The U.S. Supreme Court recently ruled that when fiduciary misconduct reduces the value of an individual account in a defined contribution plan, such as a 401(k), the harmed employee can sue for damages. In the past, courts have taken the contrary position that the federal employee benefits law only allowed lawsuits for harm to the plan as a whole.
But now, because of this new ruling, employers that offer defined contribution plans could soon see a deluge of employee claims over losses in individual accounts. How can you protect yourself?
Order this in-depth audio conference all about this new ruling and what it means for you. Our two experts – both experienced employee benefits attorneys – will explain:
- What the new ruling means – in plain English
- The new risks you, as a defined contribution plan sponsor, now face
- How to conduct a risk audit and fix your weak spots now, before they leave you open to lawsuits
- The best way to ensure your employees involved in plan administration are receiving proper training and supervision
- Why you might want to consider purchasing fiduciary insurance
- The two ways you can legally transfer some risk for individual losses to a third party
This audio conference was recorded on Thursday, May 29, 2008
About Your Speakers:
Nicole Diller, Esq., is a partner at the San Francisco office law firm Morgan, Lewis & Bockius, LLP. She is a member of the firm’s Labor and Employment Practice and focuses on ERISA and other employee benefit litigation, fiduciary counseling, and legal aspects of benefits and plan administration. She counsels and defends employers, insurance carriers, financial institutions and third-party administrators in class action and individual benefit litigation matters nationwide. Her clients include public and private corporations, governmental benefit plans, financial institutions, multiemployer pension plans and nonprofit entities.
Donald P. Sullivan, Esq., is an associate at the San Francisco, California, office of law firm Morgan, Lewis & Bockius, LLP. He is a member of the firm’s Labor and Employment Practice, where he specializes in employee benefits and fiduciary liability litigation under ERISA. Sullivan has a significant background in federal litigation, and has appeared in the courts of California, Colorado, Michigan, Montana, Nevada, New York, and Alabama. Since he began focusing on ERISA litigation in 2000, he has secured summary judgment or dismissal with prejudice numerous times on behalf of his clients. He also regularly represents the employer trustees of a large multi-employer pension plan in arbitration. Prior to joining Morgan Lewis, Sullivan clerked for Judge Everett A. Martin of the Fourth Judicial Circuit of Virginia.
Approved for Recertification Credit
This program has been approved for 1.5 recertification credit hours toward PHR and SPHR recertification through the Human Resource Certification Institute (HRCI). For more information about certification or recertification, please visit the HRCI homepage at www.hrci.org.
