A disability plan’s three-year limitations period running from the date on which proof of loss is due doesn’t offend the Employee Retirement Income Security Act, a unanimous U.S. Supreme Court ruled (Heimeshoff v. Hartford Life & Accident Ins. Co., U.S., No. 12-729, 12/16/13). A disability plan participant argued that her plan’s three-year limitations period “undermine[d]” ERISA’s […]
Legal Alert: 2013 in review: ERISA individual prohibited transaction exemptions and advisory opinions
In 2013, the Department of Labor (DOL) maintained a modest program of advance guidance under the Employment Retirement Income Security Act of 1974, as amended (ERISA), in response to requests from the regulated community. DOL issued five ERISA advisory opinions – just under the average of six that DOL has published annually since 2006. (In […]
If you are a board member or senior executive of a company that is rapidly failing, what do you about employee benefits? No one has ever liked my answer: freeze the benefits. This is counterintuitive advice for someone who is trying to keep the company afloat, and who would be personally affected by the loss […]
A lot of companies aren’t fully aware of the increasing litigation from the Department of Labor against companies and their retirement plans for not fulfilling their plan obligations and fiduciary responsibilities.
The ERISA Advisory Council intends to recommend that the department update current guidance related to locating lost or missing retirement plan participants.