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Third Circuit Says Insurer Did Not Breach its Fiduciary Duties in Paying Benefits Through a Retained Asset Account
Proskauer's ERISA Practice Center Link to more items from this source
Aug. 26, 2013

"The Third Circuit recently found that while a life insurance company acts as a fiduciary in choosing to use a retained asset account to distribute benefits, it did not breach its fiduciary duties in making that choice.... [T]he Court found that 'Lincoln was not managing or administering the plan when it invested the retained assets,' and ... determined that the retained assets were not plan assets. Once it created the retained asset accounts, Lincoln simply remained obligated to honor checks drawn on the accounts and pay interest at the stipulated rate."

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