A recent ruling by a New York federal judge underscores the potential perils of relying on the electronic distribution of summary plan descriptions to participants.
In 2002, Judith Thomas began working for Countrywide, the mortgage bank now owned by Bank of America. As part of her benefits package and participation in the company's defined contribution plan, she received an automatic life insurance policy and also enrolled in an elective policy underwritten by Cigna, into which she deferred compensation in order to cover the premiums.
In 2004, Thomas became disabled and stopped working; in 2008, she passed away.
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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.
