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A federal judge in Massachusetts has ruled that MassMutual Life, acting in its role as a third-party administrator of plan sponsors, is a “functional fiduciary” subject to ERISA statutes. 

The case pits Golden Star Inc., a Kansas City-based flooring maintenance company and sponsor of two 401(k) plans, against MassMutual Life Insurance Co. According to court documents, GSI, which is hoping to win class-action status in its action, alleges that its plan administration provider, MassMutual, violated ERISA statutes when it received revenue-sharing payments from third-party mutual funds.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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