All Blog postsIn recent years, there has been a proliferation of lawsuits alleging breach of fiduciary duty against sponsors of 401(k) plans and service providers to those plans under the Employee Retirement Income Security Act, or ERISA. In a recent case, the Eighth Circuit held that a plan service provider did not violate ERISA despite having the ability to unilaterally set a low interest rate on a proprietary investment it offered to the employer’s 401k plan, and then profited from participants who invested in it.
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Eighth Circ. Finds Financial Conflict of Interest Not Always Sufficient to Constitute Breach of ERISA Fiduciary Duty of Loyalty Posted on: October 20, 2022 In: Labor & Employment
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ERISA: Everything Ridiculous Imagined Since Adam, But Important Nonetheless Posted on: September 20, 2021 In: Labor & EmploymentERISA, also known as The Employee Retirement Income Security Act of 1974, is sometimes as confusing to judges as it is to lawyers. Therefore, it is not surprising that both large and small employers often fail to familiarize themselves with the basic tenets of ERISA before providing health insurance and other “welfare” benefits to their employees.
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Colorado Supreme Court Holds Employees Cannot Forfeit Vacation Pay Offered By Employer Posted on: July 23, 2021 In: Labor & EmploymentIn the last year, Colorado has, not surprisingly, experienced a dramatic increase in employment-related laws, rules, and regulations. Most recently, in June 2021, the Colorado Supreme Court issued a long-awaited ruling in the Nieto v. Clark’s Market matter, which concerns the forfeiture of vacation pay under the Colorado Wage Claim Act (CWCA). The court held that employers cannot implement policies that require employees to forfeit vacation pay that’s already been earned, even if they contract otherwise.
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New York City Enacts the Retirement Security for All Act Posted on: June 14, 2021 In: Labor & EmploymentOn May 11, 2021, New York City enacted the “Retirement Security for All Act” (Bill Nos. 888-A and 901-A). The law establishes a retirement savings program for private employers with five or more employees if those employers do not otherwise offer employees a retirement plan, such as a 401(K), 403(B), or defined benefit pension plan.
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