"Under its interpretation of ERISA's functional fiduciary guidelines, the court held that the funds taken out of the ERISA plans for rollover purposes were no longer plan assets and 'TIAA's pitch to plan members to roll assets out of their plans and into Portfolio Advisor necessarily did not create a fiduciary relationship.' ... With regard to TIAA's use of participants' personal information gleaned through its position as administrator of the ERISA plans, the court concluded that 'plan assets' include money and invested capital, but not participant information." [Carfora v. Teachers Insurance and Annuity Association of America, and TIAA-CREF Individual & Institutional Services, LLC, No. 21-8384 (S.D.N.Y. Sep. 27, 2022)]

MORE >>