Benefits Blast

Amid a recent resurgence in litigation targeting pension risk transfer (PRT) transactions, plan sponsors and fiduciaries should take extra care in selecting annuity providers to ensure compliance with fiduciary duties. Read on for a summary of recent developments and insights.   

On Monday, in Sun Capital Partners III LP v. New England Teamsters & Trucking Indus. Pension Fund, the District Court of Massachusetts ruled that two private equity funds were jointly and severally liable for the unfunded pension liabilities of one of their portfolio companies despite the fact that neither fund owned 80% of the portfolio company.