Supreme Court Vacates Additional Portions Of CIGNA Cash Balance Remedies Decision

One week after it vacated a federal district court’s decision that had ordered CIGNA Corp. to reform its cash balance pension plan, the U.S. Supreme Court May 23 vacated another portion of the lower court’s ruling that denied CIGNA employees’ request that the company be ordered to reinstate its traditional defined benefit plan (Amara v. CIGNA Corp., No. 09-784)).

In an 8-0 decision handed down May 16, the Supreme Court ruled that the lower court relied on the wrong provision of the Employee Retirement Income Security Act’s civil enforcement provision when it ordered a number of remedies to ...