Fiduciary duty and litigation

What a plan document is worth: a $32,000 LTD mistake

Originally posted by

What’s a plan document worth?

At least $32k for one employer when they made a mistake on an LTD benefits calculation, but the participant had access to the plan documents that showed the true facts.

Michelle L. Roberts did a great job summarizing the case here, so I’ll spare a re-write: https://lnkd.in/eEvkaC4n

But add this to the giant pile of reasons why employer plan sponsors shouldn’t just wait until someone asks for a Plan Document or SPD to create them.

Originally posted on LinkedIn, where the discussion and source links live in the comments.

About the author

Chris Vanderwolk is Director of Compliance and Innovation at OneDigital | Kistler Tiffany Benefits General Agency, where he helps brokers and employers navigate the regulatory complexity of employee benefits. An ERISA attorney with more than 19 years in the benefits industry, he specializes in translating what the law actually requires into language people can use.

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