In this edition of our Newsletter, we take a look at a pair of cases that, while unrelated, together remind us of the importance of having clear plan rules in place that reflect the plan sponsor’s intention. The first article...more
10/11/2019
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Breach of Duty ,
Class Action ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Fiduciary Duty ,
Foreign Nationals ,
Hardship Distributions ,
Health Insurance ,
IRS ,
Mental Health Parity Rule ,
Multiemployer Pension Plan Amendments Act (MPPAA) ,
Pensions ,
Retirement Plan ,
Safe Harbors ,
Standing ,
Statute of Limitations ,
Withdrawal Liability
As we head into the thick of summer, all eyes are on President Trump's nomination to the U.S. Supreme Court to replace retiring Justice Anthony Kennedy and the impact the new Justice will have on shaping the law for...more
7/11/2018
/ 21st Century Cures Act ,
401k ,
403(b) Plans ,
Beneficiaries ,
Bi-Partison Balanced Budget Act (BBA) ,
Breach of Duty ,
Clawbacks ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
HDHP ,
Health Care Providers ,
Health Savings Accounts ,
Investment Adviser ,
Investment Management ,
IRS ,
MHPAEA ,
Murder ,
Plan Administrators ,
Preemption ,
Prescription Drugs ,
Retirement Plan ,
Slayer Statutes
Despite the change in seasons, there appears to be no change in the pace of complex and class action ERISA litigation. Investments in defined contribution plans—both 401(k) and 403(b) plans—continue to be the leading target...more
4/11/2018
/ 401k ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Bi-Partison Balanced Budget Act (BBA) ,
Books & Records ,
Breach of Duty ,
Cadillac Tax ,
Department of Labor (DOL) ,
Disability Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Executive Compensation ,
Fiduciary Duty ,
Fiduciary Rule ,
Hardship Distributions ,
Investment Adviser ,
IRS ,
Multiemployer Pension Plan Amendments Act (MPPAA) ,
Mutual Funds ,
National Association for Fixed Annuities (NAFA) ,
Retirement Plan ,
Self-Dealing ,
Standing
Editor's Overview -
Welcome once again to Proskauer's newly revamped ERISA Newsletter. As a reminder, readers can obtain the information in this Newsletter as it is published on our blog.
Our featured article this...more
7/7/2017
/ 401k ,
American Health Care Act (AHCA) ,
Church Plans ,
Class Action ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
ESOP ,
Fiduciary Rule ,
Hardship Distributions ,
Healthcare Reform ,
Hospitals ,
Investment Adviser ,
IRS ,
Labor Management Relations Act (LMRA) ,
Mental Health Parity Rule ,
MHPAEA ,
Pension Funds ,
Preemption ,
Qualified Retirement Plans ,
Request For Information ,
Split of Authority ,
Stock Drop Litigation ,
Summary Plan Description ,
Taft-Hartley Plan Trustees ,
Trustees
The Sixth Circuit affirmed the dismissal of ERISA stock drop claims by participants in the Cliffs Natural Resources’ 401(k) Plan. The participants alleged fiduciary breach claims based on public and non-public information...more
Editor’s Overview -
In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more
1/31/2017
/ 401k ,
403(b) Plans ,
AARP ,
Americans with Disabilities Act (ADA) ,
Benefit Plan Sponsors ,
Breach of Duty ,
Class Action ,
Collective Bargaining ,
Defined Contribution Plans ,
Dismissals ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Equal Employment Opportunity Commission (EEOC) ,
Excessive Fees ,
Fiduciary Duty ,
Financial Adviser ,
GINA ,
Investment Funds ,
Irreparable Harm ,
Lifetime Health Benefits ,
Preliminary Injunctions ,
Reservation of Rights ,
Retirement ,
Retirement Plan ,
Revenue Sharing ,
Self-Dealing ,
Unions ,
Vesting ,
Wellness Programs
Editor’s Overview -
This month we review the U.S. Supreme Court’s decision in Montanile v. Board of Trustees of National Elevator Industries Health Benefit Plan where the Supreme Court considered the scope of...more
3/29/2016
/ 401k ,
Affordable Care Act ,
Anti-Assignment Clauses ,
Applicable Large Employers (ALE) ,
Benefit Plan Sponsors ,
Breach of Duty ,
Collective Bargaining Agreements (CBA) ,
Determination on Remand ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Equitable Lien ,
Equitable Relief ,
Fiduciary Duty ,
Health Plan Sponsors ,
IRS ,
McCutchen v. U.S. Airways ,
Medical Expenses ,
Medical Liens ,
Montanile v Board of Trustees ,
Penalties ,
Reimbursements ,
Reporting Requirements ,
RJ Reynolds ,
RJR Nabisco ,
SCOTUS ,
Settlement ,
Subrogation ,
Vesting
The R.J. Reynolds defendants have again prevailed against allegations that they breached their fiduciary duties by divesting the RJR 401(k) plan of funds invested in Nabisco stock. Following remand by the Fourth Circuit, the...more
3/25/2016
/ 401k ,
Breach of Duty ,
Class Action ,
Determination on Remand ,
Divestment ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Loss Causation ,
Preponderance of the Evidence ,
RJ Reynolds ,
RJR Nabisco ,
Spinoffs
Editor's Overview -
Happy New Year! Because 401(k) plans play an increasingly prominent role as an employee's principal retirement investment vehicle, fiduciaries overseeing those plans face increased pressure to see...more
1/22/2016
/ 401k ,
Attorney's Fees ,
Collective Bargaining Agreements (CBA) ,
Data Security ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Free Identity Theft Protection ,
IRS ,
Mootness ,
Plan Administrators ,
SCOTUS ,
Spouses ,
Third-Party Service Provider ,
Tibble v Edison Int ,
US v Windsor
Continuing a trend in other Circuits, the Eighth Circuit held that a service provider that was contracted to provide the 401(k) plan’s investment options does not act as an ERISA fiduciary when, consistent with the terms of a...more
Editor's Overview -
As the summer draws to a close, this month's Newsletter previews three cases that the U.S. Supreme Court already has agreed to hear that ought to be of particular interest to ERISA plan sponsors and...more
8/28/2015
/ 401k ,
Actual Injuries ,
Affordable Care Act ,
Article III ,
Benefit Plan Sponsors ,
COBRA ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Delta Airlines ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Duty to Disclose ,
Employee Retirement Income Security Act (ERISA) ,
Equitable Relief ,
Fair Credit Reporting Act (FCRA) ,
Fiduciary Duty ,
FIfth Third Bancorp v Dudenhoeffer ,
Final Rules ,
HDHP ,
Health Insurance ,
Health Plan Sponsors ,
HSA ,
IRS ,
Medicaid ,
Medicare ,
Montanile v Board of Trustees ,
Non-Grandfathered Health Plans ,
PBGC ,
Penalties ,
Preemption ,
Reimbursements ,
Reporting Requirements ,
SCOTUS ,
Section 510 ,
Spokeo v Robins ,
Standing ,
Stock Drop Litigation ,
Subrogation ,
Summary of Benefits and Coverage ,
Tax Credits ,
Trade Adjustment Assistance ,
Trade Preferences Extension Act (TPEA) ,
U.S. Treasury
Mapping in a 401(k) plan occurs when an investment option is removed and the participant’s investment in that option is transferred to a different investment option (absent direction from the participant). On remand from the...more