Fiduciary Issues

Updates

ERIC Testifies About Uncashed Retirement Checks

ERIC today testified before the ERISA Advisory Council on permissive transfers of uncashed checks from ERISA plans to state unclaimed property funds… More

protected content SEC Best Interest Standard and Multis

The Securities & Exchange Commission (SEC) proposed a Best Interest Standard yesterday in what will become a heated discussion over the coming months. The SEC had been rumored for years of issuing a “best interest” standard rule that would apply to broker-dealers and investment advisors… More

Employers Need Guidance on Fiduciary Rule Monitoring Requirements

The ERISA Industry Committee (ERIC) submitted comments to the Department of Labor (DOL) on the fiduciary rule and the uncertainty surrounding a plan fiduciaries’ monitoring obligations… More

ERIC Comments on Nevada Fiduciary Rule

The ERISA Industry Committee (“ERIC”) is pleased to submit comments to the Nevada Securities Division on Senate Bill 383 (“S.B. 383”), the law imposing a statutory fiduciary duty on brokers- dealers and investment advisers, and the effect proposed regulations, if adopted, would have on small business as defined under Nevada law… More

protected content Mortality Table Update & Fiduciary Rule

Treasury has officially passed the final mortality table update rule to the Office of Management and Budget (OMB) for review. This is the last step in the regulatory review process. But, as requested by ERIC, the rule has been deemed “economically significant” by the Treasury Department… More

See All Updates

Amicus Briefs

ERIC Urges Supreme Court to Uphold Earlier Rulings Affirming ERISA’s Six-Year Statute of Limitations for Alleged Fiduciary Breach Claims

The ERISA Industry Committee (ERIC), the leading trade association dedicated exclusively to the employee benefit and compensation interests of America’s largest companies, today filed with the U.S. Supreme Court an amicus brief in the Tibble v. Edison International case. … More

protected content ERIC Submits Amicus Brief to U.S. Supreme Court in Tibble v. Edison International

ERIC on January 23 filed an amicus brief with the U.S. Supreme Court in the Tibble v. Edison International case, together with the … More

ERIC Urges Appeals Court to Overturn District Court’s Misapplication of Fiduciary Deference under ERISA Plan

The ERISA Industry Committee (ERIC) on June 18 filed an amicus brief with the U.S. Court of Appeals for the Third Circuit urging the court to overturn an earlier district court ruling that misapplied judicial precedent regarding the deference owed to a plan administrator’s reasonable interpretation of plan terms under the Employee Retirement Income Security Act (ERISA). The case is Cottillion v. United Refining Company.… More

ERIC Urges Supreme Court to Apply Presumption of Prudence in Plans with Company Stock

The ERISA Industry Committee (ERIC) on February 3 filed (with other trade associations) with the U.S. Supreme Court an amicus brief in the Fifth Third Bancorp v. Dudenhoeffer case, urging the Court to apply the presumption of prudence at the pleading stage of a lawsuit. … More

Documents Related to Citigroup ERISA Litigation Amicus Brief

Related Files 2. Defendants' Motion To Dismiss Consolidated Class Action Complaint (Dist Ct) 3. Plaintiffs' Memorandum in… More

ERIC Urges Seventh Circuit to Uphold District Court Dismissal of 401(k) Excessive Fee Case

ERIC on May 9 filed with the U.S. Court of Appeals for the Seventh Circuit an amicus brief urging the court to uphold the dismissal of a… More

More Amicus Briefs

Court Rulings

protected content Supreme Court Hears Oral Arguments in Tibble v. Edison International

The U.S. Supreme Court on February 24 heard oral arguments in Tibble v. Edison International involving whether a claim that fiduciaries breached their duty of prudence by offering higher-cost retail-class mutual funds to participants instead of institution-class mutual funds … More

protected content Supreme Court Declines Review of Fiduciary Breach Claims in Tussey v. ABB

The U.S. Supreme Court recently announced that it will not hear the case of Tussey v. ABB, despite encouragement from the Solicitor of Labor to hear the case. The Tussey case involved whether deference should be limited to fiduciaries’ decisions that relate to benefit claims. … More

protected content Supreme Court Declines to Hear KeyCorp Stock Drop Case

The Supreme Court recently rejected certiorari in another stock drop case after its ruling in the Fifth Third Bancorp v. Dudenhoeffer case last June. In an interesting variation from the Supreme Court’s decision in Dudenhoeffer … More

protected content Supreme Court Agrees to Hear Case on Monitoring Plan Investments

The U.S. Supreme Court has indicated that it will hear the case of Tibble v. Edison International, which involves the selection and monitoring of plan investments and the amount of fees related to those investments.… More

protected content SOL Recommends That Supreme Court Decide Fiduciary Duty Case

The Solicitor of Labor recently recommended that the U.S. Supreme Court consider to what extent fiduciaries are required to monitor investments on an ongoing basis in Tibble v. Edison International. In the Tibble case, the participants alleged that the plan fiduciaries improperly included retail-class mutual funds as investment options and violated the plan’s terms by allowing revenue sharing. … More

protected content Fourth Circuit Examines Fiduciary Duties

The Fourth Circuit Court of Appeals recently ruled in Tatum v. RJR Pension Investment Committee on the requirements for fiduciaries when eliminating a plan investment.… More

ERIC and Epstein Becker Green Release Summer 2014 Edition of Benefits Litigation Update

Attached please find the latest edition of the Benefits Litigation Update, a joint project of ERIC and the law firm of Epstein Becker Green. In this Benefits Litigation Update, we are focusing on … More

protected content U.S. Supreme Court Decides Stock Drop Case (Fifth Third Bancorp v. Dudenhoeffer)

The U.S. Supreme Court issued its opinion today in Fifth Third Bancorp v. Dudenhoeffer, which involved whether the “presumption of prudence” applies at the pleading stage in stock drop cases. ERIC had jointly filed an amicus brief in this case, urging the Supreme Court to apply the presumption of prudence at the pleading stage.… More

ERIC President Scott Macey Comments on the U.S. Supreme Court’s Decision in Fifth Third Bancorp v. Dudenhoeffer

ERIC President Scott Macey reacts to today’s ruling by the U.S. Supreme Court in Fifth Third Bancorp v. Dudenhoeffer: “Although we are disappointed that the U.S. Supreme Court rejected the ‘presumption of prudence’, we are pleased that the Court clarified the manner in which fiduciaries can defend themselves from meritless lawsuits.” … More

protected content Supreme Court Decides Non-ERISA Stock Case

Although we are still awaiting the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer (with respect to which ERIC filed an amicus brief), the Supreme Court has issued a non-ERISA stock case that may have an impact on ERISA stock cases. … More

protected content Courts Continue to Decide Stock Drop Cases While Waiting for the Supreme Court to Act

As we await the U.S. Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer, the lower courts continue to apply the presumption of prudence (known as the Moench presumption) in stock drop cases. … More

protected content Additional Developments in “Excessive” Fee Cases

The subject of 401(k) fees continues to be litigated and is attracting the interest of both the press and possibly the Supreme Court. In response to the Eighth Circuit Court of Appeals’ recent decision in Tussey v. ABB, … More

protected content Supreme Court Hears Oral Arguments in Stock Drop Case

The Supreme Court heard oral arguments on Fifth Third Bancorp v. Dudenhoeffer yesterday. ERIC had filed an amicus brief in the case urging the Court to uphold the presumption of prudence (as recognized by most courts of appeal that have ruled on the issue) regarding employer shares fund and ESOPs. … More

protected content Eighth Circuit Finds Fiduciaries Failed to Control Plan Expenses

The Eighth Circuit Court of Appeals’ recent decision in Tussey v. ABB provided mixed results for plan sponsors. The 8th Circuit agreed with several other Courts of Appeals that the deference provided for fiduciaries’ decisions (when based on appropriate plan language) is not limited to benefit claims. … More

protected content U.S. Supreme Court Declines to Hear ERISA Case Involving Determination of Class

The U.S. Supreme Court recently announced that it will not decide whether the class was appropriately determined in Lockheed Martin v. Abbott.… More

protected content U.S. Supreme Court to Hear 401(k) ESOP Presumption of Prudence Case; ERIC Considering Filing Brief

The U.S. Supreme Court on December 13 agreed to hear another ERISA case in Dudenhoeffer v. Fifth Third Bancorp, involving whether the presumption of prudence typically available in stock drop cases should apply at the pleading stage of the lawsuit. … More

protected content

Ninth Circuit Rules that SEC Filings Incorporated into 401(k) SPDs Constitute Fiduciary Communications

The U.S. Court of Appeals for the Ninth Circuit on October 23 ruled that statements furnished in Securities and Exchange Commission filings and incorporated by reference in a company’s section 401(k) summary plan descriptions (SPDs) are fiduciary activities… More

protected content ERIC and Epstein Becker Green Release Fall 2013 Edition of Benefits Litigation Update

We have released the latest edition of the Benefits Litigation Update, a joint project of ERIC and the law firm of Epstein Becker Green. … More

protected content

ERIC Legal Committee: Recent Cases Involving Class Actions and Deadlines for Suing Over Benefit Claims

Although summer is rapidly coming to a close, the courts have been busy with employee benefits cases. Debra Davis and I wanted to briefly highlight two of these cases for you, which involve what participants can be included in a class action lawsuit and how long participants are given to sue when their claims for benefits are denied.… More

protected content Court Finds Fiduciaries Liable in Fee Litigation Case

The Ninth Circuit Court of Appeals recently found that fiduciaries violated their duties by failing to prudently select and monitor the… More

More Court Rulings

ERIC Surveys

protected content Results from ERIC Poll on Time Limits in Plan Documents

Thanks to all the ERIC members who responded to our poll on time limits in plan documents!  Interestingly, over half of respondents… More

House Members Concerned Over DOL Approach on Proposal to Redefine Fiduciary

Thirty-three Democratic members of the House on June 25 wrote to Labor Secretary Hilda Solis expressing concern that the Department of… More

More ERIC Surveys

Judicial Documents

protected content Cert Request in RJR Pension Investment Committee v. Tatum

The Supreme Court has asked for the solicitor general to weigh in regarding whether it should grant cert to a case that would decide who bears the burden of proving a breach of fiduciary duty caused financial losses to a pension plan. … More

protected content Supreme Court Hears Oral Arguments in Tibble v. Edison International

The U.S. Supreme Court on February 24 heard oral arguments in Tibble v. Edison International involving whether a claim that fiduciaries breached their duty of prudence by offering higher-cost retail-class mutual funds to participants instead of institution-class mutual funds … More

protected content Supreme Court Declines Review of Fiduciary Breach Claims in Tussey v. ABB

The U.S. Supreme Court recently announced that it will not hear the case of Tussey v. ABB, despite encouragement from the Solicitor of Labor to hear the case. The Tussey case involved whether deference should be limited to fiduciaries’ decisions that relate to benefit claims. … More

protected content Supreme Court Agrees to Hear Case on Monitoring Plan Investments

The U.S. Supreme Court has indicated that it will hear the case of Tibble v. Edison International, which involves the selection and monitoring of plan investments and the amount of fees related to those investments.… More

protected content SOL Recommends That Supreme Court Decide Fiduciary Duty Case

The Solicitor of Labor recently recommended that the U.S. Supreme Court consider to what extent fiduciaries are required to monitor investments on an ongoing basis in Tibble v. Edison International. In the Tibble case, the participants alleged that the plan fiduciaries improperly included retail-class mutual funds as investment options and violated the plan’s terms by allowing revenue sharing. … More

protected content Fourth Circuit Examines Fiduciary Duties

The Fourth Circuit Court of Appeals recently ruled in Tatum v. RJR Pension Investment Committee on the requirements for fiduciaries when eliminating a plan investment.… More

ERIC and Epstein Becker Green Release Summer 2014 Edition of Benefits Litigation Update

Attached please find the latest edition of the Benefits Litigation Update, a joint project of ERIC and the law firm of Epstein Becker Green. In this Benefits Litigation Update, we are focusing on … More

protected content U.S. Supreme Court Decides Stock Drop Case (Fifth Third Bancorp v. Dudenhoeffer)

The U.S. Supreme Court issued its opinion today in Fifth Third Bancorp v. Dudenhoeffer, which involved whether the “presumption of prudence” applies at the pleading stage in stock drop cases. ERIC had jointly filed an amicus brief in this case, urging the Supreme Court to apply the presumption of prudence at the pleading stage.… More

protected content Supreme Court Decides Non-ERISA Stock Case

Although we are still awaiting the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer (with respect to which ERIC filed an amicus brief), the Supreme Court has issued a non-ERISA stock case that may have an impact on ERISA stock cases. … More

ERIC Urges Appeals Court to Overturn District Court’s Misapplication of Fiduciary Deference under ERISA Plan

The ERISA Industry Committee (ERIC) on June 18 filed an amicus brief with the U.S. Court of Appeals for the Third Circuit urging the court to overturn an earlier district court ruling that misapplied judicial precedent regarding the deference owed to a plan administrator’s reasonable interpretation of plan terms under the Employee Retirement Income Security Act (ERISA). The case is Cottillion v. United Refining Company.… More

protected content Courts Continue to Decide Stock Drop Cases While Waiting for the Supreme Court to Act

As we await the U.S. Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer, the lower courts continue to apply the presumption of prudence (known as the Moench presumption) in stock drop cases. … More

protected content Additional Developments in “Excessive” Fee Cases

The subject of 401(k) fees continues to be litigated and is attracting the interest of both the press and possibly the Supreme Court. In response to the Eighth Circuit Court of Appeals’ recent decision in Tussey v. ABB, … More

protected content Supreme Court Hears Oral Arguments in Stock Drop Case

The Supreme Court heard oral arguments on Fifth Third Bancorp v. Dudenhoeffer yesterday. ERIC had filed an amicus brief in the case urging the Court to uphold the presumption of prudence (as recognized by most courts of appeal that have ruled on the issue) regarding employer shares fund and ESOPs. … More

protected content Eighth Circuit Finds Fiduciaries Failed to Control Plan Expenses

The Eighth Circuit Court of Appeals’ recent decision in Tussey v. ABB provided mixed results for plan sponsors. The 8th Circuit agreed with several other Courts of Appeals that the deference provided for fiduciaries’ decisions (when based on appropriate plan language) is not limited to benefit claims. … More

protected content ERIC Files Amicus Brief with Supreme Court in Fifth Third Bancorp v. Dudenhoeffer

ERIC filed (with other trade associations) an amicus brief with the U.S. Supreme Court yesterday in the Fifth Third Bancorp v. Dudenhoeffer case. We urged the Court to apply the presumption of prudence at the pleading stage of a lawsuit. … More

ERIC Urges Supreme Court to Apply Presumption of Prudence in Plans with Company Stock

The ERISA Industry Committee (ERIC) on February 3 filed (with other trade associations) with the U.S. Supreme Court an amicus brief in the Fifth Third Bancorp v. Dudenhoeffer case, urging the Court to apply the presumption of prudence at the pleading stage of a lawsuit. … More

protected content U.S. Supreme Court Declines to Hear ERISA Case Involving Determination of Class

The U.S. Supreme Court recently announced that it will not decide whether the class was appropriately determined in Lockheed Martin v. Abbott.… More

protected content U.S. Supreme Court to Hear 401(k) ESOP Presumption of Prudence Case; ERIC Considering Filing Brief

The U.S. Supreme Court on December 13 agreed to hear another ERISA case in Dudenhoeffer v. Fifth Third Bancorp, involving whether the presumption of prudence typically available in stock drop cases should apply at the pleading stage of the lawsuit. … More

protected content

Ninth Circuit Rules that SEC Filings Incorporated into 401(k) SPDs Constitute Fiduciary Communications

The U.S. Court of Appeals for the Ninth Circuit on October 23 ruled that statements furnished in Securities and Exchange Commission filings and incorporated by reference in a company’s section 401(k) summary plan descriptions (SPDs) are fiduciary activities… More

protected content

ERIC Legal Committee: Recent Cases Involving Class Actions and Deadlines for Suing Over Benefit Claims

Although summer is rapidly coming to a close, the courts have been busy with employee benefits cases. Debra Davis and I wanted to briefly highlight two of these cases for you, which involve what participants can be included in a class action lawsuit and how long participants are given to sue when their claims for benefits are denied.… More

protected content Court Finds Fiduciaries Liable in Fee Litigation Case

The Ninth Circuit Court of Appeals recently found that fiduciaries violated their duties by failing to prudently select and monitor the… More

More Judicial Documents

Legislative Documents

protected content Representative Tiberi Introduces Frozen Plans/Nondiscrimination Testing Relief Legislation

On July 31, 2014, Representative Pat Tiberi (R-OH), introduced H.R. 5381, which would provide relief from ongoing nondiscrimination testing for frozen defined benefit plans, subject to certain conditions. … More

protected content Senator Harkin Introduces USA Retirement Funds Act

Senate Health, Education, Labor and Pensions Committee Chairman Tom Harkin (D-IA), along with Senator Brown (D-OH), on January 30 introduced the USA Retirement Funds Act. ERIC has been working with Senator Harkin’s staff on various provisions of this bill, especially the provisions involving hybrid plan clarifications … More

protected content House Approves Legislation to Promote Coordination of DOL and SEC Rulemaking on Fiduciary Standards

The full House on October 29 approved legislation (H.R. 2374) that would prevent the Department of Labor (DOL) from moving forward on a final rule defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule … More

More Legislative Documents

Letters to Agencies

Employers Need Guidance on Fiduciary Rule Monitoring Requirements

The ERISA Industry Committee (ERIC) submitted comments to the Department of Labor (DOL) on the fiduciary rule and the uncertainty surrounding a plan fiduciaries’ monitoring obligations… More

ERIC Comments on Nevada Fiduciary Rule

The ERISA Industry Committee (“ERIC”) is pleased to submit comments to the Nevada Securities Division on Senate Bill 383 (“S.B. 383”), the law imposing a statutory fiduciary duty on brokers- dealers and investment advisers, and the effect proposed regulations, if adopted, would have on small business as defined under Nevada law… More

ERIC Supports Delaying the Fiduciary Rule

The ERISA Industry Committee (ERIC) submitted comments to the Department of Labor (DOL) supporting the 60-day delay of implementing the fiduciary rule… More

ERIC Recommends Changes to Labor Department Conflict of Interest Rule to Reduce Uncertainty for Large Employers

While the new Labor Department rules further defining conflicts of interest in investment advice have evolved significantly, The ERISA Industry Committee (ERIC) today, in a letter to the department, recommends changes to ensure that the new rule will not needlessly increase regulatory burdens and costs, and create uncertainty among plan sponsors, plan participants, and service providers… More

ERIC and Other Groups Urge DOL to Put on Hold Proposed Disclosure Guide until Focus Group Testing Complete

ERIC, in addition to 10 other business trade associations, sent a letter to the Department of Labor recommending that the Department put the proposed ERISA section 408(b)(2) “guide” on hold until forthcoming focus group testing is completed … More

ERIC Urges DOL to Ensure Any Guidance on Brokerage Windows is Narrowly Tailored to Address Specific Concerns

The ERISA Industry Committee (ERIC) today submitted comments to the Department of Labor (DOL) responding to the agency’s request for information on brokerage windows in retirement plans.… More

protected content ERIC Submits Comment Letter on DOL RFI on Brokerage Windows

ERIC on November 19 submitted comments on the Department of Labor’s (DOL) Request for Information on the use of brokerage windows in participant-directed plans. … More

ERIC Urges DOL to Exclude Large Plans from Proposed Amendment to Require Fee Disclosure Guides

The ERISA Industry Committee (ERIC) today urged the Department of Labor (DOL) to exclude large plans from its proposal to require service providers to distribute a “guide” or similar tool to fiduciaries in order to satisfy the disclosure regulations under section 408(b)(2) of the Employee Retirement Income Security Act. … More

ERIC Urges DOL to Exclude Large Plans from Fee Disclosure Guides

The ERISA Industry Committee (ERIC) today urged the Department of Labor (DOL) to exclude large plans from its proposal to require service providers to distribute a guide or similar tool to fiduciaries in order to satisfy the disclosure regulations under section 408(b)(2) of the Employee Retirement Income Security Act. … More

ERIC and Other Trade Groups Write to Treasury on Retroactive Effect Issues in Windsor Decision

ERIC has joined with 13 other business trade associations in a letter asking the Treasury Department to use its authority under Internal Revenue Code section 7805(b)(8) to limit the extent of the decision’s retroactivity.… More

ERIC Urges DOL to Clarify 401(k) Fee Disclosure Guidance

The ERISA Industry Committee (ERIC), along with the Plan Sponsor Council of America (PSCA), and the U.S. Chamber of Commerce (the Chamber) today urged the Department of Labor (DOL) to clarify its previous guidance providing relief with respect to the fee disclosure requirements for participant-directed individual account plans (such as 401(k) plans).… More

ERIC Supports PBGC’s Efforts to Create Missing Participant Program for 401(k) and Similar Plans

The ERISA Industry Committee (ERIC), along with the Plan Sponsor Council of America (PSCA), and the U.S. Chamber of Commerce (Chamber) today submitted comments to the Pension Benefit Guaranty Corporation (PBGC) supporting the agency’s efforts to implement a missing participants program in 401(k) and similar plans. … More

ERIC Urges Flexibility on Lifetime Income Disclosures

ERIC submitted comments today to the Department of Labor (DOL) recommending that it provide employers with flexibility regarding lifetime income disclosures. … More

Lawmakers Warn DOL over Forthcoming Re-proposal on Definition of Fiduciary

Over 30 House members on June 14 wrote to Acting Department of Labor Secretary Seth Harris expressing concern that the department’s forthcoming re-proposed rule to amend the definition of fiduciary under ERISA “will disadvantage those it aims to help” by severely limiting access to low cost investment advice. … More

House Members Concerned Over DOL Approach on Proposal to Redefine Fiduciary

Thirty-three Democratic members of the House on June 25 wrote to Labor Secretary Hilda Solis expressing concern that the Department of… More

More Letters to Agencies

Letters to Congress

ERIC Supports Limiting Definitions Under Fiduciary Regulations

The ERISA Industry Committee (ERIC) submits comments to the U.S. Department of Labor on its August hearing about the new definition of fiduciary regulations… More

More Letters to Congress

Press Releases

ERIC Testifies About Uncashed Retirement Checks

ERIC today testified before the ERISA Advisory Council on permissive transfers of uncashed checks from ERISA plans to state unclaimed property funds… More

Employers Need Guidance on Fiduciary Rule Monitoring Requirements

The ERISA Industry Committee (ERIC) submitted comments to the Department of Labor (DOL) on the fiduciary rule and the uncertainty surrounding a plan fiduciaries’ monitoring obligations… More

ERIC Supports Delaying the Fiduciary Rule

The ERISA Industry Committee (ERIC) submitted comments to the Department of Labor (DOL) supporting the 60-day delay of implementing the fiduciary rule… More

ERIC Supports Limiting Definitions Under Fiduciary Regulations

The ERISA Industry Committee (ERIC) submits comments to the U.S. Department of Labor on its August hearing about the new definition of fiduciary regulations… More

ERIC Recommends Changes to Labor Department Conflict of Interest Rule to Reduce Uncertainty for Large Employers

While the new Labor Department rules further defining conflicts of interest in investment advice have evolved significantly, The ERISA Industry Committee (ERIC) today, in a letter to the department, recommends changes to ensure that the new rule will not needlessly increase regulatory burdens and costs, and create uncertainty among plan sponsors, plan participants, and service providers… More

ERIC Urges Supreme Court to Uphold Earlier Rulings Affirming ERISA’s Six-Year Statute of Limitations for Alleged Fiduciary Breach Claims

The ERISA Industry Committee (ERIC), the leading trade association dedicated exclusively to the employee benefit and compensation interests of America’s largest companies, today filed with the U.S. Supreme Court an amicus brief in the Tibble v. Edison International case. … More

ERIC Urges DOL to Ensure Any Guidance on Brokerage Windows is Narrowly Tailored to Address Specific Concerns

The ERISA Industry Committee (ERIC) today submitted comments to the Department of Labor (DOL) responding to the agency’s request for information on brokerage windows in retirement plans.… More

ERIC President Scott Macey Comments on the U.S. Supreme Court’s Decision in Fifth Third Bancorp v. Dudenhoeffer

ERIC President Scott Macey reacts to today’s ruling by the U.S. Supreme Court in Fifth Third Bancorp v. Dudenhoeffer: “Although we are disappointed that the U.S. Supreme Court rejected the ‘presumption of prudence’, we are pleased that the Court clarified the manner in which fiduciaries can defend themselves from meritless lawsuits.” … More

ERIC Urges Appeals Court to Overturn District Court’s Misapplication of Fiduciary Deference under ERISA Plan

The ERISA Industry Committee (ERIC) on June 18 filed an amicus brief with the U.S. Court of Appeals for the Third Circuit urging the court to overturn an earlier district court ruling that misapplied judicial precedent regarding the deference owed to a plan administrator’s reasonable interpretation of plan terms under the Employee Retirement Income Security Act (ERISA). The case is Cottillion v. United Refining Company.… More

ERIC Urges DOL to Exclude Large Plans from Proposed Amendment to Require Fee Disclosure Guides

The ERISA Industry Committee (ERIC) today urged the Department of Labor (DOL) to exclude large plans from its proposal to require service providers to distribute a “guide” or similar tool to fiduciaries in order to satisfy the disclosure regulations under section 408(b)(2) of the Employee Retirement Income Security Act. … More

ERIC Urges DOL to Exclude Large Plans from Fee Disclosure Guides

The ERISA Industry Committee (ERIC) today urged the Department of Labor (DOL) to exclude large plans from its proposal to require service providers to distribute a guide or similar tool to fiduciaries in order to satisfy the disclosure regulations under section 408(b)(2) of the Employee Retirement Income Security Act. … More

ERIC Urges DOL to Clarify 401(k) Fee Disclosure Guidance

The ERISA Industry Committee (ERIC), along with the Plan Sponsor Council of America (PSCA), and the U.S. Chamber of Commerce (the Chamber) today urged the Department of Labor (DOL) to clarify its previous guidance providing relief with respect to the fee disclosure requirements for participant-directed individual account plans (such as 401(k) plans).… More

ERIC Supports PBGC’s Efforts to Create Missing Participant Program for 401(k) and Similar Plans

The ERISA Industry Committee (ERIC), along with the Plan Sponsor Council of America (PSCA), and the U.S. Chamber of Commerce (Chamber) today submitted comments to the Pension Benefit Guaranty Corporation (PBGC) supporting the agency’s efforts to implement a missing participants program in 401(k) and similar plans. … More

ERIC Urges Flexibility on Lifetime Income Disclosures

ERIC submitted comments today to the Department of Labor (DOL) recommending that it provide employers with flexibility regarding lifetime income disclosures. … More

ERIC Urges Appeals Court to Uphold District Court’s Dismissal of “Stock Drop” Case

ERIC News Release For Immediate Release: February 18, 2011 Washington, D.C. -- The ERISA Industry Committee (ERIC) on February 15 filed… More

More Press Releases

Testimony

ERIC Testifies About Uncashed Retirement Checks

ERIC today testified before the ERISA Advisory Council on permissive transfers of uncashed checks from ERISA plans to state unclaimed property funds… More

More Testimony