Under ERISA, a fiduciary is a person who: 1) isthe “named fiduciary,” as formally designated by the plan; 2) ex- ercises discretion with respect to man- agement or administration of the plan; 3) exercises discretion with respect to the management or disposition of plan assets; or 4)...
And in 1963, when Studebaker closed its Indiana factory, more than 8,500 auto workers lost some or all of their pension plan benefits.1819 ERISA was signed into law on Sep. 2, 1974 by President Gerald Ford, who said it "may finally give the American worker solid protection in his pensio...
ERISA is a federal statute that was passed in 1974 and provides minimum requirements in administering benefit plans and provides causes of action for the beneficiaries of the plan if those requirements are not fulfilled. ERISA does not cover all benefit plans, and legal counsel should be engaged ...