|March 14, 2017|
ERISA Prohibited Transaction Challenge Against TIAA Dismissed
Plaintiffs in a proposed class action lawsuit accusing TIAA of permitting and profiting from prohibited transactions under the Employee Retirement Income Security Act (ERISA) have been rebuffed by a federal district court judge. Based on the facts alleged in an amended complaint, the court “concludes that TIAA is not a fiduciary of the plans, thus foreclosing the legal and equitable relief requested.”Read more >
Holy Cross Hospital Settles ERISA Challenge
A settlement agreement reached in the case Butler vs. Holy Cross Hospital will result in $4 million being paid to plan participants and their attorneys. The plaintiffs had alleged that their employer’s retirement plan cannot be considered a church plan within the meaning of Employee Retirement Income Security Act (ERISA) Section 3(33)—and thus that the plan should be subject to the provisions of Title I and Title IV of ERISA.Read more >
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