Entries by lisa

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IRS Sets Limits on Pension De-Risking

In July 2015, the IRS announced new regulations (Notice 2015-49) limiting a company’s ability to de-risk its pension liabilities by making lump sum distributions to participants in pay status. While lump-sum payments may be a cost effective way of de-risking pension obligations, they may not be the best thing for retirees. Taking away the lump sum option from the defined benefits […]

Governor Malloy signs bill providing retiree protections

Governor Dannel P. Malloy (D) signed into law Public Act 15-167 on July 2, 2015 providing creditor protections to retirees in pension de-risking transfers.  Prior to the enactment of this ground-breaking legislation, annuity payments intended for retirement could be garnished by creditors in Connecticut. While the bill was pared down from that originally proposed to […]

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“This bill is an important step in the right direction for retirees”

Lawmakers in Connecticut have passed de-risking legislation that has been sent on to Governor Dannel Malloy for signature. Stone is quoted as saying “This bill is an important step in the right direction for retirees.” See “De-Risking Bill Sent to Connecticut Governor; N.Y. Measure Stalled in Insurance Committee”, by Sean Forbes. Reproduced with permission from BNA Pension & […]

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CT Senate Passes H.B. 6772 – Pension De-Risking

On Wednesday, June 3rd, 2015 the Connecticut Senate unanimously voted to pass H.B. 6772, providing creditor protections to retirees in pension de-risking transactions.  The bill will now be presented to Governor Malloy for signature.  ProtectSeniors.org, a non-profit group advocating for retirees in Connecticut and across the nation led the charge in passing this legislation. As special […]

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Stone testifies before ERISA Advisory Council

Edward Stone testified before the U.S. Department of Labor’s Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council) on May 28, 2015.  Stone testified on the need for disclosures to retirees both pre and post pension risk transfers. Recommended disclosures prior to pension risk transfer included: A detailed disclosure statement that contains […]

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Structured Settlement Fraud

Two Edward Stone Law cases were featured prominently in today’s Wall Street Journal – “Firms Help Settlement Holders Cash Out Payments Meant to Last a Lifetime”.  What the WSJ article fails to describe is the high pressure predatory sales tactics used to raid large structured settlement annuities that were intended to last a lifetime.  The […]

Tough Times for Structured Settlements

The structured settlement business is shrinking as falling demand makes them less attractive to claims professionals.  But a potentially bigger issue for the industry involves ongoing litigation involving Executive Life of New York (ELNY). In a new article for LifeHealthPro, attorney Edward Stone highlights the impact this litigation has for both a major structured settlement […]