In Wema Hoover v. Brijon Management & Employee Leasing Services, et al., Case No. 3:14-cv-05786-MAS-DEA (D. N.J.), a former employee of Brijon Management & Employee Leasing Services, Inc. (Brijon) and a participant in the Employee Stock Ownership Plan (ESOP) sponsored by Brijon filed a class action complaint alleging that Brijon, its former Chief Executive Officer … Continue Reading
On Tuesday, March 14, 2017, in Hitchcock v. Cumberland University, No. 3:15-cv-01215, 2017 WL 971790 (6th Cir. Mar. 14, 2017), the Sixth Circuit Court of Appeals joined six other federal circuits in ruling that Employee Retirement Income Security Act (“ERISA”) plan beneficiaries are not required to exhaust administrative remedies prior to filing suit when asserting … Continue Reading
There has been much media coverage of the recent class action lawsuits filed against some of the most prestigious universities in the United States by university employees. These class action lawsuits allege that the universities breached their fiduciary obligations in running their defined contribution 403(b) retirement plans by allowing the plans to pay excessive investment, … Continue Reading
Since the enactment of ERISA in 1974, there has been a dramatic shift in the retirement savings marketplace from employer-sponsored defined benefit plans to participant-directed 401(k) plans, coupled with the widespread growth of Individual Retirement Accounts and Annuities (IRAs). In fact, 401(k) plans did not exist at the time the Department of Labor (DOL) published … Continue Reading
