Bloomberg Law
Aug. 29, 2019, 2:11 PM

Intel Committee Gets Support for Hard Deadline in ERISA Suits

Jacklyn Wille
Jacklyn Wille

Investors who receive notice in the mail of their retirement plans’ investment options can’t wait more than three years to challenge those options in court, six industry groups told the U.S. Supreme Court.

The National Association of Manufacturers and the U.S. Chamber of Commerce are among the groups supporting Intel Corp.'s retirement plan committee in calling for a hard deadline to file suit under the Employee Retirement Income Security Act. Giving plan participants extra time to sue just because they can’t remember reading the documents sent to them contravenes ERISA’s purposes and threatens to “exacerbate the growing trend of meritless ...