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.
When the Internal Revenue Service (IRS) put about 50 Form 5500 filings
to the test recently, the plans filing the annual reports flunked on
one major issue—buying enough fiduciary bond coverage for their
fiduciaries and administrators.
The 8th U.S. Circuit Court of Appeals has vacated a district court's dismissal of a suit alleging Wal-Mart Stores, Inc. breached its fiduciary duties to 401(k) participants by selecting investment options that charged excessive fees.
A group of employee benefits lawyers led by Paul M. Hamburger have left McDermott Will & Emery’s Washington, D.C. office to establish the D.C. employee benefits practice of international law firm Proskauer Rose LLP.
QVC officials have completed their investigation into alleged employee
misconduct in taking 401(k) loans, but declined to say if they found
any fraud or if any workers had been terminated, the Rocky Mount
When it comes to qualified retirement plans, there are three kinds of people: people who are fiduciaries and know it, people who aren’t fiduciaries and know it, and people who are fiduciaries and don’t know it.