Erisa Section 502 A

As a matter of technical pleading if an administrator violated erisa 502 c a civil action may be brought 1 by a participant or beneficiary a for relief provided for in subsection c of this section in other words an erisa 502 c claim is properly pled under the cause of action granted under erisa 502 a 1 a.

Erisa section 502 a. Erisa requires plans to provide participants with plan information including important information about plan features and funding. The initial penalty under section 502 i is five percent of the total amount involved in the prohibited transaction unless a lesser amount is. Sets minimum standards.

Download pdf version erisa section 502 is the civil enforcement section of the erisa law. Instead a federal court will apply the most analogous statute of limitations under state law typically the statute of limitations applicable under state contract law. Erisa 502 a 1 b and 502 a 3 claims in the same case jeremy l.

1132 a and nothing in this act shall affect the responsibilities obligations or duties imposed upon fiduciaries by title i of the employee. Section 502 a 3 permits participants to obtain relief for violations of erisa s substantive standards of conduct 5 in enacting section 502 a congress sought to protect plan participants and enhance enforcement of erisa s standards. Section 502 a 2 provides participants beneficiaries fiduciaries and the secretary of labor the right to sue for damages on behalf of the plan.

Attorney fees under erisa 502 g 1. Nothing in this act amending this section and enacting provisions set out as notes under this section and section 1001 of this title shall be construed to limit the legal standing of individuals to bring a civil action as participants or beneficiaries under section 502 a of the employee retirement income security act of 1974 29 u s c. Section 502 i of the employee retirement income security act of 1974 erisa or the act permits the secretary of labor to assess a civil penalty against a party in interest who engages in a prohibited transaction with respect to an employee benefit plan other than a plan described in section 4975 e 1 of the internal revenue code the code.

Erisa 502 g 1 vests courts with discretion to award attorney fees and costs in an action brought by a plan. It is the section which describes all of the causes of action which may be brought by plans or participants to enforce any part of the erisa law. The employee retirement income security act of 1974 erisa is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

Erisa section 502 i 1 authorizes the secretary to assess a civil penalty against a party in interest who engages in a prohibited transaction with respect to either an employee welfare benefit plan or a non qualified pension plan.