Nicholas Pension Consultants
Compensation Strategies Group, Ltd.
Nova 401(k) Associates
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|About That Pension Check ... A Miscalculation Case with Broader Implications|
Jackson Lewis P.C.
Apr. 26, 2021
"The court said that calculating pension benefits using a pre-set formula is a ministerial function, not a fiduciary function. So a miscalculation error would not create a breach of fiduciary duty claim.... [T]he Ninth Circuit rejected the notion that an online pension benefit statement request could never trigger the fiduciary obligation to respond. Finally, ... the Ninth Circuit found that ERISA does not preempt the state law claims of professional negligence asserted against the recordkeeper." [Bafford v. Northrop Grumman Corp., No. 20-55222 (9th Cir. Apr. 15, 2021)]
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