DOL Advisory Opinion concludes that ERISA preempts Texas' unclaimed property statute
Article Abstract:
The US Dept of Labor has released Advisory Opinion 94-41A which states that a Texas escheat statute is preempted by the Employee Retirement Income Security Act (ERISA) to the extent that the statute provides for plan benefits to pass to the state if unclaimed after seven years. The plan considered in the opinion contained provisions that allowed unclaimed distributions to eventually revert back to the plan's main account. ERISA was intended to be a comprehensive federal statute that would eliminate the inconsistencies of state laws on retirement plans.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
ERISA preempts state regulation of stop-loss insurance
Article Abstract:
The US District Court in Maryland found in American Medical Security, Inc. v. Bartlett that Maryland stop-loss insurance regulations did not apply to the plans at issue because of Employee Retirement Income Security Act (ERISA) preemption. The benefit plans at issue did not meet Maryland insurance law standards, and their stop-loss policies did not qualify for exemption under Maryland law. The court found that the Maryland laws had a direct impact on employee benefit plans and were preempted under ERISA's deemer clause.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
ERISA preempts state unclaimed property law
Article Abstract:
The U.S. 7th Circuit Court of Appeals in Commonwealth Edison Co. v. Vega held that ERISA operated to preempt the Uniform Disposition of Unclaimed Property Act which was applied by Illinois to allow the state to retain unclaimed benefits and interest thereon. Instead, ERISA would control the disposition of benefits unclaimed for 5 years. The Illinois law improperly allowed the state to act in place of the plan administrator, differentiating it from allowable state escheat laws.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Tax apportionment clauses that carry out a client's intent. Deferred comp. package affected by estate plans. Deferring estate tax is not always a beneficial move
- Abstracts: Split decisions on citations; judges consider pros and cons of ABA proposal for universal system. A six-month burden on right to trial? Appeal may decide whether sentence can be hiked for failure to plead guilty
- Abstracts: Virtual administration: A solo's insight into efficient outsourced operations. Squashing spam
- Abstracts: Failure to provide COBRA coverage upon a reduction in hours does not violate COBRA due to existence of dual coverage and no significant gap in coverage
- Abstracts: 'Net license: favored way to protect IP: content owners find that a well-drafted license best protects property online