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.