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Tussey vs. ABB: When Does a Plan Asset Cease to Be a Plan Asset?
Bloomberg BNA Link to more items from this source
Apr. 28, 2014
"[T]he District Court concluded that participants' contributions became plan assets as soon as they were segregated from ABB's general assets. The Eighth Circuit did not dispute this notion, but nonetheless concluded that the contributions lost their status once the Plan surrendered them for benefits of investment option ownership. The critical aspect of the Eighth Circuit's holding is that Fidelity's disputed dealings with float income did not occur until after this surrender. This temporal perspective of the definition of plan assets could obfuscate future duty of loyalty litigation." [Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014)]

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