Thousands of pension plans are using outdated mortality tables to determine the value of pension benefits they are required to pay. Pension payments and annuities calculated using out-of-date mortality tables are generally worth less than benefits calculated on the basis of updated mortality data.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.
Nationwide Class Action Law Firm
Employee Benefits & ERISA
Employers may knowingly or unknowingly violate your ERISA rights
As an employee of a private company, you may not need to know the more complex nuances associated with ERISA. However, there are some things about the law that you should know. Primary among these is how your employer may diminish the value of your retirement plan by violating their obligations under ERISA.
Were you denied group benefits? What are your rights?
Group health plans generally cover an employee, their spouse, and their dependents. The Employee Retirement Income Security Act of 1974 ("ERISA") is a federal law that affords individuals who receive employee health insurance and other incentives through a group...
What happens if a fiduciary mismanages ERISA funds?
What should you do if you discover that a fiduciary of your retirement plan has mismanaged or stolen plan assets? Usually, fiduciaries will be covered by an ERISA fidelity bond to make sure that the plan is protected in the case that there are losses attributed to dishonesty or fraud. You may need to pursue a lawsuit to seek compensation or use other methods to hold those responsible accountable.
U.S. Chamber of Commerce denied leave to file amicus brief in ERISA Class Action
Washington, D.C. - The Chamber of Commerce of the United States of America ("Chamber") is one of the most influential lobbying groups in the country, and it regularly submits amicus curiae briefs in significant appellate cases in order to advance its pro-business...
My Employer didn’t notify me about COBRA – now what?
COBRA requires that an employer provide an employee with the option to continue coverage under the employer’s health plan after the occurrence of a “qualifying event” that would otherwise end the employee’s health insurance coverage. Failing to notify an employee of his or her right to continue health insurance is a serious violation of the law. Courts have the discretion to find the administrator personally liable to the participant for up to $110 a day from the date of the failure until the date of correction.
What kind of benefits does ERISA govern?
Your right to certain employment benefits doesn't just come from your contract with your employer. There are also federal laws that help protect you regarding certain kinds of benefits. The Employee Retirement Income Security Act (ERISA) has helped protect employees...
CASE UPDATE: SDNY Denies TIAA’s Motion For Summary Judgment
Plaintiffs Melissa Haley brought a class action lawsuit alleging that Defendant Teachers Insurance and Annuity Association of America’s (“TIAA”) collateral loan program, which requires transfer of 110% of the value of the loan to TIAA’s general account, violates ERISA’s prohibited transaction rules. TIAA that moved for summary judgment on all of Plaintiff’s claims. The Court denied TIAA’s motion, in part, clearing the way for the case to go to trial.
Michigan Federal Court Denies Yanfeng’s Motion to Dismiss 401(k) Class Action
The 401(k) retirement plan participants allege that the Plan’s fiduciaries selected and retained certain actively managed funds with excessively high fees that underperformed other available alternatives including lower-cost index funds. They also allege that the Plan’s fiduciaries failed to properly monitor potentially conflicted dual-registered advisors and their commissions. Plaintiffs’ allegations “taken as a whole are sufficient to make out a claim of breach of the duty of prudence.”
Workers Successfully Appeal ERISA Case Against NYU in the Second Circuit
On August 16, 2021, the United States Court of Appeals for the Second Circuit partially revived an ERISA class-action case against New York University. The class, made up of former and current NYU employees, alleges that NYU breached its fiduciary duties by...