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 pages |
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Common terms and phrases
accrued benefits action actuarial error amended amount benefit pension plan Chairman claims Committee on Aging Company concerning Congress Corp corporate decision to terminate 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 GRADY Harper & Row Harper and Row HOWARD interest rate interest rate assumptions Internal Revenue Code Internal Revenue Service issue LEBOWITZ legislation liabilities ment million Office overfunded PBGC pension assets Pension Benefit Guaranty pension plan terminations percent plaintiffs Plan and Trust plan assets plan participants plan sponsor plan's ployer private pension profit-sharing plan Prudential questions recapture regarding regulations requirements response result retirement income Retirement Plan Revenue Ruling reversion of excess Row's ROYBAL Select Committee shares sion surplus assets takeover terminated plan tion transaction trust law VENTO violation WINBORNE
Popular passages
Page 157 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
Page 14 - ... 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; (C) by diversifying the investments of the plan so as to minimize, the risk of large losses, unless under the circumstances it is clearly prudent not to do so...
Page 259 - 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...
Page 237 - 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.
Page 283 - ... (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...
Page 161 - 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.
Page 161 - 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.
Page 238 - 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...
Page 15 - ... a party in interest; (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...
Page 202 - ... plan is not terminated merely because the employer sells or otherwise disposes of his trade or business if the acquiring employer continues the plan as a separate and distinct plan of its own, or consolidates or replaces that plan with a comparable plan. See paragraph (d) (4) of § 1.381 (c) (11)-1 for the definition of comparable plan.