One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is this duty necessary for proper administration of the plan, it is also part of a plan sponsor’s fiduciary duties under ...
Generally, a plan administrator’s decision to deny a claim for benefits is subject to the de novo standard of review with no deference given to the plan administrator by the courts. However, after the 1989 U.S. Supreme Court’s decision in Firestone, such determinations are reviewed under the highly deferential standard of abuse of ...
Recently, there has been a whirlwind of change and even more speculation about potential changes to the laws governing employee benefit plans. Some rules haven’t changed, but should not be forgotten. The compliance requirements relating to plan documents, remain intact and the risk of non-compliance could be lethal for an unwary ...
Generally, an individual seeking benefits under an ERISA plan must exhaust the administrative remedies as a prerequisite to filing a lawsuit. Typically, administrative remedies include submitting a timely appeal to the plan administrator, usually the employer, as described in the summary plan description and plan documents. The denial of ...