Submit your ERISA claim details for a free, no obligation case review
Get Started:
ERISA fiduciary duties, or duties of loyalty, are required by any individual or entity who exercises any form of discretionary control or authority over the management of employee benefit plans protected under ERISA law. The primary ERISA fiduciary duty that this individual or organization must act solely in the best interests of the participants and beneficiaries covered under his/her plan. Failure to act in accordance with this ERISA fiduciary duty is considered a personal liability which is subject to civil penalties.
ERISA stands for the federal Employee Retirement Income Security Act of 1974. This law sets the minimum standards for voluntarily established pension and benefits plans through private sector employment. ERISA was enacted to protect the rights of benefit plan participants and beneficiaries.
Employee benefit plans that are covered under ERISA include: disability benefits, health benefits, life insurance, pension, severance, and a number of other benefits plans. An estimated 46 percent of American''s health plans are covered by ERISA. The resources that are paid into these plans can go into a trust fund which is then invested, or into an insurance policy.
Given the nature of the placement of these assets, it becomes disadvantageous for insurance companies and investment entities to pay out benefits to employees who are legally entitled to these funds. This is the purpose of ERISA fiduciary protections. ERISA fiduciary protections mandate that the best interests of plan participants take precedence over the interests of any other party. This ensures that participants receive the benefits they are entitled to.
ERISA fiduciary duties require that people who are involved in the administration or maintenance of benefits plans act in good faith in a timely and prudent manner. ERISA fiduciary duties require that plan information be fully and honesty disclosed to plan members and beneficiaries. A breech of ERISA fiduciary duties can take place through a fiduciary''s actions or inactions. A breech of ERISA fiduciary duty can occur when a fiduciary falsely represents employee benefit information to a plan member, or causes any other harm to a plan beneficiary.
If an ERISA fiduciary is charged with a breech of duty the courts will consider the amount of decision-making authority that fiduciary possessed with regards to the plan in question and the extent of a fiduciary''s knowledge regarding the plan. ERISA fiduciary case is different and dependent upon a number of case-specific facts.
ERISA enforcement is centralized in the US Department of Labor and other federal agencies. ERISA fiduciary provisions and all other relevant laws are complex and often difficult to comprehend. If you have been denied benefits and suspect a breech of ERISA fiduciary duty, you may wish to speak to an ERISA legal professional with experience in handling ERISA cases in order to protect and maximize your legal interests.
Enron Corp. has tentatively agreed to settle ERISA lawsuits over employee pension fund claims. Enron is the energy trader whose 2001 collapse resulted in corporate governance and accounting changes.
Under the proposed agreement, Enron woul...
A suit was filed in the U.S. District Court for the Middle District of North Carolina, charging Krispy Kreme executives “failed to manage prudently and loyally” the assets of the retirement plans “by continuing to offer the plans’ assets in the compa...
Conseco Inc., a Carmel, Indiana based insurer, has agreed to pay $10 million to settle a class action lawsuit filed by employees alleging violations of the Employee Retirement Income Security Act (ERISA) for stock losses related to the company’s 2002 ...
Copyright © 2001 - 2009 Online Lawyer Source | Legal Marketing Site Designed by eJustice