Statute of Limitations Effectively Extended for ERISA Violations
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APPLIES TO All Employers |
EFFECTIVE February 26, 2020 |
QUESTIONS? Contact HR On-Call |
In Intel Corp. Investment Policy Committee v. Sulyma, the U.S. Supreme Court stated that the three-year statute of limitations for a violation of ERISA, under Section 1104 for breach of fiduciary duty, only applies where an employee had “actual knowledge” of the violation. There, an employee claimed that his retirement plan was not properly invested, resulting in poor performance. Although he received all of the required plan documents and notices from his employer, he testified that did not know the retirement funds were improperly invested, and he did not recall reading the relevant documents provided by his employer.