The New York State Court of Appeals delivered some bad news to co-op apartment sponsors
recently, when it ruled that sponsors
have an obligation to the coop shareholders to sell vacant apartments within a reasonable period of time.
The issue is exacerbated for small- and mid-sized plan sponsors
The tenants signed a lease with the sponsor
of the building, PRS Development Associates, in February, 1992, five years after the conversion was effective, and began a series of disputes, particularly over rent increases requested in each new lease.
With APRSC (as with the previous self-correction and voluntary compliance programs), the plan sponsor
must completely correct all violations for all years in which the defect existed.
That's because derivatives possess several important attractions for pension-fund sponsors
CitiStreet has begun the rollout and development of a new generation of Web-based applications that will give plan sponsors
and participants broader and easier access to information about their benefit plans, the company announced at a recent series of customer forums.
The most common forms involve separate account arrangements--in which the carrier rather than the plan sponsor
owns the assets in an account legally segregated from the carrier's other assets and liabilities--and a wraparound that preserves the book value accounting.
FedNor once again came on board as a major sponsor
The bottom line, though, is it's all about cash flow for the plan sponsor
That might segue into a retainer situation, in which the consultant and the plan sponsor
meet semi-annually or quarterly," says Pellish.
They now are required to list the DFE's name, sponsor
and EIN, and the plan's number and value on Form 5500.
of the survivor plan, however, currently has no choice but to track the protected benefits for the participants of all of the former plans, which can greatly complicate plan administration.