ERISA

A plan beneficiary whose “claim had no merit” has been ordered to pick up some of the legal fees incurred defending against the suit — and the case provides an interesting perspective on the costs of defending ERISA litigation.The plaintiff in Angichiodo v. Honeywell Pension & Sav. Plan (2017... READ MORE

No sooner had the U.S. Senate voted to unwind the Obama administration’s safe harbor exempting state-run auto-IRA programs from ERISA, than a pair of Senate Democrats introduced legislation designed to restore the exemption.The Preserve Rights of States and Political Subdivisions to Encourage... READ MORE

One of the most important — and, in my experience, least understood — aspects of plan administration is the requirement that those who handle plan funds and other property be covered by a fidelity bond.While ERISA requires the bond to protect the plan from losses resulting from acts of fraud or... READ MORE

On March 22, while Alexander Acosta faced his confirmation grilling in the Senate, the ERISA Advisory Council (EAC) had its first meeting of the Trump administration era, setting its 2017 agenda around improving plan disclosures.The 185th EAC meeting opened with introductions of five new members... READ MORE

It’s often said that ERISA’s prudent man rule is the highest duty known to law. But is that enough?Don’t get me wrong — any law that holds human beings to the standards of an expert in any field is a pretty high standard, and one that can be difficult to meet even with the ablest of expert... READ MORE

The Department of Labor (DOL) has published a new set of FAQs on the fiduciary regulation — but, to paraphrase Obi Wan Kenobe, “these aren’t the FAQs you’re looking for.”This set of FAQs is focused on consumer protections the regulation provides — think of it as the DOL’s explanation of the... READ MORE

Apparently concerned that its previous guidance on the matter of social investing hadn’t been sufficient to overcome fiduciary resistance, the Department of Labor (DOL) has issued new guidance on the matter.The guidance was broader than that, of course — the DOL’s “Interpretive Bulletin Relating to... READ MORE

Prudence. We often seem so focused on this one particular ERISA standard at times that it seems we do it to the exclusion of what is really ERISA’s own “prime directive”: “A fiduciary shall discharge his duties with respect to a plan solely in the interest of the participants and beneficiaries and... READ MORE

There are few fans of the Form 5500. But that does not absolve most employee benefit plans with more than 100 participants from the obligation to file one. Data analytics firm miEdge and Wrangle LLC, which only works with Form 5500s, has prepared a list of points to keep in mind about the form... READ MORE