An ERISA fiduciary’s duty does not end when the fiduciary selects plan investments at the outset. Rather, “‘a fiduciary normally has a continuing duty of some kind to monitor investments and remove imprudent ones.’”
Nationwide Class Action Law Firm
Month: January 2022
Don’t let retaliation prevent you from obtaining a fair wage
No matter which industry you are employed in, you are entitled to fair compensation for the work that you do. In fact, this is enshrined in federal law. The provisions of the Fair Labor Standards Act (FLSA) dictate the minimum wage requirements that employers are...
The most common ways that employers rob employees of earned wages
When you signed your employment contract, you had an understanding that you would work hard, and that your employer would compensate you for the work that you accomplish. Unfortunately, all too often employers shortchange their employees by failing to pay them fully...
Edelson Lechtzin LLP files an ERISA excessive fee class action against Marathon Petroleum Company
As of year-end 2020, the Plan had net assets of more than $6 billion. This gave the Plan had substantial bargaining power regarding the fees and expenses that were charged against participants’ investments. The Plan’s fiduciaries failed to use this bargaining power to the Plan’s advantage. Instead, Plan participants were saddled with above-market recordkeeping and administrative fees.
Companies Using Outdated Mortality Tables May Be Shortchanging Retirees
Thousands of pension plans are using outdated mortality tables to determine the value of pension benefits they are required to pay. Pension payments and annuities calculated using out-of-date mortality tables are generally worth less than benefits calculated on the basis of updated mortality data. Using old tables reduces the present value of benefits because these tables predict that people will die at a faster rate than the new tables do.