A district court granted summary judgment to OSF Healthcare System, but the 7th Circuit found there are genuine issues of material law that warrant more discovery in the case.
Tag: Employee Retirement Income Security Act
Among other things, a federal court judge found the director of benefits at Kaleida Health and the retirement plan committee of its 403(b) and 401(k) plans were fiduciaries.
Using other court decisions, including one from the Supreme Court, the medical center's plan was found to fall under the "church plan" definition in ERISA.
The Employee Retirement Income Security Act (ERISA) does not actually define "actual knowledge" required by participants who file fiduciary breach cases, and U.S. Circuit Courts are split on the issue.
IBM asks the court to hear the case after an appeals court reverses the company’s district court win.
City National argued that if a District Court had considered certain offsets to the damages award, it would have been clear that the bank never received more compensation than necessary for performing recordkeeping services for its own plan.
The one in Detroit will take place on June 5 and in Wilmington, Delaware, June 25
The Department says it recognizes that severe storms may impede efforts by plan fiduciaries in Nebraska, Iowa and Alabama to comply with the Employee Retirement Income Security Act (ERISA) over the next few months.
Specifically, the petition filed by participants in Chevron's DC plan asks the Supreme Court to answer: “In pleading a breach of fiduciary duty under ERISA, is it sufficient for a plaintiff to allege a deficient decision-making process indirectly through inferences from the facts known to her?”
A 2nd U.S. Circuit Court of Appeals decision reversed the company’s District Court win in a lawsuit alleging imprudence in managing company stock investments in one of its retirement plans.
Comparing Employee Retirement Income Security Act (ERISA) cases to trust law cases, a federal judge decided to side with "the great weight of authority in the federal courts holding actions under ERISA to remedy alleged violations of fiduciary duties are equitable in nature," so there is no right to a jury trial.
Plaintiffs' claims over retirement plan investment and administration fees against the University of Southern California may now proceed.
In addition, the agency is holding a three-day webcast series in March.
In addition, the company will select a non-proprietary target-date fund (TDF) for its 401(k) investment lineup and increase the company match contribution rate for three years.
The program pairs specialists with dedicated strategic account managers and brings access to a team of ERISA attorneys.
The complaint alleges that Stadion Money Management and Mutual of Omaha abused their managed account arrangement by putting their own interests ahead of participants’.
The Department of Labor's Employee Benefit Security Administration (EBSA) also alleged in a lawsuit that fiduciaries to two retirement plans failed to administer the plans, leaving participants unable to gain information about their funds or gain access to their plan accounts.
The question was included in its petition for writ of certiorari asking the Supreme Court to settle a circuit split about burden of proof in ERISA cases.
Practical answers to technical questions have been added to appropriate locations within ERISApedia.com's Qualified Plan eSource.
The appellate court found that the allegations showed only that Chevron could have chosen different vehicles for investment that performed better during the relevant period, or sought lower fees for administration of the fund, not that any breach of ERISA duties had occurred.