If a pension plan includes an ambiguous term, the plan administrator has a fiduciary duty under ERISA to inform beneficiaries of the company's interpretation, the 3rd U.S. Circuit Court of Appeals ruled. The ruling reversed a lower court's dismissal of the suit and held a jury must decide several questions -- whether the plan provision at issue is truly ambiguous; whether it is material; and whether the plaintiff detrimentally relied on it.
March 02, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
If a pension plan includes an ambiguous term, the plan administrator has a fiduciary duty under ERISA to inform beneficiaries of the company’s interpretation, the 3rd U.S. Circuit Court of Appeals has ruled.
The ruling in Harte v. Bethlehem Steel Corp. announces a four-part test for analyzing a claim of breach of fiduciary duty under Section 502(a)(3) of ERISA.
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