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Recent Court Decisions Affecting Erisa and Executive Life Annuities : Hearing Before the Subcommittee on Labor of the Committee on Labor and Human Resources United States Senates, One Hundred Third Congress, First Session, August 2, 1993 (Classic Reprint) by Unknown Author (2015, Trade Paperback)

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The author argues that these court decisions have weakened the security of pensions and health benefits for millions of workers. Forgotten Books publishes hundreds of thousands of rare and classic books.

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Excerpt from Recent Court Decisions Affecting Erisa and Executive Life Annuities: Hearing Before the Subcommittee on Labor of the Committee on Labor and Human Resources United States Senates, One Hundred Third Congress, First Session, August 2, 1993 The subcommittee met, pursuant to notice, at 10:07 a.m., in room SD-430, Dirksen Senate Office Building, Senator Howard M. Metzenbaimi (chairman of the subcommittee) presiding. Present: Senators Metzenbaum, Wellstone, and Kassebaum. Opening Statement of Senator Metzenbaum Senator Metzenbaum. Good morning, Senator Kassebaum, and witnesses. Today the subcommittee will hear testimony from the Department of Labor and other interested parties on several recent court cases that jeopardize worker and retiree pension protections under the Employee Retirement Income Security Act, known as ERISA. Two months ago, in a case called Mertens v. Hewitt Associates, the U.S. Supreme Court severely narrowed the protections available to workers and retirees under ERISA. The Court held that ERISA did not clearly provide remedies to make aggrieved individuals whole and the Court, by a 5 to 4 majority, refused to read such remedies into ERISA. In addition, the Court cast doubt on whether ERISA provides a cause of action against individuals who knowingly participate in a violation of ERISA. As a result of this case, the Department of Labor believes that its ability to enforce the law to protect pension plan participants is severely jeopardized. They are here today, and we will hear from them shortly. In addition, the Department believes that its litigation against the Executive Life Insurance Company and the pension plans that bought shaky retirement annuities from Executive Life are at risk. As members of this committee well know, during the merger and takeover days of the 1980's, hundreds of companies terminated their pension plans and bought cheap, high-risk insurance annuities so that the company could pocket the funds remaining in the pension plan. During the 1980's, over $20 billion was looted from workers' pension plans. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Product Identifiers

PublisherForgotten Books

ISBN-101332278248

ISBN-139781332278244

eBay Product ID (ePID)226437097

Product Key Features

Number of Pages60 Pages

LanguageEnglish

Publication NameRecent Court Decisions Affecting Erisa and Executive Life Annuities : Hearing Before the Subcommittee on Labor of the Committee on Labor and Human Resources United States Senates, One Hundred Third Congress, First Session, August 2, 1993 (Classic Reprint)

Publication Year2015

SubjectGeneral

TypeNot Available

Subject AreaRéférence

AuthorUnknown Author

FormatTrade Paperback