Workers in Washington, D.C., whose retirement plans are managed by TIAA might have a stake in the lawsuit filed against the company by one investor. The attorneys for the plaintiff are pursuing a class-action suit on the grounds that TIAA allegedly made over $50 million a year by keeping interest from payments made by retirement plan participants who took loans. According to the lawsuit, the company should have credited interest paid by borrowers to their retirement accounts instead of keeping some of the money.
Your employer offered health, disability, retirement, life or COBRA insurance or other benefits and now the insurance company is trying to deny them. These benefits are supposed to be provided based on the plan's terms -- not the plan's financial situation or other factors. If the benefits were offered and you qualify for them, they should be paid out, right?
Located in Washington, D.C., the Employee Benefits Security Administration of the Department of Labor returned over $1.1 billion to employee benefits plans in 2017. The funds were restored to health plans, retirement plans and life and disability insurance benefit plans covered by the Employee Retirement Income Security Act of 1974.