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Ninth Circuit: ERISA's Hold-in-Trust Requirement Does Not Require Express Trust Language
The Wagner Law Group June 14, 2015 "The Ninth Circuit U.S. Court of Appeals has ruled that ERISA's hold-in-trust requirement does not necessitate the creation of a document including express words of trust.... [T]he court ruled that a long-term disability plan did not breach its duty to hold plan assets in trust by depositing participant contributions into a checking account that was used exclusively to pay benefits and plan expenses." [Barboza v. Cal. Ass'n. of Prof. Firefighters, No. 11-15472 (9th Cir. Apr. 7, 2015)] |
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