Entergy Worker’s Kids Lose Appeal Over $3 Million 401(k) Account

Entergy Corp.'s benefits committee defeated a Fifth Circuit appeal by the children of a retired engineer who said their father’s $3 million 401(k) account should have gone to them instead of his widow.

The engineer received multiple plan documents explaining that his existing beneficiary designation would be revoked in favor of his new spouse if he married without submitting a spousal benefit waiver, the US Court of Appeals for the Fifth Circuit said Thursday in an unpublished opinion. Entergy’s benefits committee therefore made no material misrepresentation about benefits that could constitute a breach of fiduciary duty, the court said. ...