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Erisa

All articles tagged with #erisa

Waffle House Hit With $5M Tobacco-Surcharge Class Action
business8 days ago

Waffle House Hit With $5M Tobacco-Surcharge Class Action

A former Waffle House server in Georgia filed a proposed class-action alleging the chain illegally charged tobacco-using employees an extra $92 per month for health insurance, in what plaintiffs say violates ERISA. The suit says workers could avoid the fee only if they joined a smoking-cessation program (Quit for Life), but the company allegedly failed to clearly disclose this option and kept surcharge proceeds instead of applying them to the health plan. The lawsuit seeks more than $5 million in damages for employees nationwide who paid the surcharge in the past six years.

via New York Post|
#business#erisa#health-insurance
Democrats Push to Block Bitcoin in 401(k) Retirement Plans
politics1 month ago

Democrats Push to Block Bitcoin in 401(k) Retirement Plans

Sen. Bernie Sanders and Sen. Elizabeth Warren urge the Labor Department to withdraw a proposed rule that would let 401(k) plans offer cryptocurrencies, arguing it would overturn ERISA’s prudence standard and expose about $14.2 trillion of retirement savings to volatile assets with limited oversight—and citing conflicts of interest due to the Trump family’s crypto ventures. The administration defends the move as expanding worker choice and preserving a prudent process, while critics stress crypto volatility and fraud risks.

via Bitcoin Magazine|
#401k#bitcoin#cryptocurrency
Labor Department to widen 401(k) options by welcoming alternative investments
policy3 months ago

Labor Department to widen 401(k) options by welcoming alternative investments

The Department of Labor’s Employee Benefits Security Administration proposed a rule to broaden 401(k) investment options by creating process-based safe harbors that guide fiduciaries to objectively evaluate alternative assets—assessing factors like performance, fees, liquidity, valuation, benchmarks, and complexity—while staying within ERISA prudence. Aimed at more than 90 million Americans, the rule signals a neutral, rule-based approach to diversify retirement lineups and follows related executive orders and prior guidance shifts.

via U.S. Department of Labor (.gov)|
#401k#alternative-assets#erisa
American Airlines Pilots Win Class Action Over 401(k) ESG Investments
business2 years ago

American Airlines Pilots Win Class Action Over 401(k) ESG Investments

A class action lawsuit against American Airlines for allegedly mismanaging 401(k) funds by prioritizing ESG goals over financial returns can proceed. The suit claims that the airline violated its fiduciary duties under ERISA by investing in funds that pursue political agendas, potentially lowering the value of employees' retirement savings. The case highlights the tension between ESG investing and fiduciary obligations.

via View from the Wing|
#401k#american-airlines#business
"UnitedHealth Group Faces Lawsuit Over Alleged Illegal Claims Denial"
healthcare2 years ago

"UnitedHealth Group Faces Lawsuit Over Alleged Illegal Claims Denial"

The U.S. Department of Labor has filed a lawsuit against UnitedHealth Group's subsidiary, UMR Inc., alleging that the company unlawfully denied emergency room care and urine drug screen claims for thousands of individuals. UMR, Inc., which manages benefits for over 2,100 employee health plans, is accused of using a process that did not meet federal standards for self-insured plans. This lawsuit highlights the scrutiny of insurers' standards and methods in approving or denying claims.

via STAT|
#department-of-labor#erisa#healthcare