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Text of First Circuit Opinion: No Fiduciary Breach When Insurer Paid Death Benefit Into Retained Asset Account (PDF)
U.S. Court of Appeals for the First Circuit 
Aug. 28, 2014
"[H]ere, unlike in [Merrimon v. Unum], the Plan did not state in haec verba that benefits would be paid by means of [a retained asset account (RAA)].... We do not believe that a legally significant difference exists where, as here, the Plan documents, instead of singling out RAAs as the exclusive method of payment, allowed the insurer to pay other than by a lump sum. ERISA section 404(a) does not require a fiduciary to don the commercial equivalent of sackcloth and ashes. What it does require is that the fiduciary not place its own interests ahead of those of the Plan beneficiary." [Vander Luitgaren v. Sun Life Assurance Co. of Canada, No. 13-2090 (1st Cir. Aug. 26, 2014)]
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