News & Analysis as of

Attorney Who Set Up and Administered VEBA and Welfare Benefit Plans Found Liable Under ERISA

SUMMARY: Defendants set up over 500 multiple-employer death benefit plans with entities they controlled acting as the trustees. The Department of Labor (“DOL”) brought a civil action alleging breach of fiduciary duty and...more

Plan Sponsor Agrees to $62 Million Settlement in ERISA Case Challenging 401(k) Plan Fees

Lockheed Martin Corp. has settled the 401(k) excessive fee litigation pending against it in federal court in Illinois....more

Ninth Circuit Rules Beneficiary Designation Forms Are Not Documents and Instruments Governing the Plan

In Becker v. Mays-Williams, 13-35069-cv, 2015 WL 348872 (9th Cir. Jan 28, 2015), the Ninth Circuit – in a matter of first impression – concluded that beneficiary designation forms were not “documents and instruments...more

Disgorgement of Profits Not Available for Arbitrary and Capricious Benefits Denial – This Time

Wrongful denial of employee benefits will not expose plan fiduciaries to equitable remedies – such as disgorgement of profits – where restoration of benefits is adequate to make the claimant whole, says the Sixth Circuit in...more

DOL Clarifies Timing Requirement for Annual Investment-Related Disclosures

On Wednesday, the U.S. Department of Labor (DOL) announced a modification to the fee and investment-related disclosure requirements for ERISA individual account retirement plans that allow participants to direct the...more

The Top 10 Wrong Ideas That Plan Sponsors Have About Their Retirement Plans

People can get the wrong idea at times. I’ll never understand what Fred Silverman was thinking when he made Jean Doumanian the successor to Lorne Michaels as Executive Producer of Saturday Night Live or when he imported Pink...more

Sixth Circuit Court of Appeals Upholds PBGC Determination Disallowing Post-Termination Plan Amendment

In PBGC v. Kentucky Bancshares, Inc. (6th Cir. 2015, No. 14-5573, unpublished), the U.S. Court of Appeals for the Sixth Circuit upheld a PBGC determination that Kentucky Bancshares violated applicable rules and regulations...more

PBGC Moratorium on Enforcement of 4062(e) Ends

The PBGC has announced that it will not continue its moratorium on enforcing ERISA section 4062(e) events. This announcement comes following the changes to section 4062(e) that were made under the Multiemployer Pension Reform...more

March and April Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more

When you get a call about your Plan, call an ERISA Attorney

It’s unfortunate, but the facts are that most people don’t respond to a complaint until there is a letter from an attorney. Service providers and companies hate correspondence from attorneys because that suggests litigation....more

Make Sure You Check a Plan Provider’s Credentials

We’ve all made that mistake. We should know better, but when it comes to hiring people, we take their word for it instead of doing 5minutes of detective work....more

DOL Sends Proposed Conflict of Interest Rule to OMB for Review

The White House backs a “fiduciary rule” for IRAs. The U.S. Department of Labor (DOL) has sent its proposed “Conflict of Interest Rule-Investment Advice” to the president’s Office of Management and Budget (OMB) for...more

ERISA: Sometimes A Government Employee’s Benefits Could Be Governed By ERISA?

You already know that employee benefit plans established by governmental entities are exempt from ERISA. But ERISA might apply if the employee benefit for the government employee is established through an association....more

Tibble Supreme Court Argument: Fiduciaries Must Monitor Investments

Section 413 of ERISA provides in general that no action for breach of fiduciary duty may be brought after the earlier of: (1) six years after (A) the date of the last action which constituted a part of the breach, or (B) in...more

Lockhead Martin and the Trickle Down Effect

Lockhead Martin settled their excess fee lawsuit concerning their 401(k) plan by making a $62 million settlement with plan participants. That is probably the highest excess fee settlement on record. I know how people think...more

DOL Issues Final Rules on Annual Funding Notice for Defined Benefit Plans

The Department of Labor recently issued final regulations implementing the annual funding notice that defined benefit plans are required to provide under Section 101(f) of ERISA. The final regulations are similar to the...more

Form 5500 – Do You Need to File?

Many businesses are not always aware of the potential requirement to file Form 5500 each year; the form details financial conditions, investments and operations of benefit plans, as required by ERISA and the IRS. ...more

Tread Carefully with Plan Provider Referrals

As a retirement plan provider, you are often asked to give a referral to other retirement plan providers. If you are a financial advisor, you maybe asked for a referral for a third party administrator or an ERISA attorney....more

The Rosenbaum Law Firm Review - February 2015

In This Issue: - Small Steps That Plan Sponsors Can Take To Limit Their Fiduciary Liability - "Plain" Advice to Retirement Plan Sponsors - Pick Plan Providers Just Because They Are Cheap Is A Bad...more

Most Attorneys are not ERISA Attorneys

Unfortunately, I have gotten involved in the politics of my local village which contains so much conflicts of interest and cronyism, it reminds me of the retirement plan business when I started in 1998. A lot of the fighting...more

The ERISA Litigation Newsletter - December 2014

This month's newsletter focuses on how Plan Trustees can appropriately settle ERISA breach of fiduciary duty claims in order to achieve "complete peace." The article provides a check list and discusses strategies for handling...more

DOL 2014 Fall Regulatory Agenda

Introduction - The Department of Labor has released the 2014 Fall Regulatory Agenda. The updated agenda provides the anticipated publication dates for the next steps in the regulatory process for nearly a dozen ERISA...more

How to Settle an ERISA Breach of Fiduciary Duty Case and Sleep at Night: A Checklist for Plan Trustees to Consider

Plan trustees often look to settle ERISA fiduciary breach claims brought against them as a way to put the past behind them. Assuming there is enough fiduciary liability insurance coverage available to pay the proposed...more

Plan Administrators Have Discretion to Round

Cash balance plans often provide a pay credit and an interest credit in determining a participant’s accrued benefit. The pay credit is often a percentage of compensation. The interest credit is established in the plan and can...more

Pearls of “Wisdom” for 401(k) Plan Providers

I am no genius and I’m sure all of you will agree. I have only been success- ful as an ERISA attorney because of my ambition and an uncanny ability to connect with my audience even though I’m still that shy kid from Canarsie,...more

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