Large corporations have paid $6.2 billion in claims brought under the Employee Retirement Income Security Act since 2000, according to Good Jobs First, a non-profit advocacy that promotes corporate and government accountability. In the past two decades, 201 class-action settlements or verdicts have been issued involving Fortune 1000 companies. The largest was reached in 2014 for $480 million in a suit brought against Daimler's retiree health care plan. Two settlements against not-for-profit health care systems—Providence St. Joseph Health and Mercy Health—went for $351 million and $161 million, respectively. Those claims alleged the hospital pensions unduly rationalized under-funding pensions using ERISA's church-plan status exemption. Jerry Schlichter, founding partner of Schlichter, Bogard & Denton, the St. Louis-based law firm that has filed scores of claims against sponsors of retirement plans, recently told BenefitsPRO that there had never been a lawsuit against a defined contribution plan prior to his first filing in 2006. Take a look at the gallery above detailing the top five ERISA settlements that have (so far) been validated by courts in 2019.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.