Can an employee waive ERISA rights?
The Supreme Court has ruled that a participant’s knowing and voluntary waiver of ERISA benefits does not violate ERISA’s anti-alienation provision. (Kennedy v. Plan Administrator for DuPont Savings and Investment Plan (2009)).
What is Section 502 A of ERISA?
ERISA allows participants, beneficiaries, and the Secretary of Labor to bring actions under § 502(a) against ERISA fiduciaries for breach of fiduciary duty. Under § 502(a), plaintiffs may obtain relief against ERISA fiduciaries for breaching the fiduciary duties they owe to the plan and its participants.
Who is responsible for the administration of ERISA?
ERISA is administered and enforced by three bodies: the Labor Department’s Employee Benefits Security Administration, the Treasury Department’s Internal Revenue Service, and the Pension Benefit Guaranty Corporation.
Is a plan administrator a fiduciary under ERISA?
Plan administrators and sponsors are fiduciaries who are charged with the highest level of responsibility, fair dealing and good faith recognized under the law.
What is the difference between fiduciary and ERISA?
ERISA fidelity bonds protect the benefit plan participants from loss due to fraud or dishonesty. Fiduciary liability insurance protects the company from legal liability arising from the sponsorship of a plan. If the company is held liable, the policy will pay the defense costs and judgements against the company.
What are the claims and appeals procedures for ERISA?
ERISA Claims and Appeals Procedures The federal Employee Retirement Income Security Act (ERISA) sets the national standards for the claims and appeals procedures of private employer-based (self-insured) health insurance.
What was the purpose of the ERISA law?
As part of the reform of employee benefits law, Congress enacted ERISA and placed emphasis on employer’s or other plan sponsor’s obligations to provide information about the employee benefits. One aspect of this is the duty of a plan administrator to respond to written requests for information.
Do you have to provide ERISA plan documents?
While it is generally accepted by Courts that Plan Administrators must provide the ERISA plan documents that are expressly required in ERISA, there are arguments that can be made that administrators must provide all the documents relevant to a claim that are required to be provided by the Department of Labor’s ERISA claims regulations.
Who is required to pay a penalty under ERISA?
ERISA § 502 (c) (quoted in section I, supra ), states that a penalty is due to be paid by any administrator who fails or refuses to comply with a request for information “which such administrator is required by this subchapter to furnish to a participant or beneficiary.”