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Employee Retirement Income Security Act (ERISA) Fiduciary Duty Summary Plan Description

Pullman & Comley - Labor, Employment and...

Supreme Court’s Sulyma Decision Creates Proof of Actual Knowledge Issue for Plan Fiduciaries

Since its adoption the Employee Retirement Income Securities Act of 1974, as amended (“ERISA”), has required employee benefit plan sponsors to make disclosures regarding plan terms and plan expenses.  The most well-known of...more

Proskauer - Employee Benefits & Executive...

Best Practices in Administering Benefit Claims #5 – Establishing (and Following) a Good Claims Process

This week we discuss the importance of establishing good claims procedures and the benefits of following those procedures. A plan’s claims procedures should be spelled out clearly in both the plan document and the summary...more

McDermott Will & Emery

Class Certification Denied in ERISA Health Coverage Lawsuit

McDermott Will & Emery on

A federal district court denied class certification to health plan participants who claimed the plan promised them lifetime benefits. The court found too many individualized questions about what the plan told each...more

Proskauer - Employee Benefits & Executive...

Best Practices in Administering Benefit Claims #4 – Know (and Understand) the Law: Full and Fair Review

This week in our blog series on best practices in administering benefit claims, we discuss the importance of knowing and, importantly, understanding the laws governing benefit claim administration. Section 503 of ERISA...more

Seyfarth Shaw LLP

When An Innocent ERISA Administrator Mistake Can Lead To Money Damages

Seyfarth Shaw LLP on

Synopsis: A recent decision of the federal district court for the Southern District of New York warns ERISA fiduciaries that even innocent mistakes that do not misuse plan assets or unjustly enrich the fiduciaries can cause...more

Foley & Lardner LLP

Summary Plan Descriptions: You Gotta Have Them, So Make the Most of Them

Foley & Lardner LLP on

Administrators of plans subject to ERISA (including plans sponsored by for-profit and nonprofit businesses and organizations) must provide participants and beneficiaries with summary plan descriptions (“SPDs”) describing “the...more

Fisher Phillips

Lessons For Employers From Recent Fiduciary Litigation

Fisher Phillips on

There has been a surge of court decisions over the last year addressing fiduciary liability for welfare benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA). These lawsuits should prompt you to...more

Dickinson Wright

The Top 5 Things to Know if You Are New to 401(k) Benefits Administration

Dickinson Wright on

As an advisor to many 401(k) plan sponsors, I have been asked occasionally what advice I would give to a person who is relatively new to retirement plan administration....more

Steptoe & Johnson PLLC

Retirement Plans: The Fiduciary Landscape and Best Practices to Avoid Liability for Plan Investments

Steptoe & Johnson PLLC on

The landscape surrounding retirement plans maintained by institutions of higher education has been changing in recent years, although certain critical responsibilities that are imposed on plan sponsors have been in place...more

Epstein Becker & Green

Benefits Litigation Update – Summer 2017

Epstein Becker & Green on

Welcome to the Summer edition of Benefits Litigation Update, brought to you by The ERISA Industry Committee (ERIC) and the law firm Epstein Becker & Green. With a new Administration and executive branch, we are already...more

Goodwin

Fifth Circuit Affirms Dismissal of Claims Involving De-risking of Pension Assets

Goodwin on

In October 2012, a defined benefit plan sponsor amended its plan to provide that, effective Dec. 7, 2012, the plan would purchase an annuity to cover the plan’s obligations to make payments to the roughly 41,000 participants...more

Proskauer - Employee Benefits & Executive...

Third Circuit Says ERISA Administrative Appeal Denial Letters Must State Plan-Imposed Time Limits

The Third Circuit recently held that ERISA administrative appeal denial letters must include plan-imposed time limits for commencing a lawsuit challenging the claim denial, and the failure to provide such notice warranted...more

Proskauer - Employee Benefits & Executive...

View From Proskauer: Top 10 Summary Plan Description Issues Not Addressed in the ERISA Regulations

The Employee Retirement Income Security Act of 1974 (ERISA) requires employee benefit plans to provide a summary plan description (SPD) to participants and beneficiaries and also sets forth the minimum required information...more

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