLE credit is available in most states.
AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
Strafford will process CLE credit for one person on each recording.
Additional copies of a recording can be purchased at a discount. Please call Strafford Customer Service toll-free at 1-800-926-7926 ext 10 or email customerservice@straffordpub.com to place your order.
Recorded Webinar Download $297.00
Recorded Audio Download (MP3) $297.00
Webinar
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CLE Credits
Many states grant CLE credits for on-demand streaming audio programs and recorded events. Our programs are pre-approved in many states. Refer to our state CLE map for state-specific information.
Customer Reviews
I appreciated the discussion about the often complex aspects of giving legal opinions in the LLC context.
David Longenecker
Stites & Harbison
Great information regarding recent case law.
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Santangelo Law Offices
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Edward. J. Dunham, Jr.
Kleinbard Bell & Brecker
The subject matter was covered in a very understandable way.
Constance Kotula
CarVal Investors
I liked the practicality and thoroughness of the presentation and the handouts.
Barry Jasilli
CVS Caremark
Employment & ERISA Advisory Board
Special Counsel
Schulte Roth & Zabel
Partner
Holland & Hart
Director
Goulston & Storrs
Partner
Kelley Drye
Partner
Perkins Coie
Partner
Hoover Kernell
Shareholder
Littler Mendelson
Partner
Wick Phillips
Partner
Shook Hardy & Bacon
Shareholder
Greenberg Traurig
Partner
Gibson Dunn & Crutcher
Member
Epstein Becker & Green
Partner
Freeman Freeman Smiley
Shareholder
Greenberg Traurig
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