5 Q/A-10 Are there any exceptions to a fiduciary’s duties under ERISA? It is not required by the Employee Retirement Income Security Act (ERISA) or any federal statute. In addition the individual fiduciary can be held personally liable and their assets may also be at risk if they do not carry out their obligations. Employee Retirement Income Security Act of 1974 ERISA is Federal Law so it preempts all State Law Applies to Self-Funded health plans Can be difficult to tell a plan is ERISA based on a Health Insurance Card Access to Plan Documents The law is mostly Fiduciary in nature. at 234 (citing 29 U.S.C. The Employee Retirement Income Security Act of 1974 (“ERISA”) established strict standards of fiduciary conduct. However, they do not apply to a plan sponsor’s business decisions regarding plan design. Insurers are only responsible for inconsistency or insufficiency issues; ERISA issues fall solely on the employer. •The final decision making authority does not need to rest with the individual. The employer or other plan administrator may be subject to fiduciary rules for some actions, such as when handling ERISA … As such, any fiduciary that breaches any responsibilities, obligations or duties imposed by ERISA may be personally liable to compensate the plan for any resulting losses. Travelers helps businesses understand and demystify Fiduciary Liability insurance. Accordingly, when confronted with ERISA insurance claims appeals under a disability, life insurance or annuity plan governed by ERISA, the best thing you can do to increase your chances of appeal is to hire an experienced ERISA attorney to help you through the process. There is a very important exception from ERISA for fully insured plans with fewer than 100 participants. Under the Act, individuals may now be fined up to $100,000 and jailed up to 10 years, and companies may face up to $500,000 in fines for ERISA violations. If your client obtained his or her insurance coverage at work, then any claim under that policy may be preempted by the Employee Retirement Income Security Act of 1974 (ERISA). For example, if a plan participant files suit for benefits allegedly owed under a plan, that claim may be brought as a breach of contract claim. •A formal authorization or designation as a fiduciary is not necessary to be deemed a fiduciary. Get Legal Help with Your ERISA Violation Questions. §1103(b)(1)-(2)). Id. While ERISA fiduciary liability insurance protects plan sponsors and their ERISA fiduciaries (officers, directors and other individuals), plan sponsors may need to control other risks related to their employee benefit plans. The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. The McKennon Law Group PC periodically publishes articles on its Insurance Litigation and Disability Insurance News blogs that deal with frequently asked questions in insurance bad faith, life insurance, long term disability insurance, annuities, accidental death insurance, ERISA and other areas of law. In this expanded area of fiduciary liabilities, insurance companies may be aggressive in trying to limit their own exposure. However, recently enacted changes may impact a number of independent insurance agents. How to Tell if an Insurance Claim is Preempted by ERISA By Eric L. Buchanan I. In this article, we address the first step in assessing an insurance claim that may or may not be governed by ERISA, with a focus on whether ERISA applies to your continued or converted long term disability insurance, life insurance or health insurance policy.

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