Fidelity Defeats Ex-Pfizer Executive’s Pension Tax Bill Suit

July 21, 2021, 1:40 PM

A former Pfizer Inc. executive who claims he wasn’t properly advised about the tax consequences of his retirement lost his lawsuit against Fidelity Workplace Services LLC when a Manhattan federal judge ruled the company didn’t act as an ERISA fiduciary.

Jeffrey Robertson claimed Fidelity could be liable as a fiduciary under the Employee Retirement Income Security Act because it contracted with Pfizer to provide retirement information and services to Pfizer employees, and because it communicated directly with Robertson about his retirement options. But none of these allegations indicate that Fidelity “exercised or had any authority or control, discretionary or otherwise, ...

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