Speaker Company Topic GRAHAM DAMANT BOWMAN GILFILLAN INC WHAT HAPPENED TO EMPLOYER RIGHTS IN PENSION FUNDS?

Slides:

Advertisements

Similar presentations

Agenda TODAY WE WILL COVER:

Advertisements

GOVERNMENT REGULATION OF INSURANCE

Gregg Libutti March 20, (b) Regulations: Overview  Released July 24, 2007  General effective date: January 1, 2009  Plans may adopt earlier:

IPP inc. Actuaries and Retirement Plan Specialists The Individual Pension Plan Presentation on behalf of: The Banff School.

© 2010 SelectAccount MII Life Inc., d.b.a. SelectAccount, is an independent company providing account administration services Your Health. Your Money.

HEADING GOES HERE IN RED UNIVERS CONDENSED BOLD ALL CAPS.

POST-RETIREMENT MEDICAL AID FUNDING SAMANTHA DAVIDSON Labour Law & Sustainability Department 35 Aliwal Street Durban 4000 Tel: Fax: PENSION.

Presented by NAME TO BE SUPPLIED TITLE TO BE SUPPLIED Scottish Provident Relevant Life Policies Relevant Life Policies.

© The Pension Protection Fund An Actuary’s Role Kulin Patel and Martin Hooper Higham Group 29 November 2005.

Copyright 2007 Fiduciary Insurance Understanding your Exposure.

Presenter: Marshall Gilinsky, Esq. (212) Canadian Capital RIMS Chapter Meeting March 11, 2009 Understanding Key E&O,

Meeting Customer’s Retirement Needs and the Effect on the Retirement Age.

TELKOM POST RETIREMENT MEDICAL AID (PRMA) ALTERNATIVE FOR EMPLOYEES

Topic 5 Function, Purpose and Regulations of Financial Institutions.

1 Mergers & Acquisitions: Issues Raised by Health Benefit Plans Jasmine Villaflor Hernandez Anna Rubinstein FIN434 – Employee Benefits December 4, 2007.

Labor and Benefits Lawyers Brothers and Sisters In Arms Stuart B. Johnston, Jr. Vinson & Elkins, LLP Stuart B. Johnston, Jr. Vinson & Elkins, LLP.

Personnel Management Employment Legislation Mag. Maria Peer.

Best Practices - How to Self-Audit Your HR Files Eric S. Hayes Brown & Carlson, P.A.

Overview of Social Insurance in Namibia Social Protection Conference July 2015 Presented by: DA Keendjele 30/06/2015.

Legal Update - September 2012 Nancy Andrews and Pieter Cronje.

Mary Hutch Head of Information & Training The Pensions Board 24 January 2007 The Institute of Chartered Accountants in Ireland Role of The Pensions Board.

The A-Z of employment issues for an Israeli Company in the United Kingdom Daniel Naftalin 16 April 2012.

BLACK LAWYERS ASSOCIATION AND PENSION LAWYERS ASSOCIATION 7 OCTOBER 2005 INCORPORATION AND REGISTRATION OF FUNDS DIFFERENT TYPES OF FUNDS David Geral,

Illinois ASBO May Creating Cost Savings and Tax Efficient Retirement Incentives Illinois ASBO 60 th Annual Conference May 18, 2011.

Pension Plan By: Jennifer Kimball. What is a Pension?! A Pension is a plan that sends you money after you are retired or aren't working anymore. Pensions.

Briefing to the Health Portfolio Committee: Operational Activities and Budgets KP Matshidze Acting CEO and Registrar Council for Medical Schemes XX August.

CWU PENSIONS SEMINAR. History of Pensions and Royal Mail Pension Schemes.

Life Insurance in a Qualified Plan Chapter 13 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 What is it? Qualified.

Lecture  Those rules regulating the legal relationship between: ◦ employees, ◦ employers, and also between employers and employees and the Sate,

Occupational pensions in the UK: the current legal framework Institute for Employment Rights 10 March 2010.

F IDUCIARY R ESPONSIBILITIES R. S COTT G ARDNER, CIMA S ENIOR I NVESTMENT A DVISOR P ACIFIC P ORTFOLIO C ONSULTING, LLC.

KPHA MEETING RETIREMENT PLANS 1/16/14 BRUCE A LAFFERRE.

Volunteer Leadership Learning Series Session: Chartered Alumni Organizations - Insurance Coverage Presenter: James A. Breeding, Director Risk Management.

2005 INTERNATIONAL CONFERENCE Boston, Massachusetts ~ November 13-15, 2005 ESOP’S FABLES: From Happily Ever After to Sour Grapes November 15, 2005 Presented.

The Pensions Board Credit Union Manager’s Association AGM Andrew Nugent Assistant Head of Information Services The Pensions Board.

UCL (Former Medical Schools) Pension Scheme Informal meeting with members on Friday, 13 January 2012 Jack Foster, Director – Special Projects Extn 48223;

Implementing a Medicare Compliance Program. Implementation of Medicare Compliance Program Rules & procedures to reduce chance of wrongdoing High level.

Member protection: the UK experience Paul Williams, Jonathan Mort Inc.

Edward nathan sonnenbergs DISCUSSION OF CHAIRMAN OF THE BOARD OF THE SANLAM (KANTOORPERSONEEL) PENSIOENFONDS v REGISTRAR OF PENSION FUNDS (CASE NO /05)

Michel St-Germain Montréal Health of Defined Benefits Pension Plan Is a Defined Contribution Pension Plan the answer? Presentation to the Canadian Association.

1 P.AG. KENYA PASTORS & STAFF PROVIDENT FUND. DUTIES OF A SCHEME ADMINISTRATOR.

Pensions – The Big Picture Andrew Nugent Assistant Head of Information Services The Pensions Board.

Prepared by: Richard K. Traub Traub Lieberman Straus & Shrewsberry LLP.

Presentation to the Parliamentary Portfolio Committee of Finance 30 May 2007.

QUARTERLY UPDATE PENSION LAWYERS ASSOCIATION 13 JUNE 2006.

NATIONAL TREASURY Presentation to the Portfolio Committee of Finance on the Pension Funds Second Amendment Bill August 21, 2001.

Presented By: Mary C. Petrick Kirk L. Pruett 09/15/2011.

Finance 431 Professional Liability. Historically only covered liability from Professional Services to others Medical malpractice Doctors Errors and Omissions.

Mandate Pension Trustees Course 25 March 2009 Andrew Nugent Assistant Head of Information Services.

IMPACT OF COMPANY INSOLVENCY ON PENSION SCHEMES CCAB-I ANNUAL INSOLVENCY CONFERENCE Jerry Moriarty20/9/05.

Copyright © 2007, The American College. All rights reserved. Used with permission. Planning for Retirement Needs Plan Funding and Investing— Part I Chapter.

Creating opportunities in tough times Budget

SIPTU Pension Trustees Course Cork – 10 March 2009 Andrew Nugent Assistant Head of Information Services.

1 Contributory Pension Scheme Members’ Meeting 26 February 2016.

3-1. REGULATING EMPLOYEE BENEFITS McGraw-Hill/Irwin Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3.

The Pensions Board Andrew Nugent Assistant Head of Information Services The Pensions Board.

FIRST CONTRACTUAL SAVINGS CONFERENCE : SUPERVISORY AND REGULATORY ISSUES IN PRIVATE PENSIONS AND LIFE INSURANCE SUPERVISORY AND REGULATORY PRACTICES IN.

Pension Lawyers Association Panel discussion – 15 August 2006 Practical Actuarial Issues of Surplus and Minimum Benefits – Coral van Zyl.

Check epf claim status BY : istatus.co.inistatus.co.in.

Presented By: DANIEL N. JANICH

Lecture 23 Pension Plan Funding

Calgary RIMS Chapter Meeting March 1, :00 am-9:00 am

LEGAL POINT JOGPONT network in Hungary

Creating certainty Budget 2013 Business School.

Retirement Benefit Fund, Trustee and Third Party Provider Insurance

Jonathan Mort Rowan Burger

The ‘Default’ Regulations – An update

Issues inherent to management committees and different

MANAGING FUNDING RISK IN DEFINED BENEFIT FUNDS

Retirement, 2005 Draft Amendments Industry Consolidated Comments

Presentation transcript:

Speaker Company Topic GRAHAM DAMANT BOWMAN GILFILLAN INC WHAT HAPPENED TO EMPLOYER RIGHTS IN PENSION FUNDS?

THE OVERSEAS EXPERIENCE A.CLEAR DISTINCTION -Employee Benefits Lawyers (Labour Law Department) -Pension Lawyers

EMPLOYEE BENEFIT LAWYERS EMPLOYER Pension Funds Other Benefits -Loans -Transport etc Share Options Medical Schemes Bonus Schemes Post Retirement Medical Aid

PENSION LAWYERS PENSION FUNDS Administrator Employer Investment Managers Consultant Members Trustees

EMPLOYEE BENEFITS LAWYERS PROVIDE ADVISE TO EMPLOYER ON Obligations and rights Amending benefits Employment contract wording Tax structuring Different Schemes Improper use Surplus rights Legislative amendments Conflicts of interest Mergers and acquisitions Dispute Handling: Unfair labour practice claims Discrimination claims Improper use claims Surplus issues Trustee conduct

PENSION LAWYERS PROVIDE ADVISE TO Trustees Fiduciary duties Governance Rule amendments Amending benefits Investment policy Death benefit distribution Divorces and maintenance Deductions Regulators powers Surplus apportionment Reportable irregularities Contracts with administrator/others Insurance S14 transfers Tax Pension increase policy Dispute Handling: Adjudicator complaints Appeals from Registrar High Court claims

PENSION LAWYERS PROVIDE ADVISE TO Administrators, Investment Managers, Consultants, Actuaries and Auditors Contracts Liabilities Duties Errors and omissions Regulators power Dispute Handling: Breach of contract claims Delictual claims Adjudicator complaints Regulator complaints

PENSION LAWYERS PROVIDE ADVISE TO Members Rights Disputes: Adjudicator complaints Investment choice Discrimination Rule amendments

THE SOUTH AFRICAN EXPERIENCE Pre 2000’s: -The Industry -The Law Firms: -Labour Lawyers -Trust Lawyers -Litigation Lawyers

KIND OF ADVICE -Defined Benefits to Defined Contributions conversions -Capping of Post Retirement Medical Aid -Early Surplus Distribution

EMPLOYEE BENEFIT LAWYERS DEVELOPING EMPLOYER RIGHTS Employer Centric View: -The Pension promise -Deferred pay? -Wide Discretion (limited review)

THE 2000’s -The defection -The Hybrid employee benefit/pension lawyer -Not sufficient work for specialists -Labour lawyer do not see employee benefits as labour law -No longer developing jurisprudence -Jurisprudence worse off as a consequence

WHAT ARE EMPLOYER ISSUE? -Rights in future surplus distribution -Rights in pension increase policy -Right to change funds -Right to amend benefits

Thank you