After the value of a manufacturing company’s common stock fell, plaintiffs filed a class action under the Employee Retirement Income Security Act [ERISA; 29 U.S.C. § 18] against the company and its board of directors, alleging defendants breached their fiduciary duty under ERISA. The federal district court dismissed the company on the ground it was […]
Goodbye Tension, Hello Pension….Retirement Income Not!
When DHL acquired Airborne Express, it began to merge the two companies’ retirement plans. Before the merger, Airborne employees were able to transfer the entire balance of a Profit Sharing Plan to the Retirement Income Plan upon retirement, and would be entitled to at least $5,000 monthly from the Retirement Income Plan, while leaving nothing […]
California’s Kin Care Law Meets ERISA And Is Not Preempted.
California’s Kin Care Law [Labor Code section 233] requires employers who provide paid sick leave to their employees to allow employees to use sick leave to care for family members. In this case, defendant, an airline, “seeks to avoid this state law obligation by the creation of an employee sick leave plan and trust, which [defendant] holds […]
Read The Contract Under ERISA!
The plaintiff filed a claim for long term disability benefits with an insurance company in a plan covered by ERISA [Employee Retirement Income Security Act of 1974; 29 U.S.C. § 1132(a)(1)(B)]. ERISA does not specify a statute of limitations for filing suit, but a cause of action does not accrue until the plan issues a final […]