Section 502 A Of Erisa

Section 502 a 2 provides participants beneficiaries fiduciaries and the secretary of labor the right to sue for damages on behalf of the plan.

Section 502 a of erisa. Erisa 502 a 1 b and 502 a 3 claims in the same case jeremy l. Amend your erisa plans to provide a limitation on the period during which a participant may file suit under erisa section 502 a 1 b. The employee retirement income security act of 1974 erisa is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

In most circuits only the designated plan administrator is liable for a penalty under erisa 502 c. Erisa fiduciaries can also be liable under 502 a for engaging in certain types of specified self dealing and prohibited transactions under erisa 406 that are per se fiduciary duty violations. Section 502 i of the employee retirement income security act of 1974 erisa or the act permits the secretary of labor to assess a civil penalty against a party in interest who engages in a prohibited transaction with respect to an employee benefit plan other than a plan described in section 4975 e 1 of the internal revenue code the code.

Sets minimum standards. 1132 a and nothing in this act shall affect the responsibilities obligations or duties imposed upon fiduciaries by title i of the employee. Download pdf version erisa section 502 is the civil enforcement section of the erisa law.

Nothing in this act amending this section and enacting provisions set out as notes under this section and section 1001 of this title shall be construed to limit the legal standing of individuals to bring a civil action as participants or beneficiaries under section 502 a of the employee retirement income security act of 1974 29 u s c. Erisa 502 c 1 provides that any administrator who fails or refuses to comply with a request for any information which such administrator is required by this title to furnish to a participant or beneficiary shall be in the court s discretion liable to the participant or beneficiary in the amount up to 110 a day from the date of such failure or refusal. Erisa further requires that all employee benefit plans include.

The initial penalty under section 502 i is five percent of the total amount involved in the prohibited transaction unless a lesser amount is. It is the section which describes all of the causes of action which may be brought by plans or participants to enforce any part of the erisa law. Erisa has no statute of limitations for a participant lawsuit under erisa section 502 a 1 b to recover plan benefits.

The employee retirement income security act erisa marks one of those rare instances where congress chose to depart from the american rule to grant litigants an opportunity to seek attorney fees.