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Seventh Circuit Weighs in on Arbitration and Class Waiver Provisions in Defined Contribution Plans
Faegre Drinker 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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