Edward Stone’s guest column – reprinted below – appeared in the Sunday, October 4, 2015 edition of Cleveland’s “The Plain Dealer.” “Euclid-based Lincoln Electric Co. has become the latest company to join the pension de-risking bandwagon. By offloading its retirees’ pension obligations through the purchase of a group annuity contract from The Principal Financial Group, as of Nov, 1, […]
Chronic traumatic encephalopathy (CTE) has been identified in 96% of the deceased NFL players that have been examined by researchers with the Department of Veterans Affairs and Boston University. Signs of CTE can be identified in living persons using brain scans, but as yet the disease can only be positively identified posthumously. Researchers believe that CTE comes […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2015-10-05 16:24:252015-10-05 16:24:25Deceased NFL Players test Positive for CTE
Today, J.C. Penney announced that it would continue its pension de-risking efforts by purchasing a group annuity contract from The Prudential Insurance Company of America. While exact numbers of retirees affected and the terms of the agreement have yet to be released, it appears that this pension de-risking transfer is an annuity “lift-out” and the […]
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. Public Act 15-167 takes effect today. Prior to the enactment of this ground-breaking legislation, annuity payments intended for retirement could be garnished by creditors in Connecticut. Edward Stone Law, on behalf […]
Revisions to the Illinois Structured Settlement Protection Act, 5 ILCS 153/1 went into effect last month in the wake of Settlement Funding, LLC v. Brenston, 998 N.E. 2d 111 (Ill. App. Ct. 2013) where the Illinois Appellate Court held that the trial court erred in permitting a transfer where the settlement agreement contained an anti-assignment clause […]
Companies continue to de-risk their pension plans at a rapid pace. J.C. Penney Co., based in Plano, Texas offered 31,000 retirees a lump sum buyout offer which expires today. This offer follows an earlier lump sum buyout offer in 2012 that 25,000 retirees elected to take. While the I.R.S. restricted lump sum buyouts with new regulations […]
The Washington Post reported that “Prince George County Circuit Court has implemented significant reforms” in its handling of structured settlement payment petitions filed pursuant to the Maryland Structured Settlement Protection Act. All sellers and their independent advisors must now appear at the hearings, and all petitions must be filed using the seller’s full name, rather […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2015-09-17 09:45:102015-09-17 09:45:10Judicial Reforms for Structured Settlements in Maryland
Council members Mary M. Cheh (D-Ward 3), Charles Allen (D-Ward 6), Anita Bonds (D-At Large), David Grosso (I-At Large) and Brandon T. Todd (D-Ward 4) introduced a structured settlement protection act to protect District of Columbia residents seeking to sell their structured settlement payment streams. While we agree with the op-ed in The Washington Post on September 11, 2015 […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2015-09-16 01:26:442015-09-16 01:26:44Bill Introduced in District of Columbia on Structured Settlements
As the last of the Executive Life cases seem to be winding their way through the court system, the U.S. government escaped liability in Nutt et al v. United States, No. 14-CV-282, 2015 WL 3525191 (Fed. Cl. June 4, 2015) for a contract it purchased in settlement of a wrongful death claim in 1983, where a […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2015-09-15 08:00:492015-09-16 01:29:50U.S. Escapes Liability for Executive Life Annuity
Plaintiffs’ have filed a petition for re-hearing with the 5th Circuit in Lee v. Verizon Communs., Inc., 2015 U.S. App. LEXIS 14588 (5th Cir. Tex. Aug. 17, 2015), asking that the court re-visit its decision and preserving their right to appeal. Hopefully the 5th Circuit will realize that the risks associated with kicking retirees to […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2015-09-11 09:00:492015-09-04 18:35:33Petition for pension de-risking rehearing filed in Lee v. Verizon
Cleveland Plain Dealer – Pension De-Risking
Edward Stone’s guest column – reprinted below – appeared in the Sunday, October 4, 2015 edition of Cleveland’s “The Plain Dealer.” “Euclid-based Lincoln Electric Co. has become the latest company to join the pension de-risking bandwagon. By offloading its retirees’ pension obligations through the purchase of a group annuity contract from The Principal Financial Group, as of Nov, 1, […]
Deceased NFL Players test Positive for CTE
Chronic traumatic encephalopathy (CTE) has been identified in 96% of the deceased NFL players that have been examined by researchers with the Department of Veterans Affairs and Boston University. Signs of CTE can be identified in living persons using brain scans, but as yet the disease can only be positively identified posthumously. Researchers believe that CTE comes […]
J.C . Penney Announces Pension De-Risking Annuity Purchase
Today, J.C. Penney announced that it would continue its pension de-risking efforts by purchasing a group annuity contract from The Prudential Insurance Company of America. While exact numbers of retirees affected and the terms of the agreement have yet to be released, it appears that this pension de-risking transfer is an annuity “lift-out” and the […]
Law Protecting Connecticut Retirees takes effect today!
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. Public Act 15-167 takes effect today. Prior to the enactment of this ground-breaking legislation, annuity payments intended for retirement could be garnished by creditors in Connecticut. Edward Stone Law, on behalf […]
Illinois Structured Settlement Protection Act – revised
Revisions to the Illinois Structured Settlement Protection Act, 5 ILCS 153/1 went into effect last month in the wake of Settlement Funding, LLC v. Brenston, 998 N.E. 2d 111 (Ill. App. Ct. 2013) where the Illinois Appellate Court held that the trial court erred in permitting a transfer where the settlement agreement contained an anti-assignment clause […]
Pension De-Risking Continues
Companies continue to de-risk their pension plans at a rapid pace. J.C. Penney Co., based in Plano, Texas offered 31,000 retirees a lump sum buyout offer which expires today. This offer follows an earlier lump sum buyout offer in 2012 that 25,000 retirees elected to take. While the I.R.S. restricted lump sum buyouts with new regulations […]
Judicial Reforms for Structured Settlements in Maryland
The Washington Post reported that “Prince George County Circuit Court has implemented significant reforms” in its handling of structured settlement payment petitions filed pursuant to the Maryland Structured Settlement Protection Act. All sellers and their independent advisors must now appear at the hearings, and all petitions must be filed using the seller’s full name, rather […]
Bill Introduced in District of Columbia on Structured Settlements
Council members Mary M. Cheh (D-Ward 3), Charles Allen (D-Ward 6), Anita Bonds (D-At Large), David Grosso (I-At Large) and Brandon T. Todd (D-Ward 4) introduced a structured settlement protection act to protect District of Columbia residents seeking to sell their structured settlement payment streams. While we agree with the op-ed in The Washington Post on September 11, 2015 […]
U.S. Escapes Liability for Executive Life Annuity
As the last of the Executive Life cases seem to be winding their way through the court system, the U.S. government escaped liability in Nutt et al v. United States, No. 14-CV-282, 2015 WL 3525191 (Fed. Cl. June 4, 2015) for a contract it purchased in settlement of a wrongful death claim in 1983, where a […]
Petition for pension de-risking rehearing filed in Lee v. Verizon
Plaintiffs’ have filed a petition for re-hearing with the 5th Circuit in Lee v. Verizon Communs., Inc., 2015 U.S. App. LEXIS 14588 (5th Cir. Tex. Aug. 17, 2015), asking that the court re-visit its decision and preserving their right to appeal. Hopefully the 5th Circuit will realize that the risks associated with kicking retirees to […]