![]() ![]() Michigan Court of Appeals – Decided Ap2010 Mich. Detroit Police and Fire Retirement System, et al. MAPERS RECENT LEGAL ISSUES AND DECISIONS SPRING 2010 CONFERENCEīrooks, et al. The Court reasoned that the mother qualified in line of succession because the member’s former wife no longer met the qualification requirements as a result of the divorce. The Court of Appeals awarded the mother payment of benefits as the member’s only eligible beneficiary who was living at the time of his death. The mother sued the Retirement System seeking a declaratory judgment for payment of the annuity and death benefit. When his mother sought payment of his death benefit and annuity, the Retirement System indicated that it would pay the benefits to the deceased member’s estate. The member subsequently divorced his wife and died without amending his beneficiary forms. LEXIS 2165Ī member of the Retirement System named his wife as his primary survivor beneficiary and his mother as his contingent survivor beneficiary on membership enrollment forms. Michigan Court of Appeals – Decided Novem2010 Mich. General Retirement System of the City of Detroit This summary is presented to provide a general reference to recent legal decisions of interest to Michigan public retirement and healthcare plans. MAPERS RECENT LEGAL ISSUES AND DECISIONS SPRING 2011 CONFERENCE (3) exercises discretionary authority or responsibility for plan administration. (2) renders investment advice for a fee or’ (1) exercises any discretionary authority or control over the plan assets In the private sector, fiduciaries must comport with the requirements of the Employee Retirement Income Security Act of 1974 (ERISA) which defines a “fiduciary” as any person who: The law encompassing fiduciary responsibility is a complex network of federal and state statutes and case law, all of which define and delineate the parameters and rules within which a trustee must operate. Those who have discretionary authority in connection with the administration of employee benefit plans, whether they are designated administrators or trustees, or simply members of the governing boards, committees or commissions, are “fiduciaries” and are charged with fiduciary responsibilities. The term “fiduciary” is derived from early Roman law and means “a person having the character of a trustee one who has a duty to act for another’s benefit”. The following is intended to serve as a general overview of fiduciary responsibilities relating to the administration of public employee retirement systems. Trustees of public employee retirement systems in the State of Michigan must comply with the fiduciary duties as provided by the Public Employee Retirement System Investment Act, Public Act 314 of 1965, as amended (“Act 314”).įiduciary Responsibility – Your Role as a Trustee The laws encompassing fiduciary responsibility are a complex network of federal and state statutes and case law, all of which define and delineate the parameters and rules within which a trustee must operate. WHAT LAWS ESTABLISH FIDUCIARY RESPONSIBILITIES? The term “fiduciary” is derived from early Roman law and means “a person having the character of a trustee one who has a duty to act for another’s benefit.” Those who have discretionary authority in connection with the administration of employee benefit plans, whether they are designated administrators or trustees, or simply members of the governing boards, committees or commissions, are “fiduciaries” and are charged with fiduciary responsibilities. YOUR ROLE AS A TRUSTEE “FIDUCIARY RESPONSIBILITY” To provide retirement system trustees and plan administrators a general overview regarding the investment of public plan assets. ![]()
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