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- Title
ERISA Suits Spark Liability Concerns.
- Authors
Prussack, Rhonda
- Abstract
The article discusses the need for employers to take fiduciary responsibilities seriously, reviewing and revamping their coverage, in connection with rising payouts and litigation over Employee Retirement Income Security Act (ERISA) in the U.S. 2002 figures from the U.S. Department of Labor (DOL) showed 10,787 new ERISA civil actions filed, a 5 percent increase over the year earlier and 18 percent from 2000. New exposures in 2003 included the mutual fund market-timing and late-trading scandals, impacting companies that have converted their pension plans to cash balance arrangements. ERISA, which governs most employee benefit plans, has called for fiduciaries of employee benefit plans to be personally accountable for restoring any damages caused by their breach of duty.
- Subjects
UNITED States; FIDUCIARY responsibility; FIDUCIARY liability; RETIREMENT income laws; ACTIONS &; defenses (Administrative law); EMPLOYEE benefits; PENSIONS; CASH balance pension plans; MUTUAL funds; UNITED States. Dept. of Labor; ACTIONS &; defenses (Law); TRUSTS &; trustees
- Publication
Financial Executive, 2004, Vol 20, Issue 4, p57
- ISSN
0895-4186
- Publication type
Article