Trustees Aren't Fiduciaries When Amending Pensions: 2nd Circ.

Law360, New York (August 27, 2012, 10:26 PM EDT) -- The Second Circuit said Monday that trustees of a multiple-employer pension fund do not qualify as fiduciaries under the Employee Retirement Income Security Act when they amend the plan, a decision that resolves contradictory circuit court rulings by citing U.S. Supreme Court precedent.

Ruling on a dispute between beneficiaries and trustees of the former Niagara-Genesee & Vicinity Carpenters Local 280 pension and welfare funds — now part of the Empire State Carpenters pension and welfare funds — a three-judge appeals panel said that by amending the...
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