You can access a copy of the the recent case of Richards v. FleetBoston Financial Corp here [pdf]. A federal district court in Connecticut has opined in that case that an employee could continue with a claim that the company’s cash balance plan violates the age discrimination prohibitions under ERISA.
(Comment: The old adage that “you can’t fit a round peg in a square hole” really seems to apply here. Congress needs to fix this sooner rather than later. You can read about how things are going with pension legislation here.
I liked what House Education and the Workforce Committee Chairman Howard P. “Buck” McKeon (R-Calif.) had to say about hybrid plans on the floor of the House in early April:
“[H]ybrid pension plans represent an important component of worker retirement security. In fact, more than 9 million workers today rely on these benefits for a safe retirement. Unfortunately, some continue to paint a misleading picture about these pension plans. . .Not only are hybrid plans especially advantageous for women and lower-paid workers, but they also comprise the only part of the defined benefit system that is growing. Hybrid plans now provide the PBGC with approximately 25 percent of its premium income. And because the total number of defined benefit plans has declined significantly over the last 20 years, it is now more important than ever to encourage employers to stay in the defined benefit system and offer these benefits. . )