Access Funding Fraud in Maryland – Update

Access Funding is back in the news in a January 21, 2019 article in The Washington Post. The recent settlement of a class-action lawsuit brought by two of Access Funding’s former customers would provide about $750,000 for victims of the company.  Under the terms of the settlement, the victims released claims filed by Attorney General […]

Structured Settlement Factoring Companies Sue Each Other

In late November, 2018 DRB Capital, LLC filed a lawsuit in Palm Beach Circuit Court, Florida against several other secondary market, factoring companies, including Rightway Funding LLC, BTG Advisors LLC, Sempra Finance LLC, Greenwood Funding LLC, and JLC Capital Funding LLC alleging that these companies interfered with DRB’s business in violation of the Florida Deceptive […]

PBGC Will Take Over Sears Pension Plans

In a news release on January 18, 2019, the Pension Benefit Guaranty Corporation (PBGC) announced that it would take responsibility for Sears’ pension plans, which cover more than 90,000 people.  A hedge fund run by Eddie Lampert, the former CEO of Sears won a bankruptcy auction with a $5.2 billion proposal to keep the company in business […]

Weyerhaeuser Plans to De-Risk in 2019

Late last year Seattle based Weyerhaeuser Co. contributed an additional $300 Million to its pension plan and announced its pension de-risking plans for 2019, which include the purchase of a group annuity contract.  The Weyerhaeuser pension plan has assets of $5.514 billion in the U.S. and Canada, and over 70,000 participants. According to the company’s […]

NHL Settles Concussion Lawsuit

A four year long lawsuit by 318 former National Hockey League (NHL) players reached a settlement in November 2018. The settlement will reportedly provide the settling players with free neuropsychological tests, up to $75,000 for treatment, and up to $20,000 in cash per player.  A “Common Good Fund” will also be established to assist other […]

MetLife Settles with Massachusetts Over Unpaid Pensions

In late 2017, MetLife announced that it had lost track of some retirees.  MetLife had assumed the responsibility of paying these retirees in a pension risk transfers done years ago, and disclosed that it followed a policy of trying to reach beneficiaries just twice. Once when they approached age 65, and again 5 1/2 years […]

PBGC Premiums Will Increase in 2019

The Pension Benefit Guaranty Corporation (PBGC) will increase it’s fixed rate premium to $80 per plan participant for 2019.  The fixed rate premium was just $35 in 2012.  The PBGC is a federal agency created by ERISA to protect private sector pension plans.  If your pension plan goes belly up, the PBGC wills step in […]

2018 Pension De-Risking Summary

2018 saw many pension de-risking transfers, and industry experts expect this trend to continue unabated into 2019. In fact, Bristol-Myers Squibb has already announced a $3.8 Billion transfer to Athene Annuity and Life Company for August, 2019.  We will have to wait and see if that pension risk transfers tops the 2019 charts. Some of […]

Bristol-Myers Squibb Transfers $3.8 Billion

In early December, 2018 the pharmaceutical giant, Bristol-Myers Squibb, announced that it was transferring $3.8 Billion of its pension obligations to Athene Annuity and Life Company, offering lump sums to certain plan participants, and terminating its US pension plan. This transfer, with an effective date of August, 2019 affects over 18,000 employees.  State Street Global […]

Thinking of taking a pension advance?

Are you a retiree thinking of taking an advance on your pension payments?  If so, perhaps you should re-think that idea. This is an industry replete with fraud and there are a lot of unscrupulous companies out there looking to advance some funds to you at a very high rate.  Just a few months ago, […]