High Court Denies Review Of Cash-Balance Plan’s ‘Normal Retirement Age’ Definition

Mealey's (January 25, 2016, 1:13 PM EST) -- WASHINGTON, D.C. — The U.S. Supreme Court on Jan. 25 denied PricewaterhouseCoopers LLP’s petition seeking review of a Second Circuit U.S. Court of Appeals ruling that the company’s cash-balance pension plan violates the Employee Retirement Income Security Act because it defines “normal retirement age” as five years of service, which the appeals court found “bears no plausible relation to ‘normal retirement’” (PricewaterhouseCoopers LLP, et al. v. Timothy D. Laurent, et al., No. 15-638, U.S. Sup.).

In its July 23, 2015, ruling, the Second Circuit panel reasoned...
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