The Employee Retirement Income Security Act (ERISA) applies to pension plans and retirement plans offered on the private market. An employee may be able to sue a retirement plan or a pension plan under the terms of ERISA.
Anyone who oversees or takes part in managing an employee's retirement investment is a fiduciary. Lawsuits brought under ERISA usually involve a claim that an employer or a third-party money manager violated a fiduciary duty.
Employers or third-party money managers have the following fiduciary duties:
A fiduciary in care of the retirement plan will be held personally liable for violating any of the above duties.
Individual employees may sue plan managers or/and employers with the following individual claims:
Note: since everyone who takes care of the retirement plan is a fiduciary, liability may spread to employers, plan managers, and other professionals who take care of retirement assets.
It may be a serious challenge to bring a successful lawsuit regarding the management of a retirement plan. Employers and managers are likely to raise many legal defenses. Therefore, employees are still relying on class actions. Here are several examples of class action claims that pertain to fiduciary duty violations:
Legal claims under ERISA are highly complex. If you believe that you have a claim concerning the management of your retirement fund, you should speak with an experienced employment attorney immediately.
Last Modified: 03-14-2018 12:20 AM PDTLaw Library Disclaimer
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