Guest FDM Posted July 16, 2008 Posted July 16, 2008 May an employer specify its own statute of limitations regarding retirement plans on a participant or beneficiary filing a claim for benefits?
Guest Sieve Posted July 16, 2008 Posted July 16, 2008 Since, I believe, the S/L for suits for benefits under ERISA is based on state law anyway, it would depend on state law as to whether the state's statutes can be limited by agreement. (For example, a limitation/reduction of the S/L on a job application has been upheld.) But, I don't think ERISA's fiduciary breach statute could be limited by agreement.
david rigby Posted July 16, 2008 Posted July 16, 2008 From a non-lawyer: Since "statute of limitations" refers to a statute (that is, a law), it seems unlikely that a plan could define the law. But, perhaps the original Q was trying to ask if the plan could define (internally) a time limit for its own appeal procedures. ERISA § 503, and the relevant DOL regulation. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Everett Moreland Posted July 17, 2008 Posted July 17, 2008 Koert v GE Group Life Assurance Company deals with this. The court's opinion is here http://vls.law.villanova.edu/locator/3d/Feb2007/054892np.pdf
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