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As a result, a state may not "deem" that an employee benefit plan is an insurance plan in an effort to sidestep preemption if the benefit plan would not otherwise meet the requirements as an insurance company or contract. The "deemer" clause therefore restricts the use of the "savings" clause to conventionally insured employee benefit plans. [20]
Donovan v. Bierwirth, 680 F.2d 263 (2d Cir. 1982), is a US labor law case, [1] concerning the fiduciary duty owed to an employee benefit plan governed by the Employee Retirement Income Security Act (ERISA). [2]
While called bonds, these obligations to protect an employer from employee-dishonesty losses are really insurance policies. These insurance policies protect from losses of company monies, securities , and other property from employees who have a manifest intent to i) cause the company to sustain a loss and ii) obtain an improper financial ...
Employers take on the risk in defined benefit plans, while employees have the opportunity to receive guaranteed monthly income in their retirement.
Like its better-known sibling — the 401(k) — a 457(b) retirement plan is a tax-advantaged way to save for retirement. But the 457(b) is designed especially for employees of state and local ...
Acting as a fiduciary is a huge responsibility. It means you promise to act on behalf and in the best interest of another person or multiple people.
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
Thus, we adopt a common-law test for determining who qualifies as an "employee" under ERISA,3 a test we most recently summarized in Reid: "In determining whether a hired party is an employee under the general common law of agency, we consider the hiring party's right to control the manner and means by which the product is accomplished.