Bank custodian not an ERISA fiduciary

Article Abstract:

A US Court of Appeals considers a bank serving as a custodian or performing administrative or ministerial services to an employee benefit trust fund as ineligible for fiduciary status under the provisions of the Employee Retirement Income Security Act (ERISA). This particular opinion upheld a decision that was handed down by an Arizona court pertinent to the relationship between Citibank and the Arizona State Carpenters Pension Trust. Citibank was not considered an ERISA fiduciary because it did not have full control over fund management nor was it paid for the investment counsel it gave to the trust fund.

Commercial Banks, Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Banking Regulation, Trust, Fiduciary, and Custody Activities, Bank Trust Services, Banking industry, Banks (Finance), Citibank N.A. (New York, New York), Banking law, Trust companies

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Claims administrator with discretionary control was functional fiduciary

Article Abstract:

A ruling by the ninth circuit reveals that third party administrators (TPA) are fiduciaries as they have discretionary control over plan assets. The ruling also clarifies that contracts stating the absence of a named fiduciary does not mean that it is not a 'functional fiduciary.' TPAs are expected to investigate claims, apply criteria on claims decisions, administer claim control procedures, communicate with participants and beneficiaries concerning benefits and pay benefits from plan funds.

Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs), Insurance agents, brokers, & service, Third Party Administration of Insurance and Pension Funds, Income Security, Third Party Insurance Administrators, Interpretation and construction, Labor law, United States. Court of Appeals for the 9th Circuit, Domestic economic assistance, Income maintenance programs, Third-party administrators (Insurance), Third party administrators (Insurance)

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Courts rule on fiduciary liability for attorneys and actuaries

Article Abstract:

Latest rulings by the Court of Appeals for the Eleventh and Ninth Circuits state positive matters concerning Employment Retirement Income Security Act of 1974 (ERISA) attorneys and actuaries. The Eleventh Circuit ruled that a law office which mixes legal advice with business observations does not become a plan fiduciary while the Ninth Circuit ruled that no breach of fiduciary duty exists under ERISA when an actuary performs an act as an actuary.

Courts, Analysis, Evaluation, Attorneys, Lawyers, Actuaries

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