Wednesday, December 12, 2012

Funds Not Property Of ERISA Plan Until Remitted To Plan

In Pantoja v. Zengel (12-11036), the Eleventh Circuit affirmed the trial court's judgment that the money at issue was not an asset of the ERISA plan where the money had never been given to the ERISA plan. The court held:
Upon examination of the Plan documents, we find no clear and specific language indicating the fringe benefits are plan assets before they are actually remitted to the Plan. Indeed, unlike the plan documents in ITPE PensioFund, this contract is not even susceptible to such a reading. See 334 F.3d at 1016. Without clear language or any evidence indicating otherwise, we conclude that thunpaid funds cannot be construed as plan assets; therefore, the Appellees did nobreach a fiduciary duty as a matter of law.


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