Fiduciary duty: serious consideration of change in plan benefits; disclosure

Article Abstract:

The Vartanian v Monsanto Chemical case is presented, showing how non-disclosure to employees about a proposal that would not affect them does not amount to deliberate circumvention of the Employee Retirement Income Security Act (ERISA). The case involved Leo Vartanian, a Monsanto employee who, in 1997, sued the chemicals firm for failing to disclose vital information about a change in plan benefits, which was implemented after Vartanian had already left the firm and been given a lump-sum distribution of his pension plan benefits. Vartanian's case against Monsanto did not prosper for absence of evidence of deliberate attempt to circumvent ERISA.

Chemicals & Allied Products, Chemical Manufacturing, CHEMICALS AND ALLIED PRODUCTS, Chemicals, Chemical industry, Vartanian, Leo, Monsanto Co. Chemical Group

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Duty not to make affirmative misrepresentations,

Article Abstract:

Employers as benefits plan administrators have a fiduciary obligation under the Employment Retirement Income and Security Act not to make affirmative misrepresentations on the subject of early retirement to plan beneficiaries. The ruling of the US Court of Appeals for the Third Circuit in the case of Fisher v. retirees of Philadelphia Electric Co mentions that employers cannot evade such fiduciary obligation and have to keep the plan beneficiaries informed of any benefits plan changes.

Laws, regulations and rules, Retirement income

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Duty to disclose list of participants

Article Abstract:

Retirement plan administrators must provide participants with lists of all plan participants' names if the request for such lists is related to provision of benefits. The ruling of the US Court of Appeals for the Ninth Circuit in the case of Hughes Salaried Retirees Action Committee v. administrator of the Hughes Non-Bargaining Retirement Plan regarding retirement plan administrators' fiduciary duties under the Employee Retirement Income Act of 1974 is analyzed.

Pension & Benefit Regulation, Pensions, Salary reduction savings plans, 401K plans

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