Plaintiffs cannot now, with any credibility, take the position that Rule 11 prevented them from bringing a § 1054(h) notice claim. Compensation credits would end after a participant terminated employment, but the interest credits would continue until the participant withdrew his or her benefits.

Specifically, whether the phrase "rate of an employee's benefit accrual" refers to the employer's contributions to the plan (inputs), or the employees' actual retirement benefits (outputs). §§ 1132(a)(2) and (a)(3). — Special Rules — Minimum Vesting Standards, Labor — Regulatory Provisions — Employee Retirement Income Security Program — Protection Of Employee Benefit Rights — Participation And Vesting — Minimum Vesting Standards, Labor — Regulatory Provisions — Employee Retirement Income Security Program — Protection Of Employee Benefit Rights — Fiduciary Responsibility — Coverage. — Special Rules — Definitions And Special Rules For Purposes Of Minimum Survivor Annuity Requirements, Internal Revenue Code — Income Taxes — Normal Taxes And Surtaxes — Deferred Compensation, Etc. Cash balance plans, sometimes referred to as hybrid plans, are defined benefit plans that combine attributes of a 401(k) plan (defined contribution plan) and a traditional pension plan (defined benefit plan). . Division. 2007) (concluding that "[t]he contention that cash balance plans are necessarily age discriminatory under the terms of § [1054] (b)(1)(H)(i) fails, however, because that provision of ERISA addresses only the employer's contributions [inputs] to the benefit plan, and any disparity in the benefits that employees of different ages receive from cash balance plans is merely the result of the time value of money"). 2d 150 after opportunity for briefing on the issue by plaintiff; refusing to ignore the clear language of 29 U.S.C. Count three also includes a pre-retirement mortality discount claim that Plaintiffs have agreed to withdraw without prejudice provided discovery does not reveal that Duke used an improper mortality discount. Also, Duke's refusal to provide the requested information regarding the interest rate credits that were applied to participants' accounts during the 1997 and 1998 Plan years on the basis that the retrieval of such information would require "significant effort and cost" is further evidence that exhaustion would have been futile.

[Docket Entry #60, at ¶ 4]]. at 980. See 26 U.S.C. Duke argues that "to prove an ERISA breach of fiduciary duty based on a misrepresentation, a plaintiff must establish each of the following elements: `(1) the defendant's status as an ERISA fiduciary acting as a fiduciary; (2) a misrepresentation on the part of the defendant; (3) the materiality of that misrepresentation; and (4) detrimental reliance by the plaintiff on the misrepresentation.'" Plaintiffs seek a declaration that Duke erroneously calculated interest credits during 1997 and 1998 and that such error resulted in the wrongful denial of benefits to retirees. Here is an example of a plan. Plaintiffs contend that calculating interest credits in such a way violates § 1054(b), which prohibits reduction of an employee's rate of benefit accrual because of that employee's age. Rego v. Westvaco Corp., 319 F.3d 140, 145 (4th Cir. Id. Cal. Plaintiffs seek a declaration that the Plan violates § 1054(b) and that Duke be required to restore all lost interest credits to participants plus any loss of benefits arising from the failure to properly award credits. Interestingly, the court explained that IBM's old plan, which was a traditional pension plan that provided an annual pension based on a function of closing salary multiplied by the number of years of service, favored older workers because salaries increase with seniority. "Replacing a plan that discriminates against the young with one that is age-neutral does not discriminate against the old." Count five alleges that the implementation of the Cash Balance Plan resulted in an impermissible backloading of benefits. 959, 980 (D.S.C. discriminatory simply because younger employees have more [Transcript of December 19, 2007 Motions Hearing, at pgs. The House Conference Report accompanying the OBRA provisions stated that the two provisions are to be interpreted in a consistent manner. “Under Duke’s Cash Balance Plan, the pay Duke asserts that § 5.04(c) only applies if the Treasury bond rate falls below 4%. Duke argues that count two should be dismissed because Plaintiffs have failed to state a claim under the ADEA. prohibitions (See. 560 F. Supp.2d 444.

Once you create your profile, you will be able to: Claim the judgments where you have appeared by linking them directly to your profile and maintain a record of your body of work. The plaintiff in LaRue brought a breach of fiduciary duty claim for restitution under 29 U.S.C.

1998). Register, 477 F.3d at 61. February 13, 2008) (unpublished). Plaintiffs alleged in their amended complaint that Duke breached standards of care in the manner that they have administered the Plan by arbitrarily adjusting opening account balances in attempts to circumvent ERISA's § 1054(h) notice requirements. However, with the addition of new factual allegations in their amended complaint, Plaintiffs' breach of fiduciary duty cause of action now, in the court's view, contains a fourth distinct claim — that Duke breached the standards of care in the manner that they administered the Plan by arbitrarily adjusting the opening account balances of selected employees in attempts to avoid ERISA's notice requirements under 29 U.S.C. Nov. 16, 1989) (unpublished) (holding that "after a scheduling order has expired, the considerations of Rule 16(b) are not relevant to the analysis of a motion for leave to amend pursuant to Rule 15"); Vercon Constr., Inc. v. Highland Mortgage Co., 187 Fed.Appx. The draft regulations state "the rate of benefit accrual . To prevail on a breach of fiduciary duty claim for equitable restitution, the plaintiff "must argue that `money or property identified as belonging in good conscience to the plaintiff could clearly be traced to particular funds or property in the defendant's possession.'" Plaintiffs request that Duke be required to reform the Cash Balance Plan so that it is in compliance with the applicable laws.

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