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Eighth Circuit Finds That Float Generated by 401(k) Plan Contributions Is Not a Plan Asset
ERISA Lawyer Blog Link to more items from this source
Mar. 26, 2014
"Although ERISA does not exhaustively define the term 'plan assets', the [DOL] has repeatedly defined 'plan assets' consistently with ordinary notions of property rights. Here, the participants failed to adduce any evidence that the Plan had any property rights in the float or float income. To the contrary, the record evidence indicates that, when a contribution was made, Fidelity credited the participant's Plan account and the Plan became the owner of the shares of the selected investment option -- typically shares of a mutual fund -- the same day the contribution was received.... The Court concluded that, since neither the float or float income was a Plan assets, Fidelity could not have breached its ERISA fiduciary duties based on the way it handled the float." [Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014)]

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