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Ninth Circuit: LTD Plan Lacking Explicit Trust Agreement Did Comply with ERISA's Trust Requirement
Wolters Kluwer Law & BusinessLink to more items from this source
May 3, 2015

"In this case, the Plan Instrument required CAPF to hold legal title to 'all property, monies and contract rights' as well as all of the funds maintained in connection with the Plan. CAPF held those assets for the Plan on behalf of the participants. Accordingly, the Plan Instrument established a fiduciary relationship between CAPF, as the trustee, and the participants, as beneficiaries, with respect to the property contributed to the Plan. In the court's view, this constituted a trust under the common law definition of that term." [Barboza v. Cal. Ass'n. of Prof. Firefighters, No. 11-15472 (9th Cir. Apr. 7, 2015)]

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