Bankruptcy (BenefitsLink.com)Headlines re Bankruptcy, gathered by BenefitsLink.comDura Automotive's Pension Commitment Survives Bankruptcy- (Found July 8, 2008 ) Excerpt: "The company sponsors four defined benefit pension plans that cover more than 4,600 participants, emerged from bankruptcy with those programs still intact and the plan of reorganization confirmed by the bankruptcy court provides that Dura Automotive will continue to sponsor and maintain those plans.' (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=42123 Delphi to Freeze Pension Plans- (Found July 8, 2008 ) Excerpt: "Financially troubled auto parts manufacturer Delphi Corp. will freeze its two pension plans and shift some pension liabilities to former parent General Motors Corp. under a bankruptcy reorganization proposal filed September 6 and an agreement reached with GM." (Business Insurance)http://www.businessinsurance.com/cgi-bin/news.pl?newsId=11055 Employer-Sponsored Benefits: Many Factors Affect Treatment of Pension & Health Benefits in Chapter 11 Bankruptcy- (Found July 8, 2008 ) 48 pages. Excerpt: "This report addresses (1) how, if at all, recent legislative changes affected the treatment of pension and health benefits during chapter 11 bankruptcies, and (2) what is known about the extent to which businesses have modified employee or retiree pension and health benefits. Highlights are at http:www.gao.govhighlightsd071101high.pdf." (U.S. Government Accountability Office)http://www.gao.gov/cgi-bin/getrpt?GAO-07-1101 Deducting 401(k) Loan Repayments Can't Help Debtor Escape Bankruptcy Abuse Finding- (Found July 8, 2008 ) Excerpt: "A U.S. Bankruptcy Court judge in Ohio has ruled that a 401(k) participant can't deduct $269 in monthly repayments for three plan loans from his monthly income to meet a legal showing that the debtor is not abusing federal bankruptcy laws." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=38487 Delta Pilots Say Airline Owes Them $100 Million in Pension Benefits- (Found July 8, 2008 ) Excerpt: "ABOUT 1,000 retired Delta Air Lines pilots asked a federal bankruptcy judge Tuesday to award them at least $100 million in pension benefits they say Delta hasn't paid them. The pilots say in filings made in the U.S. Bankruptcy Court for the Southern District of New York that Delta hasn't paid the benefits because the company is misinterpreting federal tax law." (Daily Report)http://www.dailyreportonline.com/Editorial/News/new_singleEdit.asp?individual_SQL=8%2F8%2F... Judge to Rule on Oneida Pension Dispute- (Found July 8, 2008 ) Excerpt: "A judge will decide if Oneida Ltd., which emerged from bankruptcy last year after walking away from a pension plan covering nearly 1,900 workers and retirees, must pay millions of dollars in 'termination fees' to the government's pension insurer." (AP via Forbes.com)http://www.forbes.com/feeds/ap/2007/07/31/ap3972437.html Tower Automotive Exits Bankruptcy with Pension Intact- (Found July 8, 2008 ) Excerpt: "Tower Automotive's financial difficulties and bankruptcy aren't that unusual a story in the auto parts industry these days. What is notable, though, is that the company's defined-benefit pension plan was not one of the obligations it shed in order to emerge from bankruptcy, an achievement that won it praise today from the Pension Benefit Guaranty Corp." (Financial Week; free registration required)http://www.financialweek.com/apps/pbcs.dll/article?AID=/20070731/REG/70731015/1001/rss02&a... Fed Gov Ordered to Send Criminal Court Proceeding Notice to Victims of TPA Charged with Embezzlement- (Found July 8, 2008 ) Excerpt: "EBIA Comment: Although we rarely report on cases at this stage of the proceedings, we do so here because the defendant appears to be one of the first individuals to face federal criminal charges for allegedly embezzling HSA funds. The bankruptcy trustee . . . has received permission from the bankruptcy court to engage special ERISA counsel to help recover the lost funds." (Employee Benefits Institute of America Inc.)http://www.ebia.com/weeklyguest/19092/200708171135f838070874b2eb5765b9957bc2a4/BNL070726 UAL Can't Stop Pilots' Pension Suit Against Union, Judge Says- (Found July 8, 2008 ) Excerpt: "UAL Corp., parent company of United Airlines, failed to quash a lawsuit filed on behalf of about 1,700 pilots claiming their union didn't adequately defend their pensions as the carrier emerged from bankruptcy." (Bloomberg News)http://www.bloomberg.com/apps/news?pid=20601103&sid=av6lZGdasjl8&refer=news Court Allows 403(b) Bankruptcy Exclusion- (Found July 8, 2008 ) Excerpt: "A U.S. Bankruptcy Court judge has ruled that a bankrupt couple could keep the wife's 403(b) assets out of their bankruptcy estate." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=37996 |