The bill would let a retirement plan participant or beneficiary bring a lawsuit on the plan’s behalf to seek relief for the plan. The person must give the plan a copy of the complaint and move to combine the case with any already-pending case involving substantially the same claims. If the plan wins or mostly wins, or the case settles, money recovered would count as a plan asset. The person bringing the case would receive 0.5% to 1% of the recovery, and a court could award other relief, such as legal costs and expenses. If several people bring the case, the court would divide that award among the plaintiffs or, in a class action, the named plaintiffs.
If you are a plan participant or beneficiary, the bill would allow you to bring certain cases on your plan’s behalf as an assignee. If the case succeeds or settles, you could receive a share of the recovery and other relief a court awards.
The bill does not state government costs. A court may award the person bringing the case costs and expenses related to it.
No publicly available information.
No publicly available information.