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Full-Text Articles in Law
Erisa: A Co-Fiduciary Has No Right To Contribution And Indemnity, George Lee Flint Jr, Philip W. Moore Jr
Erisa: A Co-Fiduciary Has No Right To Contribution And Indemnity, George Lee Flint Jr, Philip W. Moore Jr
Faculty Articles
Because retirement plans involve large amounts of money, large numbers of people, and fiduciaries with conflicts of interests, Congress designed ERISA to differ from traditional trust law to meet these specific needs and important policy concerns. Before ERISA, fiduciaries and employers often manipulated lack of oversight and conflict of interests to the detriment of the beneficiaries. ERISA raised the standards owed by fiduciaries and established a policing system that required professional fiduciaries to monitor non-professional fiduciaries, thereby forcing non-professional fiduciaries to leave the field or seek expert advice. These provisions created co-fiduciary liability by imputing the liability of the co-fiduciary …
Erisa: The Arbitrary And Capricious Rule Under Siege, George Lee Flint Jr
Erisa: The Arbitrary And Capricious Rule Under Siege, George Lee Flint Jr
Faculty Articles
While ERISA sets forth an explicit standard that the plan administrator’s actions must meet those of a prudent man acting in like circumstances, courts have applied the arbitrary and capricious standard of review to administrator decisions. Courts should apply the arbitrary and capricious standard only when dealing with disinterested plan administrators acting properly under ERISA. The arbitrary and capricious rule was applied to post-ERISA decisions as a continuation of the pre-ERISA precedent, which established the rule through the continued development of common law from union negotiated employee benefit plans decided under the Labor Management Relations Act. Unfortunately, this continuation of …