It is very important to consider legal as well as design issues when establishing or amending a pension or benefit plan. It is self evident that the documentation should be in compliance with all legal requirements. However, it is critically important that issues beyond mere technical compliance be considered. Given the application of contract and trust law to pension and benefit plans by the courts, some provisions of the plans may not be able to be changed later if the ability to do so is not reserved in the first instance.

In this paper, Paul Baston provides some examples of legal issues beyond technical compliance that those who draft pension and benefit plans should consider. The examples provided in this paper are situations that have been considered by the courts or regulators. However, they are examples only and are not necessarily exhaustive.

Read more by clicking the download button.