Case: Retirement Provision / Fiduciary Duties (SDNY)

Benefits & Executive Comp

July 22, 2021, 6:23 p.m.

Fidelity Workplace Services LLC did not act as ERISA trustee for the retirement plan of a former Pfizer Inc. executive who claims he was not properly informed of the tax consequences of his retirement, a New York federal district court ruled. Plaintiff’s allegations did not indicate that Fidelity “exercised or exercised any discretionary or other authority or control over the administration or administration of the plan,” the court said. “At the heart of the plaintiff’s lawsuit is Fidelity’s alleged failure to provide tax advice,” the court said. “Plaintiff, however, does not raise any facts that lead to the reasonable conclusion that Fidelity, a non-trustee, …

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