Cash balance plans do not violate the rule against age-based reductions in the rate of benefit accrual under the Employment Retirement Income Security Act, the 2nd Circuit has ruled, joining the 3rd, 6th and 7th Circuits in finding that the plans survive ERISA scrutiny. Covington & Burling's Jeffrey G. Huvelle, who represented the Verizon Communications defendants in one of two companion cases, called the ruling "a nail in the coffin for plaintiffs' lawyers attempting to invalidate cash balance plans."
July 15, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Cash balance plans do not violate the rule against age-based reductions in the rate of benefit accrual under the Employment Retirement Income Security Act, the 2nd U.S. Circuit Court of Appeals has ruled.
Resolving an issue that had generated uncertainty among its district court judges, the 2nd Circuit clarified the law under 29 U.S.C. §204(b)(1)(H)(i) in two companion cases from the Southern District of New York.
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