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Application of the Federal Securities Laws to Noncontributory, Defined Benefit Pension Plans

Gunderson, Robert V.

The University of Chicago law review, 1977-01, Vol.45 (1), p.124-150 [Periódico revisado por pares]

Chicago, Ill: University of Chicago Law School

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Título:
Application of the Federal Securities Laws to Noncontributory, Defined Benefit Pension Plans
Autor: Gunderson, Robert V.
Assuntos: Comments ; Contracts ; Court decisions ; Defined benefit pension plan ; Defined benefit plans ; Employee pension plans ; Employees ; Employers ; ERISA ; Federal law ; Investment plans ; Labor legislation ; Litigation ; Noncontributory pension plans ; Pension funds ; Pension plans ; Private pensions ; Regulation ; SEC 33 ; Vested benefits
É parte de: The University of Chicago law review, 1977-01, Vol.45 (1), p.124-150
Descrição: An increasing number of employers in the U.S. use private pension plans to provide additional benefits for their employees. The majority of these plans are: 1. noncontributory, i.e., financed entirely by employer, and 2. defined benefit, i.e., the retirement benefit to be received is fixed. In determining whether or not federal securities laws are applicable to these pension plans, the definition of security is reviewed in light of the Securities Act of 1933. The SEC has taken the position that interests in the employee benefit plans are securities based on the view that such interests are "investment contracts" as defiNed in the Act. Court test for existence of an "investment contract" is whether there is a funding of: 1. an investment by the employer, 2. a common enterprise, 3. with the expectations of profit, and 4. determinined from the managerial efforts of third parties. Courts have not recognized employees' participation in a pension plan as expectation of profit.
Editor: Chicago, Ill: University of Chicago Law School
Idioma: Inglês

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Application of the Federal Securities Laws to Noncontributory, Defined Benefit Pension Plans

Gunderson, Robert V.

Chicago, Ill: University of Chicago Law School

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