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Complications for 403(b) Plan Fiduciaries Under the TIAA Class Action
Business of Benefits Link to more items from this source
Aug. 19, 2013

"The definition of the class includes 'all persons, including all "persons" as defined by 29 U.S.C. 1002(9), who at any time during the Class Period requested a transfer or distribution of TIAA-CREF mutual fund or money market accounts covered by ERISA whose accounts were not transferred or distributed within seven days of the date the account was valued and were denied the investment gains.' Because of the operation of ERISA, 'persons' in this context also means 'plans,' as a participant's rights under a plan are derivative of the plan's rights. So every 403(b) ERISA Plan which holds a TIAA contract during the class period (which is August 17, 2003 to May 9, 2013) is a member of the class."

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