ERISA

Cash Balance Plans – The Basics.

Topics: ERISA, Qualified Plans

Thursday October 22, 2015WRM#15-39 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-­aways, for AALU members, clients and advisors....

District Court Finds ERISA Overrides State Law on How Divorce Affects an Ex- Spouse as a Policy Beneficiary

Topics: ERISA, Qualified Plans

ERISA provides that a plan shall “specify the basis on which payments are made to and from the plan,” and that the fiduciary shall administer the plan “in accordance with the documents and instruments governing the plan.” ERISA further mandates that payments shall be made to a “beneficiary” who is “designated by a participant, or…

ERISA Fiduciary Decisions May Be Reversed if Demonstrably Unfair

Topics: ERISA, Fiduciary, Qualified Plans, Regulation

A participant in an employer-provided group life insurance plan died shortly after termination of employment. The participant died after the initial period provided under the plan for conversion to individual coverage—had the participant been given notice of his conversion right. However, the participant was still alive during the “extended” conversion period—a period that applied only…

ERISA Fiduciaries Have a Duty to Inform

Topics: ERISA, Fiduciary, Qualified Plans, Regulation

In this case, the court found that the employer, serving as plan administrator of a group life insurance plan providing basic and supplemental coverage, may be liable for monetary damages for breach of its fiduciary obligations because it failed to inform the employee that she needed to complete an evidence of insurability form to be…