The trustee of an employee stock ownership plan (ESOP) acted in good faith when it determined the fair market value of company stock, so it did not violate prohibited transaction rules, a judge has determined.
Secretary of Labor Hilda L. Solis filed an amicus curiae brief with the 4th U.S. Circuit Court of Appeals supporting the remedy of awarding plan participants a “surcharge” to recover monetary damages for fiduciary breaches.
The 2010 ERISA Advisory Council will study whether the audit requirement and financial reporting model contained in the Employee Retirement Income Security Act (ERISA) §§ 103 and 104 provide the protections to plan participants and beneficiaries that Congress originally intended.
A federal judge in Georgia has thrown out claims by 401(k) participants that Beazer Homes USA breached its fiduciary duties by offering company stock as an investment option when it was no longer prudent.
The American Society for Pension Professionals and Actuaries (ASPPA) has requested transitional relief for 501(c)(3) organizations offering 403(b) plans that have found themselves inadvertently subject to Title I of ERISA.
The ERISA Industry Committee (ERIC), joined by the American Benefits Council, have filed a friend of the court brief urging the 2nd U.S. Circuit Court of Appeals to uphold the dismissal of a case alleging Citigroup violated its fiduciary duties by continuing to hold company stock in its retirement plans when it was no longer prudent.
The U. S. Department of Labor’s Employee Benefits Security
Administration (EBSA) reported recovering $1.36 billion in 2009 for
employee benefits plans governed by the Employee Retirement Income
Security Act (ERISA).
The nation’s economic downturn has prompted plaintiffs’ lawyers to
increase the pace of filing of class action lawsuits to recover 401(k)
plan losses under the Employee Retirement Income Security Act (ERISA),
a new analysis found.