Pension Asset Raids: Hearing Before the Select Committee on Aging, House of Representatives, Ninety-eighth Congress, First Session, September 28, 1983U.S. Government Printing Office, 1984 - 293 lappuses |
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abuses accrued benefits action actuarial error amend amount annuity benefit pension plan Board of Directors Chairman Committee on Aging Company concerning Congress Corp decision defined benefit pension defined benefit plan defined contribution plan Department of Labor determination letter distribution District 65 employee benefit Employee Stock Plan ERISA ESOP excess assets fact Harper & Row HOWARD interest rate Internal Revenue Code Internal Revenue Service involved issue LEBOWITZ legislation liabilities lump sum ment million MSTCo overfunded PBGC pension assets pension funds pension plan terminations pension system plaintiffs plan assets plan participants plan sponsor plan's ployees present value private pension problem purchase question recapture receive regard regulations requirements result retirement income Retirement Plan Revenue Ruling reversion of excess Row's ROYBAL Select Committee shares sion statement surplus assets takeover terminated plan Thank THOMAS tion transaction trust law VENTO vested violations WINBORNE
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155. lappuse - to a plan solely in the interest of the participants and beneficiaries and — (A) for the exclusive purpose of: (i) providing benefits to participants and their beneficiaries; and (ii) defraying reasonable expenses of administering the plan...
155. lappuse - ... with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; Act Sec.
165. lappuse - For purposes of this section, the term "fiduciary" means any person who (A) exercises any discretionary authority or discretionary control respecting management of such plan or exercises any authority or control respecting management or disposition of its assets, (B) renders investment advice for a fee or other compensation, direct or indirect...
149. lappuse - CONSOLIDATION. When actions involving a common question of law or fact are pending before the court, it may order a joint hearing or trial of any or all the matters in issue in the actions; it may order all the actions consolidated; and it may make such orders concerning proceedings therein as may tend to avoid unnecessary costs or delay.
10. lappuse - ... so as to minimize, the risk of large losses, unless under the circumstances it is clearly prudent not to do so...
185. lappuse - ... (C) furnishing of goods, services, or facilities between the plan and a party in interest; (D) transfer to, or use by or for the benefit of, a party in interest, of any assets of the plan...
95. lappuse - A determination of the proper capitalization rate presents one of the most difficult problems in valuation. That there is no ready or simple solution will become apparent by a cursory check of the rates of return and dividend yields in terms of the selling prices of corporate shares listed on the major exchanges of the country.
95. lappuse - Because valuations cannot be made on the basis of a prescribed formula, there is no means whereby the various applicable factors in a particular case can be assigned mathematical weights in deriving the fair market value. For this reason, no useful purpose is served by taking an average of several factors (for example, book value, capitalized earnings and capitalized dividends) and basing the valuation on the result.
150. lappuse - Actions (a) Prerequisites to a Class Action. One or more members of a class may sue or be sued as representative parties on behalf of all only if (1) the class is so numerous that joinder of all members is impracticable...
131. lappuse - erroneous actuarial computation" is the surplus arising because actual requirements differ from the expected requirements even though the latter were based upon previous actuarial valuations of liabilities or determinations of costs of providing pension benefits under the plan and were made by a person competent to make such determinations in accordance with reasonable assumptions as to mortality, interest, etc., and correct procedures relating to the method of funding. For example, a trust has accumulated...