Opinion analysis: Justices unanimously side with retirement-plan participant in plain reading of “actual knowledge”

Claud Mccoid

In October of 2015, right after Christopher Sulyma, a former Intel employee, sued Intel’s strategy fiduciaries for imprudently handling the retirement programs sponsored by the enterprise, Intel moved to dismiss the grievance as time-barred less than Portion 413(two) of the Worker Retirement Earnings Protection Act of 1974.

Portion 413(two) of ERISA imposes a three-yr restrictions time period from the earliest day on which the plaintiff “had actual knowledge” of the alleged fiduciary breach. The three-yr window less than Portion 413(two) shortens the six-yr time period that in any other case runs from the conclude of the fiduciary breach, violation or omission.

In the course of the years that Sulyma was a participant in the Intel programs, Intel (made use of in this article to refer to the petitioners, which contain Intel’s investment committee, administrative committee and finance committee) furnished directly, or built offered on a web site, various disclosures about … Read More