Legal

The architects of Rhode Island's pension overhaul plan said Friday their proposal won't reduce benefits that public workers have already earned, but stressed the need for a "one-time" comprehensive fix rather than piecemeal changes.

The American Society of Pension Professionals & Actuaries filed a letter with the U.S. Department of Labor asking that it modify the Voluntary Fiduciary Correction Program as it applies to late deposits of elective deferrals under the Employee Retirement Income Security Act.

The top administrator of New Mexico's pension fund for government workers is stepping down to take a job with a retirement program in Iowa.

A Pittsburgh company must restore $67,138 in plan assets and interest to its employee retirement plan, according to the U.S. District Court for the Western District of Pennsylvania.

When the Department of Labors Employee Benefits Security Administration re-proposes its fiduciary rules, it must take into account their effect on broker/dealers, plan sponsors, record keepers and plan auditors, says Jeleen Guttenberg, a partner in the law firm Bracewell & Giulianis Employee Benefits, ERISA, and Executive Compensation group.

The Obama administrations attempt to create a voluntary long-term care program was a way for the president to barter with GOP lawmakers on health mandates after his reelection, says Jesse Slome, executive director for the American Association for Long-Term Care Insurance.