Ballard Spahr LLP: Best Practices for Plan Fiduciaries - The New 408(b)(2) Service Provider Disclosure Regulation

By Brian M. Pinheiro and Kurt R. Anderson Employers that sponsor section 401(k), 403(b), and other types of retirement plans rely on third parties to conduct the day-to-day administrative functions of these plans. Investment managers, record-keepers, consultants, and other third parties all provide...

High Court Will Consider Equitable Remedies Available Under ERISA

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court today agreed to review a Third Circuit U.S. Court of Appeals ruling [ enhanced version available to lexis.com subscribers ] that a health plan administrator's claim for reimbursement against a plan participant is subject to equitable limitations...

Duane Morris LLP: PBGC Asks Bankruptcy Court to Treat Prior Sale of Interest in Debtor As Prohibited Attempt to Evade ERISA Pension Liability

The Pension Benefit Guaranty Corporation (PBGC) filed an objection on June 14, 2012, in the Delaware bankruptcy court proceedings of RG Steel ("Debtor"), challenging a recent sale by RG Steel's parent entity ("Parent") of a 25-percent ownership stake in the Debtor. If the sale...

Williams Mullen: Matching Contribution Feature Subjects 403(b) Plan to ERISA

BY: CATHERINE M. MARRIOTT & NONA K. MASSENGILL Tax-exempt entities that sponsor IRC Section 403(b) plans typically operate their plans to avoid the application of ERISA. ERISA will not apply if the plan can satisfy a safe harbor exemption. Central to the safe harbor is limited employer involvement...

Williams Mullen: McCravy v. Metropolitan Life Insurance Co.: Recognizing A Broader Scope for ERISA’s Equitable Remedies

BY: MARK S. THOMAS & ROBERT W. SHAW The Fourth Circuit has reversed an earlier position and now recognizes a broader scope for equitable remedies available to ERISA plaintiffs following the U. S. Supreme Court's decision in CIGNA Corp. v. Amara , 131 S. Ct. 1866 (2011) [ enhanced version available...

Ballard Spahr LLP: DOL Eliminates Fee Disclosure Requirement for Brokerage Windows

By Clifford J. Schoner Responding to the comments of the benefits community, the U.S. Department of Labor has revised its enforcement guidance on the applicability of participant-level fee disclosure requirements to investments made through brokerage windows. In May, the DOL issued a field assistance...

Kammerer v. The Motion Picture Industry Pension Plan: Calculating a Ratable Share when ERISA Plan Does Not Define a Full Year of Participation

ERISA and CFR Provisions : Under 29 U.S.C. § 1054(b)(4)(B) , ERISA Section 204(b)(4)(B), 29 C.F.R. § 2530.204-2(c)(1) , employees who are credited with at least 1,000 hours of service in a plan year must receive at least a ratable portion of the accrued benefit to which they are entitled if...

Ballard Spahr LLP: Supreme Court Denies Review of Second Circuit Cases Adopting Moench Presumption for Fiduciaries of ERISA-Governed Plans

By Patricia A. Smith , Brian M. Pinheiro , and Erin K. Clarke The U.S. Supreme Court recently refused to grant certiorari for two 2011 Second Circuit stock drop decisions that had adopted the " Moench presumption" for determining whether fiduciaries imprudently invested assets in employer...

High Court Considers Whether Participant Must Reimburse Health Plan Under ERISA

WASHINGTON, D.C. - ( Mealey's ) The Third Circuit U.S. Court of Appeals erred in ruling that a health plan administrator's claim for reimbursement against a plan participant is subject to equitable limitations, including unjust enrichment, under Employee Retirement Income Security Act Section...