Fiduciary duty: serious consideration of change in plan benefits; disclosure
Article Abstract:
The Vartanian v Monsanto Chemical case is presented, showing how non-disclosure to employees about a proposal that would not affect them does not amount to deliberate circumvention of the Employee Retirement Income Security Act (ERISA). The case involved Leo Vartanian, a Monsanto employee who, in 1997, sued the chemicals firm for failing to disclose vital information about a change in plan benefits, which was implemented after Vartanian had already left the firm and been given a lump-sum distribution of his pension plan benefits. Vartanian's case against Monsanto did not prosper for absence of evidence of deliberate attempt to circumvent ERISA.
Publication Name: Benefits Quarterly
Subject: Human resources and labor relations
ISSN: 8756-1263
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
Duty not to make affirmative misrepresentations,
Article Abstract:
Employers as benefits plan administrators have a fiduciary obligation under the Employment Retirement Income and Security Act not to make affirmative misrepresentations on the subject of early retirement to plan beneficiaries. The ruling of the US Court of Appeals for the Third Circuit in the case of Fisher v. retirees of Philadelphia Electric Co mentions that employers cannot evade such fiduciary obligation and have to keep the plan beneficiaries informed of any benefits plan changes.
Publication Name: Benefits Quarterly
Subject: Human resources and labor relations
ISSN: 8756-1263
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Duty to disclose list of participants
Article Abstract:
Retirement plan administrators must provide participants with lists of all plan participants' names if the request for such lists is related to provision of benefits. The ruling of the US Court of Appeals for the Ninth Circuit in the case of Hughes Salaried Retirees Action Committee v. administrator of the Hughes Non-Bargaining Retirement Plan regarding retirement plan administrators' fiduciary duties under the Employee Retirement Income Act of 1974 is analyzed.
Publication Name: Benefits Quarterly
Subject: Human resources and labor relations
ISSN: 8756-1263
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Hybrid pension plans. Managing benefits in a divestiture. In search of the well-balanced pay package
- Abstracts: Quality through continuous improvement. Managing change in the voluntary sector. The role of the HR consultant
- Abstracts: The nature of some recent trade union modernization policies in the UK. Coercion and the trade unions: a reconsideration of Hayek
- Abstracts: Turn on, tune in, churn out - a survey of teleworking. Teleworking - limits and possibilities. Teleworking increases employee effectiveness
- Abstracts: Equipping the workforce: Engineering insurance and inspection is often the hinge between regulations and business operations, especially regarding the safe use of equipment