Law360, New York (September 06, 2011, 6:50 PM ET) -- The Seventh Circuit on Tuesday affirmed the dismissal of a class action accusing Exelon Corp. of violating the Employee Retirement Income Security Act, ruling the electric utility offered a diverse set of retirement plans and made reasonable efforts to help employees understand their options.
The fact that those options included plans with high fees does not add up to an ERISA violation, a three-judge panel ruled, calling the plaintiffs' position that Exelon should have offered only low-cost, low-risk, low-reward plans “paternalistic.”
“[ERISA] encourages sponsors to allow...
Exelon Pension Plans Don't Violate ERISA: 7th Circ.
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