Legal update
Article Abstract:
Several court cases related to employee benefits and benefits administration are presented. These include decisions on the authority of plan administrators to control and manage benefits plans, the responsibility of health and welfare plans to contribute to the legal expenses of a participant's recovery against a third party and tax exemptions for monies received from retirement plans such as individual retirement accounts. Other cases focus on the inclusion of plan trustees' individual plan assets in their bankruptcy estate, the accrual of plan participants' cause of action for benefits and prohibited transactions involving the fiduciary of a plan.
Publication Name: Benefits Quarterly
Subject: Human resources and labor relations
ISSN: 8756-1263
Year: 1999
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Courts explore ERISA 404(c) protection
Article Abstract:
The Court of Appeals for the Third Circuit has issued the first federal appellate court decision regarding ERISA Sec. 404(c) in 'In Re Unisys Savings Plan Litigation.' The district court granted the motion of fiduciaries for summary judgment on all counts and declared that investment in the guaranteed investment contracts was appropriate. The court judged that the duty of disclosure was met by the fiduciaries' compliance with ERISA Sec. 404(c). However, the Third Circuit of Appeals reversed this decision. Practical lessons for fiduciaries and plan sponsors are presented.
Publication Name: Pension Management
Subject: Human resources and labor relations
ISSN: 1078-9766
Year: 1996
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Directed trustee gets court protection
Article Abstract:
The law upholds the limited fiduciary responsibility of banks and other entities acting as directed trustees in employment pension plans during lawsuits filed by participants. These cases usually arise when employers or plan sponsors are incapacitated by bankruptcy. Despite the protection they get from the law, directed trustees should still ascertain that they carry out their trusteeship functions according to the provisions of the Employee Retirement Income Security Act of 1974 to strengthen their case.
Publication Name: Pension Management
Subject: Human resources and labor relations
ISSN: 1078-9766
Year: 1995
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