Employee Benefits
Feb. 6, 2015
No vesting in my backyard
In M&G Polymers USA LLC v. Tackett, decided last week, the U.S. Supreme Court finally got a case with the right facts and from the right circuit to reinterpret ERISA - correctly. By Bruce J. McNeil and Aisha Sanchez
The Employee Retirement Income Security Act makes it clear that while "pension benefits" (such as defined benefit plans and profit-sharing plans) automatically or eventually vest, "welfare benefits" (such as medical and disability plans) do not, enabling employers to modify or terminate welfare benefits unilaterally.
Notwithstanding this statutory backdrop, a case from the 6th U.S. Circuit Court ...
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