The settlement agreement resolves a civil suit brought by the DOL, alleging Cactus Feeders Inc. ESOP fiduciaries failed to fulfill their obligations under ERISA during a December 2010 stock transaction.
Tag: Employee Retirement Income Security Act
According to the compliant, the defined benefit (DB) plan was required to adhere to Employee Retirement Income Security Act (ERISA) funding rules.
Plan sponsors have a fiduciary duty to operate in accordance with the plan document, but an ERISA attorney shares common cases when mistakes are made.
The appellate court found Bank of America did not profit from transferring participants' 401(k) accounts to a cash balance plans and noted that previously the bank entered into a closing agreement with the IRS, paying a $10 million fine and setting up a special-purpose 401(k) plan to restore participants’ accounts.
The new claim in the 403(b) plan lawsuit says the defendants should have protected participant data as plan assets and not allowed TIAA to use it to market its products and services to participants.
A federal judge is allowing the plaintiff one last chance to make more context-specific arguments in her case.
While non-electing church plans are not subject to most ERISA requirements, they are subject to pre-ERISA regulations.
According to the settlement agreement, the university has already made changes to the investment lineup for its 403(b) plans.
A federal district court has ordered eye-care company Eye Centers of Tennessee LLC, its owner Dr. Larry E. Patterson, and its office administrator Raymond K. Mays to pay $971,622 in restitution to the company’s 401(k) plan.
Relying on standards set forth by the Supreme Court in Fifth Third Bank v. Dudenhoeffer, an appellate court affirmed a district court’s dismissal of the case.
An appellate court found a divorce decree met all the requirements of a QDRO under ERISA.