LTV's bankruptcy meant seven years of crisis for pensioners and the PBGC. The company's reemergence marks a major victory for the private pension insurance system.
The hiring of six managers who did not meet its RFP standards has resulted in upheaval and a political battle for a big Massachusetts state pension fund.
404(c) now gives defined contribution plan sponsors limited safeguards against lawsuits by beneficiaries. But compliance standards are vague, and no one knows just how far the protections extend.
Employee sophistication is a big concern for plans that want to qualify for 404(c) protection. Some are exploring more than one route to bring their participants up to...