Archive | September, 2012

ERISA-First Circuit Rules That Plaintiff’s Claim For Reinstatement of Disability Benefits Is Time-Barred

September 28, 2012

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In Santaliz- Ros v. Metropolitan Life Insurance Company, No. 11-1279 (1st Cir. 2012), the district court found that the plaintiff’s claim, which was for reinstatement of disability benefits, was time- barred. It dismissed his claim, and the plaintiff appealed. In…

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The Big Flaw in Your 401(k) Plan

September 27, 2012

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Wall Street makes more money on actively managed funds at the expense of the investor. There is no proof than any investment manager can consistently and predictably beat the market. When saving and investing for retirement, prudence must be a top priority. Plan sponsors are typically not familiar with the data indicating the majority of […]

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ERISA-Seventh Circuit Rules That Plaintiff Cannot Bring Suit For Disability Benefits In Court Under ERISA Because She Failed To Exhaust Administrative Remedies

September 27, 2012

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In Schorsch v. Reliance Standard Life Insurance Co., No. 10-3524 (7th Cir. 2012), the district court granted summary judgment against the plaintiff, on the grounds that the plaintiff failed to exhaust her administrative remedies under ERISA. In this case, plaintiff…

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Practice 4.6: Monitor effectiveness in meeting fiduciary responsibilities

September 26, 2012

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With Practice 4.6, we have reached the end of our series spotlighting the Practices that comprise the Fiduciary Standards of Excellence for Advisors and Stewards. This last Practice ties all preceding ones together by requiring the periodic review of the…

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ERISA-Sixth Circuit Rules That A Claims Administrator Is A Fiduciary Under ERISA, And Is Liable For Unpaid Medical Claims Resulting From Its Breach Of Fiduciary Duties

September 25, 2012

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In Guyan International, Inc. v. Pritchard Mining Company, Inc., No. 11-3126/3640 (6th Cir. 2012), the plaintiffs each established and administered an employee benefit plan (each a "Plan"; collectively, the "Plans") that provided health benefits for their employees. The plaintiffs hired…

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Fiduciary Links: Tax planning webinar and a call for speakers

September 24, 2012

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This week, we have a couple of opportunities from fi360 that we want to make you aware of: >>>>On Wednesday from 4:00-5:00 p.m. ET, we are hosting a webinar titled, The Fiscal Cliff and what advisors need to know. The…

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Suitability or Fiduciary Standard? – It’s a Big Deal!

September 24, 2012

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The Wall Street bullies continue to take advantage of both plan sponsors and plan participants. Eventually plan sponsors will realize the importance of hiring a fiduciary adviser for their plan. The 401(k) plan has become the sole source of retirement for most Americans. Therefore, the focus of the plan must become that of a prudent […]

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Whose Side is Your Broker/Agent On?

September 24, 2012

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The financial services industry has been debating the fiduciary standard for investors with no solution in sight. Investors should be wondering why this is such a difficult issue. Shouldn’t the interest of the client always come first? Why is Wall Street fighting the fiduciary standard?   When I started in the financial services industry in […]

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ERISA-EBSA Provides A 401(k) Fee Disclosure Website

September 24, 2012

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According to a News Release, dated September 19, 2012, the Employee Benefits Security Administration (the "EBSA") has now made available a new 401(k) fee disclosure website as a resource for consumers. The new site, found at http://www.dol.gov/ebsa/publications/understandingretirementfees.html, offers information on…

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Employee Benefits-Eighth Circuit Rules That Health Plan Cannot Use Its Subrogation Provision To Recover Benefits From Beneficiary’s Attorney

September 21, 2012

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In Treasurer, Trustees of Drury Industries, Inc. Health Care Plan and Trust v. Goding, No. 11-2885 (8th Cir. 2012), Sean Goding ("Goding") was a beneficiary of an employer-sponsored health care plan (the "Plan"). The Plan was administered by Treasurer, Trustees…

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