GOP takes aim at vulnerable Dems... Nov 10, 2009
503-1 (mentioned below in HR 3962) is a section from the ERISA Law, here is link to the law ... (c) of the Act also creates a new federal external review process based on ERISA claim regulation to provide for an impartial, independent, and de novo review of denied claims, and the Health Choices Commissioner's decision shall be binding on the plan and the entity, as the final claim decision in absence of judicial review, which will now be available for punitive damages for exchange participating... (The Drudge Report)
401(k), IRA are protected assets Nov 10, 2009
Answer: No. Assets held in 401(k) plans are protected from creditors by the Employee Retirement Income Security Act (ERISA). IRA assets are not protected by ERISA, but your contributions are given protection from creditors up to $1 million through the 2005 federal bankruptcy legislation. (Fresno Bee -- Business)
Sham Divorces? Not for a Retirement Plan Administrator to Decide, Says Judge Oct 24, 2009
An Oct. 19 ruling by a U.S. District Court judge in an Employee Retirement Income Security Act (ERISA ) case demonstrates that retirement plan administrators are in a bad spot when confronted with beneficiaries whom they suspect of gaming the system to access retirement payments, several experts say ... But according to an order by U.S. District Judge Gray Miller of Houston dismissing the airline plaintiffs' claim, nothing in ERISA allows a plan administrator to question or thwart such suspected... (Law.com)
Keller Rohrback L.L.P. Announces ERISA Investigation Regarding the Advanta Corp. Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan Oct 22, 2009
SEATTLE, Oct. 21, 2009 (GLOBE NEWSWIRE) -- Keller Rohrback L.L.P. () today announced that it is investigating Advanta Corp. ("Advanta" or the "Company") (Nasdaq: - ) for potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") ... Keller Rohrback's investigation involves concerns that Advanta and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans... (Primezone Releases)
Employers should deduct taxes on bonuses, too Oct 21, 2009
"There really isn't anything that law has that can protect this woman's retirement, even though she was only two months short," said a spokeswoman for the Employee Benefits Security Administration, which enforces ERISA. ... But even that could be difficult because documents that included detailed information such as a summary plan description weren't required until ERISA.. (Fresno Bee -- Business)
How would the public option outcompete private enterprise? Sep 30, 2009
71-446 for Form of Payment, Pre-Retirement Death Benefit, Retirement Age Prior to Age 65, ERISA De-Minimus Benefit, and Years of Service * Automatic adjustment of 415 limits for Form of Payment and Retirement Ages Prior to Age 62 or After 65 * All Covered Compensation tables (I and II) from 1967 to present * Limits on minimum, maximum and increase in benefits * Automatic application of top-heavy minimum; for funding and benefit accrual (Code section 416). Employee Mandatory Contributions. (Atlanta Journal-Constitution -- Opinion)
Harwood Feffer LLP Files Actions On Behalf of Individuals Who Lost Sense of Smell After Using Zicam(R) Cold Remedy Products -- MTXX Sep 26, 2009
For over two decades, Harwood Feffer has been a nationally recognized firm that specializes in complex, multi-party litigation with an emphasis on securities, ERISA, consumer fraud, product liability and civil rights litigation. Harwood Feffer is involved in numerous class actions on behalf of investors, employees, and consumers and has recovered hundreds of millions of dollars in recoveries for its clients. (Primezone Releases)
Suit filed by ex-Delphi salaried group Sep 16, 2009
The lawsuit challenges the PBGC s summary termination of our plan as a violation of the federal statute known as ERISA, and the U.S. Constitution s due process clause, said Den Black, a former chief engineer at Delphi Thermal Systems in Lockport and DSRA s interim chair. Black has accused the PBGC of seeking to terminate the pension plan through an agreement with Delphi executives who were supposed to be acting as our fiduciaries, but who were not looking out for our best interests. (Buffalo Business First, NY)
Single-payer health care: dead in Washington, but alive in the states Sep 11, 2009
Dennis Kucinich (D) of Ohio to a House version of the federal healthcare reform bill, that would remove potential legal impediments for states to pass single-payer bills by waiving federal exemptions that apply to employer-sponsored health plans from the federal Employee Retirement Income Security Act (ERISA). "Even if we passed single-payer tomorrow, there would still be a protracted legal battle due to ERISA," Idelson said. (Christian Science Monitor)
Executives should understand the terms of disability insurance Sep 8, 2009
Many times under ERISA, the best-case scenario when benefits are wrongfully denied is the awarding of back benefits only, with no provisions for punitive damages or pain and suffering. That's why it's so important to ensure sufficient disability coverage is provided in the first place, he said. (Pittsburgh Business Times, PA)
Judge: Deere case questions to be answered at trial Aug 23, 2009
At a hearing regarding the motions for summary judgment, plaintiffs' attorney Susan Martin argued that Deere violated the Employee Retirement Income Security Act, or ERISA, and terms of the plans. She offered evidence that retirees were told for years that they would take "all their benefits" into retirement and coverage would continue for the remainder of their lives. (Waterloo Courier, IO)
Milberg LLP Announces Its Investigation Relating to the Colonial BancGroup, Inc. 401(k) Plan Aug 22, 2009
Specifically, Milberg LLP is investigating whether certain fiduciaries of the Plan may have violated the Employee Retirement Income Security Act of 1974 ("ERISA") ... If you have or had an individual account with the Colonial BancGroup, Inc. 401(k) Plan, and your account(s) holds or held Colonial common stock, you may have legal claims under ERISA.. (Primezone Releases)
No Justice in Dems Politicizing Health Care Aug 21, 2009
ERISA shield is slimey and that would be gone. ERISA is expanded in Obamacare (HR 3200 at least). (Townhall.com)
Keller Rohrback L.L.P. Announces ERISA Investigation Regarding the Textron Savings Plan Aug 21, 2009
Keller Rohrback L.L.P. () today announced that it is investigating Textron, Inc. ("Textron" or the "Company") (NYSE: - ) for potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") ... Keller Rohrback's investigation involves concerns that Textron and other administrators of the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan ... Keller Rohrback is one of America's leading... (Primezone Releases)
Incentives Matter and Always Will Aug 17, 2009
The dreadful ERISA shield which many a medical bankrupt could explain but the public doesn't know about is abolished in the plan instead of expanded under lib legislation (see Congressman Shadegg for that). The governmental nonsense that drives prices up with ridiculous mandates becomes history. (Townhall.com)
Vinyl-Mark sued for misuse of funds Aug 15, 2009
The suit asks the trustees be permanently barred from serving in a fiduciary capacity to any plan governed by ERISA.. Vinyl-Mark sponsored a defined benefit plan for 59 participants and a profit sharing plan covering 29 participants. (Birmingham Business Journal, AL)
Deere retiree issues await judge's ruling Aug 6, 2009
It will be a bench trial as required by Employee Retirement Income Security Act, or ERISA, laws ... Martin, who is with the Phoenix law firm of Martin & Bonnett, hired by FRO, argued that Deere violated ERISA and terms of the plans. (Waterloo-Cedar Falls Courier)
Boehner: Health reform could hurt small business Aug 1, 2009
Thanks to the 1974 Employee Retirement Income Security Act (ERISA), which shields employers who offer benefits to their employees from being pummeled by laws that vary from state to state, I was also able to offer health care and pension benefits to my employees ... At the heart of the Democrats' plan are an income tax surcharge that will fall heavily on entrepreneurs who run small businesses and a harsh mandate that requires employers to provide health care or face a penalty -- a mandate that... (CNN -- US)
Liberal Dems best take this health-care deal Jul 29, 2009
ERISA regulates companies that are self-insured, meaning they pay claims out of their cash flow, and don t have real insurance ... The House bill states that employees covered by ERISA plans are grandfathered ... Under ERISA, the plans can do pretty much what they want they re exempt from standard packages and community rating and can reward employees for healthy lifestyles even in restrictive states. (Atlanta Journal-Constitution -- Opinion)
Why Democrats Should Worry Jul 25, 2009
And it's not just doctors who will have more bureaucracies and boards to answer to: by requiring governmental approval for all ERISA insurance offerings, this week, 132 million people will now find that the insurance coverage (which the vast majority say they are happy with) will now be subject to a bureaucratic standard that will naturally gravitate toward anti-market solutions. ERISA's pluralistic structure will gradually constrict toward a single national standard. (CBS News -- Politics)
Air Ambulance and Life Flight Service Angel Medflight Adds Two to Client Advocates Division Jul 20, 2009
Mr. Ward's areas of emphasis are ERISA compliance, litigation and contracts. As an attorney, he has assisted clients navigate complex litigation and transactional matters for more than 15 years, including matters seeking recovery for fraud, breach of contract, breach of fiduciary duty and bad faith. (PR Newswire)
Mass. Sues Feds Over Marriage Definition Jul 9, 2009
Family and Medical Leave protections to care for a new child or a sick or injured family member Workers' Compensation protections for the family of a worker injured on the job Access to COBRA insurance benefits so the family doesn't lose health insurance when one spouse is laid off ERISA (Employee Retirement Income Security Act) protections such as the ability to leave a pension, other than Social Security, to your spouse Exemptions from penalties on IRA and pension rollovers Exemptions from... (CBS News)
Not all health care reform Jul 7, 2009
While the No. 1 issue for consumers may be the elimination of the tax-free nature of health insurance premiums, the Chamber's board has serious concerns about four other aspects of the reform agenda that may endanger millions of jobs and hurt companies of all sizes: the creation of a "public option" insurance plan, an employer mandate, a minimum benefits package and changes to the Employee Retirement and Income Security Act (ERISA) ... Finally, ERISA allows large companies to offer health... (NJ.com -- Times)
Isle health care law questioned Jul 1, 2009
The Prepaid Health Care Act came into being in 1974, shortly before the federal Employee Retirement Income Security Act, or ERISA, which set uniform standards for employee benefits. ERISA does not require health care insurance for employees ... Hawai'i asked Congress for, and secured, an exemption to ERISA.. (Honolulu Advertiser)
Restaurateurs Seek Supreme Court Review of S.F. Health Insurance Law Jun 24, 2009
The 4th Circuit struck down a similar law in Maryland in 2007 on the ground that it was pre-empted by ERISA. Retail Indus ... If those bills pass, the issue of federal pre-emption of state laws under ERISA would be moot, he said ... "Why would the court want to waste its time on a complicated ERISA preemption issue that could become moot?". (Law.com)
KV Pharmaceutical Forms Licensing Partnership with Gedeon Richter Jun 19, 2009
Such factors include (but are not limited to) the following: (1) changes in the current and future business environment, including interest rates and capital and consumer spending; (2) the difficulty of predicting FDA approvals, including timing, and that any period of exclusivity may not be realized; (3) acceptance and demand for new pharmaceutical products; (4) the introduction and impact of competitive products and pricing, including as a result of so-called authorized-generic drugs; (5) new... (PR Newswire)
General Motors Files for Bankruptcy Protection Jun 2, 2009
ERISA says you can't seize workers' pension funds (whether monthly payments or health insurance) any more than you can seize their private bank accounts. And that's because they are the same thing: workers give up wages in return for retirement benefits. (SmartMoney)
Big Issues Lurk Below Surface of Sotomayor Confirmation Hearings May 30, 2009
"To me, the most pressing thing right now is the ability of plaintiffs to get a remedy under ERISA [the Employee Retirement and Income Security Act]," he said. "It sounds arcane, but affects everyone on the economic ladder. There are no consequential damages, no back pay. Lots of employers now are looking to save money on these legacy costs -- promises to pay generous health benefits. They're freezing pension benefits left and right.". (Law.com)
Colts get answers on coaching roles May 27, 2009
Kennan said clarification was provided by an attorney working on behalf of ERISA -- the Employment Retired Income Security Act, the government agency that regulates pension plans. "As long as Howard and Tom pay their own taxes for the next six months, they can return to the Colts as paid consultants, I'd say effective right away, based on what the ERISA attorney just told me," Kennan said. (ESPN -- Football News)
J.C. Penney buffs up pension plan May 20, 2009
In a statement, Penney s said the pension plan s fully-funded status under ERISA benefits from a funding ratio in excess of 110 percent. Robert Cavanaugh, executive vice president and chief financial officer, said Monday the contribution is tax deductible and increases the corporation's financial flexibility for 2009 and the coming years. (New Mexico Business Weekly, NM)
Iowa Issues Marriage Licenses To Gays Apr 28, 2009
Couples Prepare To Head Down The Aisle As State Becomes 3rd To Allow Same-Sex Marriage. DES MOINES, Iowa, April 27, 2009. (CBS News)
Sutter Health Announces 2008 Financial Performance Apr 10, 2009
The Sutter Health Retirement Plan is fully funded in accordance with the minimum funding standards of the Employee Retirement Income Security Act of 1974 (ERISA). In 2008, Sutter Health adopted the 2008 Edition of the Catholic Health Association's guidelines to be in alignment with voluntary national community benefit reporting standards. (PR Newswire)
Class Action Filed Against State Street Corporation and Its Affiliates Alleging Violations of Fiduciary Duty on Behalf of 401(k) Plans, Pension Plans and Their Participants Apr 8, 2009
The lawsuit alleges that the State Street Defendants engaged in breaches of fiduciary duties established by the Employee Retirement Income Security Act of 1974 ("ERISA"), as well as other ERISA violations, when they recklessly engaged in "securities lending" for their own benefit and in a manner that involved imprudent and unreasonable risk of loss to the 401(k) and pension plans that invested in the Collective Trusts ... The complaint further alleges that the fees and other compensation the... (PR Newswire)
Mayer Brown Moves Toward Discarding Troika Leadership Structure Apr 7, 2009
Krueger, who is a University of Chicago law school graduate, focuses his practice on private equity, ERISA employment law and executive compensation issues, according to the firm's Web site. He couldn't be reached for further comment. (Law.com)
Bipartisan Senate Group Makes Health-Care Progress Mar 14, 2009
The HELP committee will have its own schedule on the prevention and wellness provisions, as well as the parts of the bill involving the Employee Retirement Income Security Act (known as ERISA), which regulates employer-offered health insurance plans. Rockefeller will first hold his own series of hearings in March and early April on quality, long-term care and the importance of a competitive and open bidding process. (Time.com)
Work makes a comeback Mar 11, 2009
The US Employee Retirement and Income Security Act (ERISA) was enacted into law in 1974, providing standardized rules and obligations companies must follow in order to manage most effectively their pension obligations for the benefit of their retirees. But it was a little-noticed feature of ERISA that would turn out to have a huge effect on how retirements were financed. (Asia Times Online)
S.F. Health Care Law Survives 9th Circuit but May Face High Court Mar 10, 2009
But in San Francisco, Chhabria said, the health care "tax" pays for "meaningful, comprehensive" care, so businesses don't need to adjust their existing plans, and the law doesn't conflict with the federal ERISA.. "Those two decisions are in harmony, and taken together they stand for the proposition that a local government can impose health care expenditure requirements on employers, but a local government cannot impose requirements that force employers to disrupt [health care] uniformity," he... (Law.com)
Bankruptcy matters Mar 5, 2009
Instead, 401(k) plans are regulated by the Employee Retirement Income Security Act (ERISA) ... However, the laws governing employee benefits, like COBRA and ERISA, are federal in nature and remain the same throughout the country. (San Antonio Business Journal, TX)
Madoff case gets messier: Why clients' lawsuits cast a wide net Mar 4, 2009
Theodore Lieverman, a Spector Roseman Kodroff & Willis law partner representing the pension fund, says ERISA regulations designate investment managers as fiduciaries and require them to act "prudently" when they make decisions for retirement and benefit funds. As a result, he says, the pension fund merely needs to prove "that Madoff was not a prudent investment.". (USA Today -- Money)
Whatley Drake & Kallas, LLC Announces Filing of Securities Class Action Lawsuit Against Colonial BancGroup, Inc. Feb 27, 2009
WDK practices extensively in the areas of complex class action and derivative litigation, including securities, ERISA, 401k, healthcare, insurance, antitrust, mass tort and consumer litigation. WDK also remains devoted to its longstanding representation of unions and workers throughout the United States and represents several Taft-Hartley plans. (PR Newswire)
ERISA Class Action Filed Against Fund That Invested With Madoff Feb 14, 2009
Spector Roseman said it was the first suit involving Madoff that was filed against an investment manager for violations of the Employee Retirement Income Security Act, or ERISA.. The suit alleges that Austin Capital failed to "prudently invest" the benefit funds' assets, which it said was an ERISA violation ... The ERISA law lays out the standard of care for a fiduciary and that includes "a duty to act with prudence," Lieverman said. (Law.com)
Serious about severance Feb 7, 2009
Some plans are subject to federal law, or the Employee Retirement Income Security Act (ERISA), and in that case you should be able to get a copy from the plan administrator at your former employer to see what youre owed, legal experts say. As for the health insurance you think youre entitled to, firms rarely pay out for coverage retroactively, Warren says. (MSNBC -- Business)
