December 23, 2019 / 10:45 PM / a month ago

ERISA allows for reformation, money damages for technical violations- 2nd Circuit

A U.S. appeals court on Monday said the federal law governing employee benefit plans allows courts to order employers to alter the terms of retirement plans that are found to violate the law, in a long-running case against PricewaterhouseCoopers Coopers LLP (PwC).

A unanimous three-judge panel of the 2nd U.S. Circuit Court of Appeals said the “equitable relief” available to plaintiffs under the Employee Retirement Income Security Act of 1974 (ERISA) includes forcing companies to update invalid terms of retirement plans and retroactively calculate benefits owed to plan participants.

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