Sponsors Should Update ERISA Plans After High Court Ruling
February 25, 2014, 9:07 PM EST
Law360, New York (February 25, 2014, 9:07 PM EST) -- On Dec. 16, 2013, the Supreme Court of the United States, in Heimeshoff v. Hartford Life & Accident Insurance Company, unanimously concluded that an Employee Retirement Income Security Act of 1974 plan’s provision imposing a time limit for filing a lawsuit asserting an ERISA 502(a)(1)(B) claim for benefits is enforceable, so long as that time period is reasonable in length and there is no “controlling statute” to the contrary.
The court held that an ERISA plan is a contract whereby, through participation in the plan, the...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.