Tag Archives: Employee Retirement Income Security Act of 1974
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SCOTUS Opinion: Court Upholds Arkansas Pharmacy Law Against ERISA Challenge
In 2015, Arkansas passed a law requiring pharmacy benefit managers, as intermediaries between pharmacies and prescription-drug plans, to reimburse pharmacies for drugs at a price equal to or higher than the pharmacy’s wholesale price, allowed pharmacies an administrative appeal procedure on those prices, and other items meant to keep drug prices low. Some of the managers sued, arguing that the ... Read More
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SCOTUS Opinion: Beneficiaries Receiving Full Benefits Have No Standing To Challenge ERISA Plan Governance
U.S. Bank maintains a retirement plan for its employees. Two of those beneficiaries, who had retired, were entitled to a fixed payment each month, and received every such payment. Regardless, they sued their former employer under the Employee Retirement Income Security Act of 1974, arguing that the plan had been mismanaged and should be re-payed about $750 million. The Eighth ... Read More
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SCOTUS Opinion: Court Strictly Interprets “Actual Knowledge” For ERISA Limitations Period
Under the Employee Retirement Income Security Act of 1974, a person with “actual knowledge” of an alleged fiduciary breach by the administrator of a pension plan must file suit within three years of gaining such knowledge—otherwise, a six-year limitations period applies. In Intel Corp. Investment Policy Committee v. Sulyma, Intel argued that its former employee filed such a claim ... Read More
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SCOTUS Opinion: ERISA Case Remanded To Consider Alternative Arguments
Retirement Plans Committee of IBM v. Jander concerned a claim by Employee Retirement Income Security Act of 1974 (ERISA) plan beneficiaries that the fiduciaries in control breached their duty of prudence on the basis of insider information. The standard for stating such a claim had been previously set forth by the Court in Fifth Third Bancorp v. Dudenhoeffer, ... Read More