Devoted to Corporate Attorneys, Corporate Lawyers, and Corporate Counsel

The following is not meant to be legal advice.

In late January 2007, in Register v. PNC Financial Services Group, Inc. (PNC), Court of Appeals No. 05-5445 (3rd Cir., Jan. 30, 2007), the Federal Court of Appeals for the Third Circuit affirmed dismissal of a class action against PNC Financial Services Group, the cash balance pension plan, and the plan committee.

PNC’s conversion to a cash balance plan did not implicate the objective of the anti-backloading provision of preventing a plan from being unfairly weighted against shorter-term employees.