Mealey's Labor & Employment - Beneficiaries Awarded Surcharge To Remedy Breach Of ERISA Fiduciary Duty

Mealey's Labor & Employment - Beneficiaries Awarded Surcharge To Remedy Breach Of ERISA Fiduciary Duty

PHILADELPHIA - A plan administrator that breached its fiduciary duty under the Employee Retirement Income Security Act by failing to provide a life insurance plan participant with an adequate summary plan description (SPD), by actively misleading the participant about the plan terms and by failing to inform her of her conversion rights when the company knew she was severely ill is liable for $120,000 in surcharge to the beneficiaries, a federal judge in Pennsylvania ruled June 10 (Weaver Bros. Insurance Associates, Inc. v. Jacqueline Braunstein, et al., No. 11-5407, E.D. Pa.; 2014 U.S. Dist. LEXIS 78629).

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