The ERISA Industry Committee, along with two other industry groups, is seeking the dismissal of the drugmaker’s PRT class action lawsuit over the transfer of its pension plan to Athene Annuity, alleging a breach of fiduciary duties.
Labor's temporary chief is Vince Micone, an official with extensive HR experience, and the temporary HHS chief is Dr. Dorothy Fink, a women's health specialist.
The Department of Labor will not take action, under ERISA, against plan fiduciaries that transfer entire benefit payments owed to missing participants of $1,000 or less if certain conditions are met.
Ex-employees are suing Verizon as well as State Street Global Advisors, which served as the “independent fiduciary” in putting the deal together to manage the pensions of 56,000 retirees.
Last week, Congress passed the Social Security Fairness Act, a bill that has been decades in the making, and President Biden will sign it into law on Monday.