"The lawsuits are not limited to employers. The complaints further contend that the brokers themselves are functional fiduciaries under ERISA because they exercise discretion in recommending, implementing, and managing the voluntary benefit plans -- and then violated their fiduciary duties by steering plans toward arrangements that allowed the brokers to pay themselves excessive commissions. Because these commissions were paid entirely out of the premiums for the voluntary benefits (which were 100% paid by employees), the complaints allege that plan assets were impermissibly used and the value of the benefits were diminished."  MORE >>