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WEB's mission is to further the development and education of benefits professionals. We are committed to helping define the role of the benefits professional in the 21st century. As changing legislation, technology and market forces reshape the profession, products and delivery systems, WEB will continue developing programs, educational opportunities and services to help its members meet the challenges ahead.
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Supreme Court decision sheds new light on ERISA claims
John M. Wirtshafter, McDonald Hopkins LLC
The Supreme Court’s recent holding clarifies that terms in the Summary Plan Description are not enforceable under ERISA as provisions of the plan
On May 16, 2011, the U.S. Supreme Court issued a ruling in CIGNA Corp. v. Amara, #09-804, U.S. Supreme Court (May 16, 2011). The Supreme Court held that the terms of a Summary Plan Description (SPD) or a Summary of Material Modifications (SMM) issued by the administrator of a qualified retirement plan and improperly describing the terms of the plan could not be enforced under ERISA as though it were part of the plan. The suit was initiated by a group of current and former CIGNA employees who had participated in a traditional defined benefit plan prior to January 1, 1998, when CIGNA amended the plan to become a cash balance plan. The plaintiffs, seeking class certification, argued that CIGNA failed to provide certain required notices and disclosures to its participants required under ERISA.
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Department of Labor Proposes Additional Disclosure Rules for QDIAs and TDFs
May 5, 2011
© 2011 McDermott Will & Emery, Authors: Paul J. Compernolle, Lisa K. Loesel, Diane M. Morgenthaler
The U.S. Department of Labor recently issued proposed regulations requiring additional disclosures to participants who direct investment in qualified default investment alternatives (QDIAs) and target date funds (TDFs). These proposed disclosure rules will impact participant-directed account plans that default participant money into QDIAs in the absence of affirmative participant investment elections, as well as participant-directed account plans that permit or mandate investment in TDFs. Assuming the final regulations are substantially similar to the proposed regulations, compliance with these additional disclosure rules will require significant effort from plan sponsors, plan fiduciaries and plan administrators.
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