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Seventh Circuit Weighs in on Arbitration and Class Waiver Provisions in Defined Contribution Plans
Faegre Drinker Link to more items from this source
Oct. 6, 2021

"The Seventh Circuit appears to have endorsed arbitration and class-waiver provisions in defined-contribution plans and indicated that it is likely to enforce those provisions against claimants who sue defined-contribution plans under ERISA Section 502(a)(2).... To maximize the enforcement potential of plan provisions, plan sponsors should ensure that arbitration and class-waiver provisions do not preclude relief available under ERISA and severability provisions should authorize courts to sever only those portions of a plan that are unenforceable or contrary to law." [Smith v. Bd. of Directors of Triad Mfg., Inc., No. 20-2708 (7th Cir. Sept. 10, 2021)]

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