Disclosure of "usual and customary" fee schedules

Article Abstract:

The Department of Labor (DOL) made a lopsided interpretation of the Employee Retirement Income Security Act (ERISA) disclosure provision which may place plan sponsors in a situation wherein they may be forced to violate their contracts with managed care administrators and break their fiduciary commitments under ERISA. The Second Circuit Court of Appeals contested the DOL's July 1996 Advisory Opinion and dismissed it as a broad interpretation of ERISA Section 104 (b)(4) which expressly does not pertain to all documents that provide information.

Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Pension & Benefit Regulation, Evaluation, Column, United States. Department of Labor

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DOL issues guidance in evaluating Y2K fiduciary liability

Article Abstract:

The Employee Retirement Income Security Act of 1974 holds employers primarily liable, even as plan vendors are also legally answerable, for any problems that may arise in the administration of retirement benefits with regards to the year 2000 computer bug. The computations involved in the implementation of retirement plans are heavily dependent on dates and the year 2000 bug may cause accounting and bookkeeping systems to crash if not addressed properly.

Pension Fund Management, Dept of Labor, Software, Year 2000 transition (Computers), Financial management, Fiduciary duties

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