Fiduciary

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…

ERISA Fiduciary Obligations- More on Application to Life Insurance Coverage

Topics: ERISA, Fiduciary, Qualified Plans, Regulation

The U.S. District Court for the Northern District of Georgia denied a motion to dismiss a claim brought against an employer by the beneficiaries of a deceased employee who had sought to convert her group life insurance coverage to individual coverage upon her termination of employment. Despite timely repeated requests, the employer failed to provide…

Agent Who Received Premium Notices for Life Policy and Failed to Forward Them Owed No Fiduciary Duty to Beneficiaries

Topics: Estate planning, Fiduciary, Regulation

The appellate court reversed a jury award and remanded the case for a new trial in an action against UBS and Gordon Witherspoon by sisters Nancy Thompson and Barbara Clements. The sisters alleged that UBS and Witherspoon denied them the full value of a second-to-die life insurance policy purchased by their parents, Nancy and Albert…