Employee Retirement Income Security Act Fiduciary Duty

Employee Retirement Income Security Act is a United States federal law enacted in 1974 to set minimum standards for pension and health plans in the private sector and to protect participants in those plans.... more +
Employee Retirement Income Security Act is a United States federal law enacted in 1974 to set minimum standards for pension and health plans in the private sector and to protect participants in those plans.  ERISA requires plans to provide information to participants, establishes a grievance process,  and allows participants to sue for benefits or breach of fiduciary duties.  less -
News & Analysis as of

Supreme Court Denies Review of Fourth Circuit Loss Causation Case

The U.S. Supreme Court recently declined to grant certiorari to review the Fourth Circuit’s decision in RJR Pension Investment, et al. v. Tatum, 761 F.3d 363 (4th Cir. 2014). As we previously reported, a divided panel of the...more

Ninth Circuit Again Wrestles with Fifth Third v. Dudenhoeffer, and Again Reverses Dismissal of Stock Drop Case

Factual Background - As described in greater detail in the December 18, 2014 edition of the ELU, this case involves claims for breach of fiduciary duty when two 401(k) plans remained invested in the employer stock at a...more

Federal District Court Allows Most Claims to Proceed in Stable Value Product-Related Litigation

In Teets v. Great-West Life & Annuity Insurance Company, Case No. 14-2330 (D. Col. May 22, 2015), the U.S. District Court for the District of Colorado denied in part and granted in part a motion to dismiss claims under ERISA...more

The ERISA Litigation Newsletter - June 2015

Editor's Overview - In this month's newsletter, Anthony Cacace analyzes the heavily anticipated Supreme Court ruling in Tibble v. Edison Intl., 135 S. Ct. 1823 (2015), where the Court held that ERISA's fiduciary duty of...more

Expect Focus - ONLINE HEALTH CARE: NOT SO FAST Telemedicine Hits A Few Speed Bumps, Volume II, Spring 2015

In This Issue: - IN THE SPOTLIGHT • Risky Business: Common Cyber Security Risks, Expensive Consequences - LIFE INSURANCE • Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly...more

Solicitor General Urges Supreme Court to Decline to Hear Breach of Fiduciary Duty Case

On June 25, 2015, the U.S. Supreme Court will decide whether to grant certiorari in Tatum v. RJR Pension Investment Committee, 761 F.3d 346 (4th Cir. 2014). As discussed in the September 29, 2014 edition of the ELU, Tatum...more

House and Senate Appropriations Committees Approve Funding Bills with Riders Targeting DOL, NLRB Initiatives

Both the House and Senate Appropriations Committees advanced bills this week to fund various federal agencies for FY 2016. Each chamber approved versions of spending measures that include riders prohibiting funding for a...more

Supreme Court Vacates Decision Applying Statute of Limitations in Excessive Fee Case

In a highly anticipated decision concerning 401(k) excessive fee litigation, the U.S. Supreme Court ruled in favor of the plaintiffs in Tibble v. Edison, Int’l, No. 13-550, vacating the lower court’s decision that had found...more

For Life Insurers and Agents – A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

The Department of Labor’s recent Proposed Rule (the “Proposal”), which defines the term “fiduciary” as it applies to persons who provide “investment advice” to ERISA plans and IRAs, will impact the likelihood and severity of...more

DOL Proposal Would Fundamentally Alter Fiduciary Relationship

Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more

Regulators Compose New Music for Broker-Dealers and Investment Advisers

Federal regulators finally seem to be sharpening their pencils to achieve greater harmony between broker-dealer (BD) regulation and investment adviser (IA) regulation. In March, for example, SEC Chair Mary Jo White...more

Supreme Court Rules That Fiduciary Breach Claims Related to 401(k) Investment Options Not Time-Barred by ERISA’s Six-Year...

The United States Supreme Court unanimously ruled in Tibble v. Edison Int’l that a suit alleging a breach of fiduciary duty for failure to properly monitor investment options in a 401(k) plan was not time-barred because it...more

Appropriations Subcommittee Rejects Efforts to Strip Funding Bill of Pro-Employer Riders

The day after the House Appropriations Committee released a draft bill that would significantly limit certain federal agency rules and initiatives, the Subcommittee on Labor, Health and Human Services, and Education held a...more

SCOTUS Reinforces ERISA Fiduciaries' Continuing Duty To Monitor Plan Investments

Recently, in Tibble v Edison International, 575 U.S.(2015), the United States Supreme Court addressed the application of the Employment Retirement Income Security Act (ERISA) statute of limitations for violations of fiduciary...more

Davidson v. Henkel — What’s Going On With Nonqualified Deferred Compensation Plans and FICA

In This Presentation: - Davidson v. Henkel Corp. - The Parties - NQ Plan - The Plan’s Tax Clauses - Davidson’s Pre-Retirement Counseling - 2011 Compliance Review and Letter - Henkel’s Tax...more

Draft Appropriations Bill Seeks to De-Fund Various Regulatory Efforts

A draft House appropriations bill to fund various federal agencies, including the Department of Labor, for Fiscal Year 2016 includes several provisions that would effectively halt a number of controversial regulatory efforts....more

Sometimes it’s just words

So much of any industry is dedicated to marketing, because marketing can help a company sell a product or service just based on how it’s marketed. Whoever sold the pet rock is still probably laughing all the way to the...more

ERISA Fiduciary Duties for Plan Investments

Many employers offer 401(k) and other retirement plans for their employees as part of the cost of doing business. Too often, retirement plans are established and operated without much thought given to the numerous legal...more

Supreme Court Expands the Potential for Challenges of ERISA Fiduciaries and Their Ongoing Duty to Monitor Investment Options

The Supreme Court recently affirmed that retirement plan fiduciaries have an ongoing duty under ERISA to monitor investment options and the fees charged by them. This means that ERISA plan fiduciaries can be held liable if...more

Once Again, the Supreme Court Upsets Precedent in Fourth and Eleventh Circuit

As we reported in our March 11, 2014 article, the Eleventh and Fourth Circuit Court of Appeals definitively rejected the “continuing breach” theory in recent disputes involving statute of limitations deadlines in ERISA cases...more

Advisors Advantage - June 2015

In This Issue: - For Retirement Plan Providers, It's All About Making A Connection - DOL Comment Period Extended - Supreme Trouble with Tibbles - My Referrals Aren't For Sale And Neither Should...more

Supreme Court Reminds Companies to Monitor 401(k) Plan Investments, Sets Parameters for "Regular Review" Requirements

Companies and in-house fiduciaries face increasing scrutiny these days over their 401(k) and other retirement plans. This was underscored again recently by a key Supreme Court ruling. In Tibble v. Edison International, the...more

Analysis: The Impact of the DOL’s Fiduciary Proposal on Sales of Insurance Products

This paper explains the basis for our conclusions about the impact of the Department of Labor (DOL) proposal to amend the fiduciary investment advice regulation and the prohibited transaction (PT) exemptions for sales of...more

What Does the Supreme Court’s Tibble Ruling Mean for Practitioners and ERISA Fiduciaries?

The Supreme Court’s recent decision in Tibble v. Edison Int’l, et al., --- S.Ct. ---, Case No. 13-550, 2015 WL 2340845 (May 18, 2015), is perhaps more interesting for what the Court did not decide than for what it did....more

Tibble and the Fiduciary Duty to Monitor (or The Only Foolish Question is the One You Didn't Ask)

The U.S. Supreme Court’s recent unanimous decision in Tibble v. Edison International sounds a reminder that fiduciary responsibility includes the duty to monitor. Tibble involved a challenge by 401(k) plan participants to the...more

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